In a daring transfer to redefine promotion of economic literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a brand new digital banking platform tailor-made to empower children and youngsters between the ages of 8 and 18 with important {financial} abilities.
The launch follows a report by the Central Bank of Nigeria, which discovered that solely 38% of Nigerian adults are financially literate. This alarming statistic underlines the pressing want for early {financial} schooling.
GenFi, due to this fact, goals to reverse this development by providing younger customers the platform to handle cash successfully, combination and observe allowances or earnings, set and obtain financial savings targets, and develop good spending habits with parental steerage.
Talking on the official launch occasion in Lagos, the Managing Director/Chief Govt Officer (Ag) of Unity Bank Plc, Mr. Ebenezer Kolawole, mentioned the launch of the Genfi App represents a big milestone since Unity Bank’s foray into retail Banking began a number of years in the past, including that “because the {Bank} continues to evolve, the establishment is continually innovating with expertise to allow us drive extra {financial} inclusiveness in numerous segments of the market”.
Mr. Kolawole defined that Genfi was impressed by the will to nurture a financially savvy technology, and empower them to make smarter {financial} selections.
He mentioned, “GenFi is brief for Era Finance, and with this app, the {Bank} is pioneering resolution designed to empower Kids, Youngsters, significantly Gen Z and Gen Alpha, with important {financial} literacy abilities and a Private Finance Administration Resolution.
“GenFi is a market proposition that helps us tackle a essential data hole amongst our children and Teenagers because it additionally connects with the sturdy ardour of oldsters wanting to empower their wards with {financial} literacy.”
Equally, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs. Adenike Abimbola, described GenFi as a {financial} product that goes past Banking: therefore a {financial} literacy ecosystem designed to inculcate {financial} literacy abilities amongst Nigerian Kids by way of an interesting and gamified platform.
“{Financial} literacy just isn’t a luxurious. It’s a life ability. And like most life abilities, the perfect time to study is from childhood. That’s why we created GenFi, not simply as a banking app, however as an interactive expertise that nurtures self-discipline, planning, and {financial} independence from an early age,” Abimbola defined.
The Genfi platform leverages behavioural science and gamification to make {financial} studying enjoyable and sensible. Mother and father can monitor transactions, information {financial} behaviours, and provoke real-life conversations round cash administration, thereby selling not simply {financial} abilities, but in addition stronger household bonds.
