In a bold move to transform the landscape of financial literacy among young Nigerians, Unity Bank Plc has introduced GenFi—a groundbreaking digital platform specifically designed for children and teenagers. This initiative promises to empower those aged 8 to 18 with crucial financial skills through a gamified app experience.

Bridging the Financial Literacy Gap

The motivation behind GenFi lies in a startling report from the Central Bank of Nigeria, revealing that only 38% of Nigerian adults possess financial literacy. Targeting a younger audience, Unity Bank’s app aims to instill monetary management skills early on, equipping users to navigate their financial futures with confidence.

A Milestone in Unity Bank’s Retail Innovation

Unity Bank’s acting managing director, Ebenezer Kolawole, highlighted that GenFi represents a significant step in the bank’s evolution towards innovative retail banking. The app offers a Personal Finance Management Solution, allowing young users to manage money, track income, set savings targets, and cultivate smart spending habits—with the added guidance of parental oversight.

Financial Literacy as a Life Skill

Describing GenFi’s mission, Mrs. Adenike Abimbola of Unity Bank emphasized the crucial role of financial literacy as an essential life skill rather than a luxury. “GenFi is not just a banking app,” she stated. “It’s an interactive experience fostering discipline, planning, and financial independence from an early age.”

Learning and Growing Through Gamification

Leveraging the principles of behavioural science, GenFi incorporates gamification to make financial learning both fun and practical. Parents can actively engage with their children’s financial activities, initiating conversations about money that strengthen family bonds. Imagine a scenario where a child sets a savings goal for a bicycle, learning patience and the value of delayed gratification in the process.

Looking Ahead

Unity Bank’s venture into youthful financial education stands as a beacon for future generations, paving the way for a financially literate nation. As stated in Leadership Newspapers, GenFi promises not only to build money management skills but also to create an engaging, educational experience for youth across Nigeria.

By nurturing financial independence from such formative years, GenFi is a tool that promises to reshape how the next generation perceives and handles money—potentially revolutionizing financial literacy across the country.