FirstBank has introduced FirstEase, a digital lending solution designed to make big-ticket purchases and everyday bill payments more manageable. The product allows eligible customers to access selected products and services while spreading repayment over a period. FirstEase is built around two major channels: FirstEase for e-commerce purchases and FirstEase for bill payments. This solution aims to address the financial challenges faced by many Nigerians when making significant purchases or paying unexpected bills.
FirstEase offers customers the opportunity to purchase eligible products through participating FirstBank partner merchants and pay for them through an instalment arrangement. Partner e-commerce platforms and merchants include Ringaz, Chamuze, Pointek, Webuyam, Electromall, Uwana Energy, and Klump, which has aggregated merchants like Jumia, Konga, and ShopAhome. Products available through partner merchants include smartphones, laptops, tablets, televisions, refrigerators, washing machines, microwaves, sporting equipment, gadgets, and other household essentials.
For e-commerce purchases, customers make a minimum 30% equity contribution, while the balance is financed through FirstEase. The e-commerce facility has a tenor of up to six months, with monthly repayment scheduled around the customer’s payday. The maximum loan amount is ₦1 million. This structured payment option allows customers to consider purchases that may have been postponed due to financial constraints.
FirstEase also allows eligible customers to access financing at the point of paying bills through FirstMobile and LIT App. Customers select a biller, enter the required details, and toggle switch the FirstEase feature before completing the transaction. Bills such as electricity, data, cable, airtime, and related services are covered by the bill-payment offering. FirstEase bill payment requires zero equity contribution, with a minimum transaction amount of ₦1,000 and a maximum of ₦200,000, with a 30-day repayment tenor.
The process of accessing FirstEase is designed to take place largely through digital channels. For an e-commerce transaction, a customer selects a product, proceeds to checkout, chooses FirstCheckout, and then selects FirstEase. The customer’s account number is validated, eligibility is assessed, and the customer selects a preferred repayment tenor. The upfront equity, monthly instalment, and other relevant repayment details are presented before the customer accepts the terms and completes the transaction.
FirstEase uses credit assessment and affordability checks as part of its eligibility process. The product compendium outlines a multi-stage assessment involving FirstBank’s credit and customer records, including account activity, salary account status, and a valid BVN, followed by third-party scoring and enhanced artificial intelligence and machine-learning models before an eligibility outcome is provided. Credit risk and machine-learning models are used to determine personalized eligibility amounts for e-commerce and bill-payment options.
For e-commerce FirstEase, there is an interest charge of 3% per instalment on a reducing balance, alongside a 2% one-off insurance charge at disbursement and a FirstCheckout fee of 1.2%, capped at ₦2,000. For bill payments, there is a 5% monthly interest charge and 3% monthly insurance charge. Customers are provided with repayment information and reminders, and automated collection and repayment features are included.
Key points
- FirstBank's FirstEase offers flexible payment options for big-ticket purchases and everyday bills.
- The product allows customers to split payments over time with a structured repayment plan.
- FirstEase uses credit assessment and affordability checks to determine eligibility.
