FirstBank of Nigeria and technology retailer Pointek have introduced FirstEase, a buy-now-pay-later scheme for eligible salary earners with accounts at the bank. The scheme allows customers to purchase smartphones, laptops, and household appliances and spread payments over six months. This initiative aims to ease the financial burden of acquiring essential technology devices without requiring customers to pay the full purchase price upfront.
Under the arrangement, beneficiaries will pay a 3% interest rate and an additional 2% for insurance, while product prices will remain the same as those offered to customers paying outright. The partners said the scheme could be expanded in the future, depending on its performance and customer demand. This move reflects FirstBank's commitment to innovation and strategic partnerships.
Abednego Ugwueke, Group Head, E&RP at FirstBank, stated that FirstEase was developed to address the growing need for flexible financing as the cost of acquiring sophisticated electronic devices continues to rise. He emphasized that smartphones and computers have become increasingly important in an information-driven economy, requiring greater computing power, memory, and speed.
Ugwueke explained that these improvements have increased device costs, making outright purchases difficult for some consumers. FirstEase allows customers to access financing directly within their purchasing journey, rather than applying for a conventional loan and waiting for disbursement before buying their preferred products.
The financing option enables eligible buyers to complete their purchases and repay over the agreed period. According to Ugwueke, the initiative reflects FirstBank's commitment to innovation, strategic partnerships, and expanding access to technology through responsible and transparent financial solutions. The bank will provide customers with information about eligibility requirements, application procedures, and repayment terms.
Chukwuka Okonkwo, Head, Personal Banking at FirstBank, noted that the initiative emerged from the bank's experience in digital lending through products such as FirstAdvance, FirstCredit, and Agent Credit. The lender decided to extend its digital lending capabilities beyond conventional cash loans to lifestyle financing, enabling customers to acquire products they need through partnerships with selected merchants.
The partnership between FirstBank and Pointek aims to provide customers with flexible financing options for essential technology devices. Key aspects of the scheme include a 3% interest rate and an additional 2% for insurance. The scheme's success and customer demand will determine its future expansion.
Key points
- FirstBank and Pointek launch FirstEase, a buy-now-pay-later scheme for salary earners with accounts at the bank.
- The scheme offers a 3% interest rate and an additional 2% for insurance.
- The initiative aims to ease the financial burden of acquiring essential technology devices.
