In a bold move to redefine promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled a new digital banking platform called GenFi, which is tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills.
The launch follows a report by the Central Bank of Nigeria, which found that only 38 percent of Nigerian adults are financially literate. This alarming statistic underlines the urgent need for early financial education.
GenFi, therefore, aims 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, and develop smart spending habits with parental guidance.