Unity Bank Plc has launched GenFi, a groundbreaking digital banking platform designed to equip children and teenagers aged 8 to 18 with practical financial literacy skills, as part of efforts to promote early financial education and inclusivity.
The innovative platform was officially unveiled in Lagos, with the bank positioning GenFi—short for Generation Finance—as a gamified personal finance management tool that encourages savings, smart spending, and goal setting among young users, with active parental supervision.
Speaking at the launch, Acting Managing Director/CEO of Unity Bank, Mr. Ebenezer Kolawole, said the initiative marks a significant step in the bank’s retail banking journey. “As the Bank continues to evolve, we are innovating with technology to drive more financial inclusiveness across various segments,” he said. “GenFi is designed to empower the next generation—Gen Z and Gen Alpha—with the tools to make smart financial choices.”
Kolawole explained that the app allows users to track allowances, monitor spending, and set savings goals while parents can guide their children’s financial behaviours. The solution, he added, was born out of the need to close the financial literacy gap and build a culture of responsible money management from childhood.
According to the Central Bank of Nigeria, only 38% of Nigerian adults are financially literate—a statistic Unity Bank believes can be reversed through early intervention.
Mrs. Adenike Abimbola, Divisional Head of Retail and SME Banking at Unity Bank, described GenFi as more than a banking app. “Financial literacy is a life skill, not a luxury,” she stated. “GenFi combines behavioural science and gamification to deliver an interactive financial experience that nurtures discipline and independence among kids and teens.”
The app allows children to learn real-life money lessons—such as saving for a goal—while also fostering stronger family ties through shared financial conversations and rewards for positive behaviours.
Students and education stakeholders present at the launch praised the app’s user-friendly interface and impact potential. Master Ajayi Favour, a student of Victoria Island Junior Secondary School, called it “an innovative banking solution that will equip young people with financial intelligence and independence.”
School proprietor Sylvia Ezeora highlighted GenFi’s role in promoting responsibility and motivating children, while a parent, Mrs. Genevieve Adindu, noted that the platform effectively replaces traditional savings methods like the *kolo* with a more engaging digital alternative.
Unity Bank says GenFi has the potential to become a national benchmark for youth-focused digital banking and a vital tool for achieving long-term economic inclusion and sustainability.
The event was attended by educationists, parents, technology partners, media, and students, many of whom will serve as the first wave of GenFi users.