Financial literacy has surged to the forefront of global discussions, especially as younger generations face increasingly complex economic landscapes. Across many countries, the ability to manage personal finances effectively is now recognized as a key skill for long-term well-being. In Nigeria, a nation where a substantial portion of adults struggle with comprehensive financial knowledge, the urgency to equip children and teenagers with money management skills is particularly pressing. An innovative stride in this direction comes from Unity Bank Plc, which has introduced GenFi, a digital banking platform tailored specifically for Nigerians aged 8 to 18. This initiative targets one of the nation’s most critical gaps by promoting early financial education through engaging technology.
The introduction of GenFi by Unity Bank marks a notable evolution in youth-oriented financial education. Traditional methods of teaching money management often fail to resonate with younger demographics, who are deeply immersed in digital environments. GenFi cleverly incorporates gamification—a technique that uses game-like elements to transform learning into an interactive and enjoyable process—making financial literacy not just accessible but genuinely appealing. This approach directly suits Generation Z and Generation Alpha, cohorts whose lives revolve around digital technology and gaming. By reframing savings, budgeting, and spending exercises as fun challenges, GenFi encourages consistent financial habits and deeper understanding. This gamified experience is a fresh paradigm in a country where older saving mechanisms, such as the “kolo” (a communal rotating savings method), have long prevailed but might not fully support the financial discipline needed in today’s era.
Beyond its engaging interface, GenFi offers concrete practical benefits. It provides a safe, structured platform where young users can experiment with financial decisions without the risks that come from real-world errors. Children and teens using GenFi can create savings goals, monitor their progress, and learn responsible spending in a digitally secure environment fortified by Unity Bank’s infrastructure. This empowers young Nigerians to take ownership of their finances early, building habits that can lead to greater confidence and competence as they mature. At the official launch event, attended by stakeholders including parents such as Genevieve Adindu, the platform was praised for its role in modernizing traditional saving techniques. By substituting the informal “kolo” with a more reliable and transparent digital alternative, GenFi demonstrates how fintech solutions can honor cultural traditions while adapting to contemporary life.
Unity Bank’s commitment goes beyond launching a standalone app. The bank’s efforts reflect a wider recognition by Nigerian regulatory authorities of the country’s financial literacy shortfall. According to reports from the Central Bank of Nigeria, only around 38% of Nigerian adults possess adequate financial knowledge, underscoring the need for educational interventions at an early stage. GenFi strategically focuses on children and teenagers not merely to cultivate future customers but to nurture future adults who navigate finances with skill and assurance. Ebenezer Kolawole, Unity Bank’s Acting Managing Director and CEO, describes GenFi as a milestone in the bank’s retail banking innovation, aligning with its broader mission to promote financial inclusion throughout Nigeria. Complementing the app, Unity Bank also carried out nationwide outreach initiatives, such as financial literacy workshops conducted in 13 secondary schools during the 2025 Global Money Week. These combined efforts ensure that financial education is imparted both in classrooms and through digital interaction, fostering a comprehensive learning ecosystem.
In essence, GenFi stands as a visionary response to Nigeria’s urgent need for enhanced youth financial literacy. By blending gamified technology with secure banking infrastructure and community outreach, Unity Bank offers a multifaceted strategy aimed at closing the knowledge gap. This initiative does not simply teach kids how to save and spend—it reimagines those lessons as a dynamic, engaging journey that aligns with the lifestyles of digitally native generations. As financial literacy continues to gain traction worldwide, GenFi exemplifies how thoughtful innovation can inspire other institutions to empower young people with the tools they need for a financially secure future. For Nigeria’s youth, this means growing up financially savvy, confident, and ready to make smart money decisions in an increasingly complex global economy.
