FirstBank of Nigeria has partnered with electronics retailer Pointek to let eligible customers buy smartphones, laptops, and household appliances in instalments under its FirstEase buy now, pay later (BNPL) product.
Customers can spread payments over six months at an interest rate of 3%, FirstBank executives said at a press conference announcing the partnership. They can also choose to repay over a shorter period. The bank did not say whether the 3% is charged monthly or applied once to the full amount.
To qualify, a customer must have held an account with FirstBank and transacted on it for at least three months. An algorithm assesses eligibility and sets the amount available. Customers must also pay a 30% equity contribution upfront, and FirstBank finances the rest.
Applications can start on the FirstMobile app or on Pointek’s website, where the financing option sits inside the checkout.
Lifestyle financing, not just cash loans
Chukwuka Okonkwo, Head of Personal Banking at FirstBank, said FirstEase builds on the bank’s digital lending record and moves it towards financing what customers want to buy. FirstBank already offers other lending products such as FirstAdvance, a short-term loan for salary earners, and FirstCredit, aimed at people without formal salaried employment, such as traders, requiring an account that has been active for six months. Then, Agent Credit that lends to the bank’s FirstMonie agents, who run point-of-sale outlets.
Abednego Ugwueke, Group Head, E&RP at FirstBank, said devices with more computing power, memory and speed cost more to buy outright. Instalments offer eligible customers another route.
Dr Godwin Ajala, Director of Business at Pointek, framed it as a financial inclusion issue. “Financial inclusion is not just about accessing financial services,” he said, adding that people also need devices to use those services in daily life. He cautioned that owning a device does not guarantee inclusion, since connectivity, digital skills and responsible financing also matter.
The partnership comes days after Nigerian BNPL startup Klump shut down. Its CEO, Celestine Omin, said the company could not secure sustainable lending capital.
A bank starts from a different position. FirstBank already holds customer deposits and owns the customer relationship. It also has transaction data that helps it judge creditworthiness.
That lets it offer instalment products to existing customers without a standalone BNPL company supplying the credit. FirstEase works this way. Eligibility depends on a customer’s history with the bank, and the bank itself is the lender.
The deal also follows FirstBank’s rollout of Google Pay for eligible cardholders.
Last updated: October 30, 2026
