In a strategic effort to promote financial literacy from an early age, Unity Bank Plc has unveiled a new digital banking solution named GenFi—short for Generation Finance. Designed specifically for children and teenagers aged 8 to 18, this innovative app aims to equip the next generation with critical financial management skills that could transform how young Nigerians handle money throughout their lives.

Tackling a National Literacy Gap

The launch of GenFi comes amid rising concerns about the low levels of financial literacy in Nigeria. A recent report from the Central Bank of Nigeria (CBN) revealed that only 38% of Nigerian adults are financially literate. This troubling statistic has sparked calls for earlier intervention in financial education, particularly targeting young people before they reach adulthood.

Recognizing this gap, Unity Bank has stepped forward with a bold solution. GenFi is not just a digital banking platform—it is a financial learning environment crafted to help young users understand the fundamentals of money management. Through interactive features, users can set savings goals, track allowances or income, and develop responsible spending habits—all under the watchful eye of their parents or guardians.

A Milestone in Retail Banking Innovation

Speaking at the official unveiling of the GenFi app in Lagos, the Acting Managing Director and Chief Executive Officer of Unity Bank, Mr. Ebenezer Kolawole, emphasized that the launch marks a major milestone in the bank’s retail banking evolution. He stated, “As the Bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market.”

Mr. Kolawole stressed that the GenFi initiative was born out of a desire to cultivate a financially intelligent generation. “With this app, the Bank is pioneering a solution designed to empower children and teenagers, especially Gen Z and Gen Alpha, with essential financial literacy skills and a personal finance management tool,” he explained.

Beyond Banking: Building a Financial Literacy Ecosystem

According to Mrs. Adenike Abimbola, Unity Bank’s Divisional Head of Retail and SME Banking, GenFi is more than a standard banking app. She described it as a “financial literacy ecosystem” that engages children in an exciting, gamified environment designed to teach them how to manage money effectively from a young age.

“Financial literacy is not a luxury. It’s a life skill,” said Abimbola. “And like most life skills, the best time to learn is from childhood. That’s why we created GenFi—not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age.”

The GenFi app uses principles of behavioral science and gamification to make financial education engaging and fun. Children are encouraged to set savings goals, complete tasks, and receive rewards. Meanwhile, parents can monitor financial activities, guide spending behavior, and reinforce positive money habits through direct interaction and support.

Bridging Generations Through Financial Learning

One of the app’s unique strengths lies in its ability to foster collaboration between children and parents. By giving parents the tools to supervise and participate in their child’s financial journey, GenFi not only teaches money management—it also strengthens family ties. Parents can initiate discussions about budgeting, saving, and long-term planning, creating opportunities for financial mentorship at home.

“Imagine a 12-year-old setting a goal to save for a bicycle,” Abimbola illustrated. “Not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage.”

Positive Reactions from Students, Educators, and Parents

The launch event brought together a diverse mix of stakeholders, including students, educators, financial experts, and tech partners. Among the attendees was Master Ajayi Favour, a student from Victoria Island Junior Secondary School, who praised the app as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”

Another notable voice, Sylvia Ezeora, a school proprietor, described GenFi as “user-friendly, educational, and motivational for children.” She highlighted the app’s potential not only to teach financial literacy but also to encourage positive behavior through goal setting and rewards.

Genevieve Adindu, a parent at the event, commended Unity Bank for providing a modern alternative to traditional saving practices like the kolo (local piggy bank). She said, “GenFi offers a modern, engaging approach to instilling saving habits early in life, becoming a powerful companion for children’s financial education.”

Setting the Standard for Youth Banking in Nigeria

GenFi is positioned to serve as a national benchmark for youth-centered digital banking in Nigeria. Unity Bank’s commitment to developing this platform reflects a broader strategy to enhance economic inclusion and sustainability by targeting the youngest members of society.

By focusing on financial education through technology, Unity Bank is aligning itself with the United Nations Sustainable Development Goals (SDGs), particularly Goal 4 (Quality Education) and Goal 8 (Decent Work and Economic Growth). As GenFi reaches more young users, it has the potential to produce a generation of financially literate citizens capable of making informed decisions and contributing to long-term national development.

A Vision for the Future

The rollout of GenFi sends a clear message: financial education must start early, and digital tools can play a transformative role in that process. With a growing number of Nigerian children and teens gaining access to smartphones and digital services, apps like GenFi can bridge the financial knowledge gap and prepare future adults for the complexities of managing income, savings, and investments.

Unity Bank’s latest innovation offers more than convenience—it offers empowerment. Through GenFi, the bank hopes to nurture smart savers, responsible spenders, and confident future investors. If successful, this initiative could spark a movement across Nigeria’s banking industry to prioritize youth financial literacy, using technology to shape financially responsible citizens from the ground up.