Unity Bank Launches GenFi App to Foster Financial Literacy Among Nigerian Youth

Unity Bank Plc has introduced GenFi, a digital banking platform designed to enhance financial literacy among Nigerian children and teenagers aged 8 to 18. This initiative aims to address the concerning statistic from the Central Bank of Nigeria (CBN) indicating that only 38% of Nigerian adults are financially literate

Key Features of GenFi

• Personal Finance Management: GenFi enables young users to manage their finances by tracking allowances, setting savings goals, and monitoring spending habits.
• Parental Oversight: The platform allows parents to supervise their children's financial activities, facilitating discussions around money management and reinforcing positive financial behaviors.
• Gamified Learning: Incorporating elements of behavioral science and gamification, GenFi offers an engaging learning experience that teaches discipline, planning, and the value of delayed gratification. Leadership Perspectives

Mr. Ebenezer Kolawole, Acting Managing Director/CEO of Unity Bank, emphasized that GenFi represents a significant milestone in the bank's retail banking evolution, aiming to drive financial inclusiveness across different market segments.

Mrs. Adenike Abimbola, Divisional Head of Retail and SME Banking, described GenFi as more than just a banking app; it's a financial literacy ecosystem designed to inculcate financial skills among Nigerian children through an engaging and interactive platform.

Community Reception

At the launch event in Lagos, attendees, including students and educators, lauded GenFi's user-friendly interface and educational value. Master Ajayi Favour, a student from Victoria Island Junior Secondary School, referred to GenFi as an "innovative banking solution" that equips youth with financial intelligence and independence. Educator Sylvia Ezeora praised the app for empowering parents to reinforce positive behaviors through rewards for completed tasks

Unity Bank's GenFi app is poised to set a national benchmark for youth-focused digital banking, promoting economic inclusion and sustainability across generations.