Unity Bank Launches GenFi App For Kids and Teens

Beulah Godfrey

May 6, 2025
3 min read

Unity Bank Plc has launched GenFi, a new digital banking app that helps children and teenagers in Nigeria learn how to manage money. The bank unveiled the app at a ceremony in Lagos. GenFi is designed for users aged 8 to 18 and aims to teach them how to save, budget, and spend wisely, while letting parents monitor their progress.

GenFi—short for “Generation Finance”—comes at a time when Nigeria faces serious financial literacy challenges. A recent report by the Central Bank of Nigeria shows that only 38% of Nigerian adults understand basic financial principles. By teaching kids early, Unity Bank wants to close this gap and help young people make better financial choices.

The app uses fun, game-like features and easy-to-use tools to keep children engaged. It allows them to track how much money they get, set savings goals, and monitor spending habits. Parents can oversee all activity, offer guidance, and reward smart behavior, making it a family-friendly experience.

At the launch event, Unity Bank’s Acting Managing Director and CEO, Ebenezer Kolawole, said the bank created GenFi to support Nigeria’s youth with the tools they need to become financially responsible. He explained that the bank has always focused on using technology to reach more people and promote smart money habits.

GenFi Makes Learning About Money Fun

Unity Bank’s Divisional Head of Retail and SME Banking, Adenike Abimbola, said GenFi is more than just a banking tool. It is a life-skills platform that helps kids learn patience, discipline, and financial independence. She explained how a 12-year-old using the app to save for a bicycle is not just learning about saving, but also learning about long-term planning and self-control.

The event drew support from educators, parents, technology partners, and students. A student from Victoria Island Junior Secondary School, Master Ajayi Favour, said GenFi will help kids become smarter with money. He hopes the app will reach more users across Nigeria and even worldwide.

Parents and school leaders also praised the app. School owner Sylvia Ezeora called GenFi a “motivational tool” for kids, while parent Genevieve Adindu said the app replaces the old “kolo” (piggy bank) with a modern tool for teaching kids how to save.

With GenFi, Unity Bank becomes a leader in youth-focused digital banking in Nigeria. The app shows how financial education and new technology can come together to solve a real problem. As Nigeria continues to battle low financial literacy rates, GenFi offers a smart, modern way to build a more financially secure future.