Unity Bank Plc has launched GenFi, a new digital banking platform designed to equip Nigerian children and teenagers aged 8 to 18 with essential financial management skills.
The initiative comes in response to a recent report by the Central Bank of Nigeria, which revealed that only 38 per cent of Nigerian adults are financially literate, highlighting the need for early financial education.
Speaking at the launch event held in Lagos, the Managing Director and Acting Chief Executive Officer of Unity Bank, Mr Ebenezer Kolawole, described GenFi as a milestone in the bank’s commitment to driving financial inclusion across various market segments.
“As the bank continues to evolve, we are constantly innovating with technology to deepen financial inclusion. GenFi was born out of a desire to nurture a financially savvy generation and empower young people to make informed financial decisions,” Kolawole said.
Short for Generation Finance, the GenFi platform enables young users to manage money effectively, aggregate and track income or allowances, set and achieve savings goals, and develop responsible spending habits, all under the supervision of their parents.
Kolawole added that the platform is specifically designed for the Gen Z and Gen Alpha demographics and aims to close the knowledge gap among children and teens while aligning with the aspirations of parents who seek to instil financial literacy in their wards.
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Also speaking at the launch, Unity Bank’s Divisional Head of Retail and SME Banking, Mrs Adenike Abimbola, described GenFi as more than just a banking product.
“GenFi is a financial literacy ecosystem built to introduce children to money management in a fun and engaging way. It leverages gamification and behavioural science to make financial learning practical and enjoyable,” she explained.
Abimbola noted that parents can monitor their children’s transactions, guide spending behaviour, and initiate real-life discussions around financial responsibility—strengthening both money skills and family connections.
“Imagine a 12-year-old setting a savings goal for a bicycle. They’re not just saving; they’re also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” she added.
Positioned as a national benchmark for youth-focused digital banking, GenFi is expected to contribute to long-term economic sustainability and inclusion by building financial competence across generations.
