FirstBank of Nigeria has partnered with electronics retailer Pointek to enable eligible customers to purchase smartphones, laptops and household appliances through instalment payments under its FirstEase buy-now-pay-later product.<\/p>\n
The initiative allows customers to acquire devices without paying the full purchase price upfront, with repayment spread over six months at an interest rate of 3%, according to FirstBank executives at a press conference announcing the partnership.<\/p>\n
The arrangement is designed to make technology more accessible to Nigerians facing the high upfront cost of devices needed for work, education, business and access to digital services.<\/p>\n
Abednego Ugwueke, Group Head, E&RP at FirstBank, said FirstEase was developed to give customers greater flexibility when purchasing essential products.<\/p>\n
Ugwueke explained that the growing need for devices with greater computing power, memory and speed had increased the cost of purchasing them outright, making instalment-based financing an alternative for eligible customers.<\/p>\n
Through the partnership, customers can access the financing option while shopping on Pointek\u2019s platform, rather than applying for a conventional loan before making a purchase.<\/p>\n
Chukwuka Okonkwo, Head of Personal Banking at FirstBank, said the product builds on the bank\u2019s experience in digital lending and shifts its focus towards financing customers\u2019 lifestyle needs rather than providing cash loans alone.<\/p>\n
He said customers can initiate the process through the FirstMobile app or Pointek\u2019s website, where the financing option is integrated into the purchase journey.<\/p>\n
According to him, applicants must have maintained an account with FirstBank and transacted with the bank for a period of time. Eligibility and the amount available are determined through an algorithm-driven assessment.<\/p>\n
The bank said the product is designed to make the financing process digital, allowing eligible customers to begin their applications through either its mobile app or Pointek\u2019s online platform.<\/p>\n
Dr Godwin Ajala, Director of Business at Pointek, said access to financial services goes beyond having a bank account, arguing that people also need affordable devices to make meaningful use of digital platforms.<\/p>\n
He noted that smartphones have become essential tools for traders receiving digital payments, students accessing learning resources, entrepreneurs running businesses and professionals attending meetings.<\/p>\n
According to him, the partnership seeks to reduce the immediate cost barrier that prevents some Nigerians from acquiring devices needed to participate in the digital economy.<\/p>\n
Ajala said the initiative\u2019s success should not be measured solely by the number of devices sold, but also by the opportunities customers can access through them.<\/p>\n
He added, however, that device ownership alone does not guarantee financial inclusion, noting that connectivity, digital skills, access to relevant services and responsible financing also matter.<\/p>\n
Okonkwo said FirstBank had developed digital lending products including FirstAdvance, FirstCredit and Agent Credit before expanding into financing purchases through FirstEase.<\/p>\n
For customers, the offering provides another way to spread the cost of devices over time.<\/p>\n