To boldly reshape the approach to promoting financial literacy, Unity Bank Plc, a leading Nigerian retail bank, has launched GenFi—a specialized digital banking platform designed for children and teens aged 8 to 18 years old. This initiative aims to equip young individuals with crucial money management abilities.
The release comes after a report from the Central Bank of Nigeria revealed that merely 38% of adult Nigerians possess adequate financial literacy. This concerning figure highlights the critical necessity for initiating financial education at an earlier stage.
GenFi intends to counteract this tendency by providing a platform for young users to handle their finances efficiently. This involves consolidating and monitoring allowances or earnings, setting up and accomplishing savings targets, and fostering prudent spending behaviors under the supervision of parents.
At the official unveiling ceremony in Lagos, the Acting Managing Director and Chief Executive Officer of Unity Bank Plc, Mr. Ebenezer Kolawole, stated that the introduction of the Genfi App marks an important achievement following Unity Bank’s entry into retail banking many years back. He further noted that “as the bank progresses, we remain committed to technological advancements aimed at fostering greater financial inclusion across various sectors of the economy.”
Mr. Kolawole stated that Genfi was motivated by the aim to cultivate a group of young individuals who are knowledgeable about finance, enabling them to make more informed financial decisions.
He stated, “GenFi stands for Generation Finance, and through this application, the bank is introducing an innovative solution aimed at equipping children, teenagers—especially those from Gen Z and Gen Alpha—with crucial financial literacy skills along with a personal finance management tool.”
GenFi represents a market approach aimed at filling a significant educational void for children and teenagers. It resonates strongly with parents who are eager to enhance their children’s understanding of financial matters.
In a similar vein, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs. Adenike Abimbola, characterized GenFi as more than just a banking service; it’s a comprehensive financial education system aimed at instilling financial literacy among Nigerian children via an interactive and game-based interface.
“Financial literacy isn’t a luxury; it’s a vital life skill. Much like many other essential abilities, the optimal moment to acquire this knowledge is during one’s youth. This principle guided us when developing GenFi—not merely as another banking application, but rather as an engaging platform designed to foster self-discipline, strategic thinking, and fiscal autonomy right from the start,” said Abimbola.
The Genfi platform utilizes insights from behavioral science and elements of game design to make financial education engaging and applicable. Through this tool, parents have the ability to track transactions, influence positive financial habits, and start meaningful discussions about managing finances, which helps foster both fiscal literacy and closer familial relationships.
“Picture a 12-year-old aiming to save up for a bicycle; this process teaches them more than just saving—it instills patience, discipline, and the importance of delaying gratification. This embodies the essence of GenFi,” stated Abimbola.
Following the unveiling, Master Ajayi Favour from Victoria Island Junior Secondary School shared his thoughts. He characterized Genfi as “a cutting-edge banking tool designed to empower young individuals with essential skills in finance, management, and self-reliance.” Favour believes firmly that this application has the potential to achieve worldwide popularity within its intended audience.
Additionally, Sylvia Ezeora, who was both a guest at the launch and an owner of the school, characterized the Genfi application as “easy-to-use, educational, and motivating for kids.” She highlighted that apart from enhancing financial understanding, “the app enables parents to encourage good behavior with rewards for finished chores and instills a sense of duty.”
Genevieve Adindu, another guest and parent, praised Unity Bank for introducing an innovative solution designed specifically for children between the ages of 8 and 18. She highlighted that GenFi “offers a contemporary and interactive way to foster savings habits from a young age, effectively substituting conventional methods such as the kolo with a more efficient digital platform, thus serving as a valuable ally in kids’ financial literacy.”
GenFi is set up as a nationwide standard for digital banking aimed at younger demographics, potentially promoting financial inclusivity and sustainability across different age groups. During the unveiling ceremony, important figures from both educational institutions and financial fields were present along with representatives from tech companies, members of the press, and student participants who will likely become initial users.
Provided by Syndigate Media Inc. (
Syndigate.info
).
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