Susan Abayomi
For many consumers, purchasing essential items such as smartphones, laptops, televisions and household appliances can put pressure on available funds, particularly when the full cost has to be paid upfront. The same challenge can arise when important bills need to be settled at a time when cash flow is limited.
To address this gap, FirstBank Nigeria has introduced FirstEase, a digital Buy Now, Pay Later (BNPL) solution that enables eligible customers to spread the cost of selected purchases and bill payments over an agreed period.
According to FirstBank, FirstEase is designed to provide customers with greater flexibility by connecting financing directly to purchases and bill payments through digital channels and approved merchant platforms.
Making purchases more manageable
Through its e-commerce offering, FirstEase allows eligible customers to purchase selected products from participating FirstBank partner merchants and pay through an instalment arrangement.
The product covers categories including smartphones, laptops, tablets, televisions, refrigerators, washing machines, microwaves, sporting equipment, gadgets and other household and personal items available through approved merchants.
For e-commerce purchases, FirstBank currently requires a 30 per cent equity contribution, while the remaining amount can be financed through FirstEase. The facility has a repayment period of between one and six months, with a maximum single-obligor amount of ₦1 million.
Customers can access the facility through participating e-commerce platforms by selecting an eligible product, choosing the FirstCheckout option and then selecting FirstEase, after which the customer’s eligibility is assessed and the transaction is completed according to the applicable terms.
Financing everyday bills
FirstEase also extends beyond shopping.
Eligible customers can use the service to finance selected bills through FirstBank’s FirstMobile and LIT App. These include payments for services such as electricity, data, cable television and airtime.
Unlike the e-commerce option, FirstEase bill payments do not require an equity contribution. FirstBank lists a 30-day tenor for the bill-payment facility, with a maximum single-obligor amount of ₦200,000.
This means customers who meet the eligibility requirements can access financing at the point of making a qualifying bill payment rather than having to source the entire amount immediately.
Digital access and personalised eligibility
One of the defining features of FirstEase is its digital delivery model. Customers can initiate qualifying transactions through FirstBank’s digital platforms without needing to visit a banking hall.
FirstBank says the service uses advanced artificial intelligence and machine-learning models to determine personalised eligibility amounts for its e-commerce and bill-payment options.
The financing process is subject to the bank’s applicable credit assessment and eligibility requirements, meaning access to FirstEase is not automatic for every customer.
Convenience comes with repayment obligations
While FirstEase offers flexibility, customers are required to understand the applicable interest, insurance, fees, repayment dates and other terms before accepting a facility.
FirstBank’s current product information lists different charges for the two FirstEase options. For e-commerce transactions, the listed interest rate is 3 per cent, with a 2 per cent insurance rate and a 30 per cent equity contribution. For bill payments, the listed interest rate is 5 per cent, with a 2 per cent insurance rate and no equity contribution.
The bank also states that customers can manage their repayment plans and repay their facilities early, subject to the applicable terms and conditions.
Supporting a changing digital payment landscape
The introduction of FirstEase reflects the growing integration of digital banking, e-commerce and consumer financing. Rather than requiring customers to obtain a conventional loan separately and then use the funds for a purchase or bill, the service places financing within the transaction itself.
For merchants, FirstBank says FirstEase can also help reduce the financial barrier that may prevent customers from completing purchases. Through FirstCheckout, participating merchants can receive payment while eligible customers obtain the flexibility of repaying the financed amount over time.
As digital commerce continues to evolve in Nigeria, products such as FirstEase are creating additional channels through which eligible consumers can access financing for selected purchases and essential payments.
For FirstBank, the initiative represents an effort to combine digital lending with everyday banking, giving customers an option to spread certain financial obligations rather than settling the full cost at once.
FirstEase is available only to eligible customers and is subject to FirstBank’s applicable terms, conditions, credit assessment and approved merchant or bill-payment channels.
