Unity Bank Launches GenFi Gamified Banking Platform for Teens

The new digital banking platform will empower kids and teenagers by teaching them how to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.

Unity Bank in a statement explained that it introduced this app following a report by the Central Bank of Nigeria (CBN), which found that only 38 per cent of Nigerian adults are financially literate.

The acting chief executive of Unity Bank, Mr Ebenezer Kolawola, while speaking at the official launch event in Lagos, said Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.

He stated that Genfi App represents a significant milestone since Unity Bank’s foray into retail banking started several years ago, adding that “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.”

“With this app, the bank is pioneering solution designed to empower children, teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a personal finance management solution.

“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy,” Mr Kolawole added.

Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs Adenike Abimbola, described GenFi as a financial product that goes beyond banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian children through an engaging and gamified platform.

“Financial literacy is not a luxury. It’s a life skill. 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,” Mrs Abimbola explained.

The Genfi platform leverages behavioural science and gamification to make financial learning fun and practical. Parents can monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.

“Imagine a 12-year-old setting a goal to save for a bicycle, 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,” Mrs Abimbola added.

Speaking after the launch, one of the students who attended the launch event, Master Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”

Also, a guest at the launch and school proprietor, Sylvia Ezeora, described the Genfi app as “user-friendly, educational, and motivational for children”. She noted that beyond teaching financial literacy, “the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility”.

Another guest and parent, Genevieve Adindu, commended Unity Bank for the innovative solution, tailored for children aged 8 to 18, and noted that Genfi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education”.