Unity Bank Plc has introduced a new digital banking app called GenFi to help Nigerian children and teenagers between ages 8 and 18 learn financial literacy. The bank said the goal is to give the younger generation essential financial skills from an early age.
At the launch of the app on Tuesday in Lagos, the Managing Director and Chief Executive Officer of Unity Bank, Mr Ebenezer Kolawole, said the app is a major step in the bank’s retail banking plans. He explained that GenFi, short for Generation Finance, is not just a banking app but a full learning tool that teaches children how to manage money, plan savings, and build good financial habits.
He said the app was developed in response to a Central Bank of Nigeria report that showed only 38 per cent of Nigerian adults are financially literate. “With GenFi, we want to empower children, teenagers, Gen Z and Gen Alpha with the right knowledge and tools to make better financial decisions as they grow,” Mr Kolawole said.
GenFi allows young users to track how they spend money, set savings goals, and manage allowances. Parents also have access to monitor transactions and guide their children on money matters. The app uses gamification and behavioural science to make learning about money fun and interactive. It encourages children to save for specific goals, like a bicycle or a toy, and teaches them about patience and long-term planning.
The Divisional Head of Retail and SME Banking at Unity Bank, Mrs Adenike Abimbola, said the app is more than just a banking product. She described it as a full financial education platform. “Financial literacy is not a luxury but a life skill that should be taught from a young age. GenFi is helping children to understand discipline, how to plan, and how to become financially independent,” she said.
She explained that the platform is designed to look fun and engaging for young users, but it also includes tools that teach deep lessons about saving, spending wisely, and learning from financial choices.
A parent, Mrs Genevieve Adindu, who attended the launch, praised the new platform. She said GenFi replaces the old ways of teaching children about money, such as using a local saving box known as ‘kolo’, with a smarter digital approach. She said the app helps children understand real money values in today’s digital world.
Unity Bank said it believes that teaching young people financial responsibility early will have long-term benefits for the country. The bank added that GenFi will help raise a generation of Nigerians who are better prepared to manage money, reduce debt, and plan for their futures.
The bank said it will continue to work on other digital products that support financial inclusion and financial literacy, especially for underserved groups like young people and women.
Unity Bank also plans to work with schools and parents to promote the use of GenFi and reach more children across the country. The app is now available for download and is expected to gain wide interest among parents who want their children to become smarter with money.
