FirstBank partners Pointek to offer phones, laptops on instalment payments

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.

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.

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.

FirstEase offers flexibility when purchasing products

Abednego Ugwueke, Group Head, E&RP at FirstBank, said FirstEase was developed to give customers greater flexibility when purchasing essential products.

• “FirstEase is our Buy Now, Pay Later solution, or what we’ve called Flex Now, Pay Later, in the context of this event. And it’s really designed to address the problem of customers who seek greater flexibility when they want to buy products that they need,” he said.

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.

Through the partnership, customers can access the financing option while shopping on Pointek’s platform, rather than applying for a conventional loan before making a purchase.

How the FirstEase financing works

Chukwuka Okonkwo, Head of Personal Banking at FirstBank, said the product builds on the bank’s experience in digital lending and shifts its focus towards financing customers’ lifestyle needs rather than providing cash loans alone.

He said customers can initiate the process through the FirstMobile app or Pointek’s website, where the financing option is integrated into the purchase journey.

• “We have created a very seamless way for people to purchase phones, laptops, electronic equipment from Pointek. And do it over six months at an interest rate of 3%,” Okonkwo said, noting that customers also have the option of repayment within shorter period

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.

• Customers are also required to make an equity contribution of 30%, while the remaining balance is financed under the product’s repayment terms.
• Okonkwo said the contribution was intended to ensure that customers also had a financial commitment to the transaction.

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’s online platform.

Pointek says device affordability supports digital inclusion

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.

• “Financial inclusion is not just about accessing financial services, it is also about having the tools to make those services useful in everyday life,” Ajala said.

He noted that smartphones have become essential tools for traders receiving digital payments, students accessing learning resources, entrepreneurs running businesses and professionals attending meetings.

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.

• “Under the arrangement, Pointek provides the devices and retail platform, while FirstBank provides financing for eligible customers, subject to applicable terms.”

Ajala said the initiative’s success should not be measured solely by the number of devices sold, but also by the opportunities customers can access through them.

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.

FirstBank expands digital lending strategy

Okonkwo said FirstBank had developed digital lending products including FirstAdvance, FirstCredit and Agent Credit before expanding into financing purchases through FirstEase.

• The partnership with Pointek forms part of the bank’s strategy to combine digital lending infrastructure with merchant networks to make financing more accessible at the point of purchase.
• The partnership reflects FirstBank’s broader commitment to using technology and strategic collaborations to improve access to financial services.

For customers, the offering provides another way to spread the cost of devices over time.

FirstBank integration of Google Pay

The latest partnership comes after FirstBank announced the integration of Google Pay for eligible cardholders, enabling access to the global digital wallet platform.

This reinforces the Bank’s commitment to delivering secure, convenient, and innovative payment solutions that meet the evolving needs of today’s digitally connected customers.