By Aduragbemi Omiyale
A new mobile application designed to empower users, particularly children and teenagers, to achieve their financial goals, is to be launched by Unity Bank Plc.
The lender’s upcoming app will provide an engaging platform for setting savings goals, tracking progress, and building healthy financial habits.
According to the chief executive of Unity Bank, Mrs Tomi Somefun, the app will equip students with tools to set SMART financial goals, understand the power of compound interest, and build financial safety nets through savings and prudent money management.
Speaking at an event in Calabar, Cross River State to mark the 2024 World Savings Day, Mrs Somefun, represented by the bank’s Chief Compliance Officer, Mrs Patricia Ahunanya, said the decision to create the application was to promote a savings culture and enhance financial literacy among young Nigerians.
She emphasised the importance of instilling good financial habits early in life, declaring that, “Financial literacy is the foundation of a secure future.”
“By teaching students to distinguish between needs and wants, budgeting, and embracing delayed gratification, we empower them to take charge of their financial journeys.
“The new app will serve as a practical tool to support these lessons and help young Nigerians build a culture of savings,” the banking executive stated.
Business Post reports that the move by Unity Bank aligns with the financial inclusion strategy of the Central Bank of Nigeria (CBN), which encourages young Nigerians to embrace financial literacy early.
World Savings Day is observed in Nigeria as an initiative of the CBN, Bankers Committee and Junior Achievement Nigeria to drive financial inclusion with the vehicle of Financial Literacy Training which is held in secondary schools across the country.
It is celebrated annually on October 31 to promote the importance of savings and financial awareness globally.
At the training session in Calabar, one of 16 held simultaneously across secondary schools in Nigeria, participants were exposed to simulations on earning, budgeting, spending wisely, and understanding the principles of borrowing and saving.
Unity Bank’s representatives guided the students through interactive discussions, encouraging them to set financial goals and cultivate habits that support long-term financial stability.