Unity Bank targets children, teens with launch of GenFi
Unity Bank targets children, teens with launch of GenFi
To redefine the promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between eight and 18 with essential financial skills.
The launch followed a report by the Central Bank of Nigeria (CBN), which found that only 38 per cent of Nigerian adults are financially literate.
The alarming statistic underlines the urgent need for early financial education.
GenFi, therefore, aimed to reverse this trend by offering young users the platform to manage money effectively, aggregate and track allowances or income set and achieve savings goals as well asdevelop smart spending habits with parental guidance.
Speaking at the official launch event in Lagos, the acting Managing Director of Unity Bank Plc, Ebenezer Kolawole, said the launch of the Genfi App represents a significant milestone since Unity Bank’s foray into retail banking started several years ago, adding: “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.”
Kolawole explained that Genfi was inspired by the desire to nurture a financially savvy generation and empower them to make smarter financial choices.
He said: “GenFi is short for Generation Finance, and with this app, the bank is pioneering a 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.”
