FirstBank, Pointek Unveil Buy-Now- Pay-Later Scheme At 3% Interest

FirstBank of Nigeria and technology retailer Pointek have introduced FirstEase, a buy-now-pay-later scheme that allows eligible salary earners with accounts domiciled with the bank to purchase smartphones, laptops and household appliances and spread payments over six months.

Under the arrangement, beneficiaries will pay three per cent interest and an additional two per cent for insurance, while product prices will remain the same as those offered to customers paying outright.

The initiative is designed to ease the financial burden of acquiring essential technology devices without requiring customers to pay the full purchase price upfront.

The partners said the scheme could be expanded in the future, depending on its performance and customer demand.

Speaking at the launch, Abednego Ugwueke, Group Head, E&RP, FirstBank, said FirstEase was developed to address the growing need for flexible financing as the cost of acquiring sophisticated electronic devices continues to rise.

He explained that smartphones and computers had become increasingly important in an information-driven economy, requiring greater computing power, memory and speed to support the growing range of digital activities.

According to him, these improvements have increased device costs, making outright purchases difficult for some consumers.

Ugwueke said FirstEase would allow 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.

Whether customers want to purchase phones, laptops or household appliances through Pointek, he said, the financing option would enable eligible buyers to complete their purchases and repay over the agreed period.

He added that the initiative reflected FirstBank’s commitment to innovation, strategic partnerships and expanding access to technology through responsible and transparent financial solutions.

The bank, he said, would provide customers with information about eligibility requirements, application procedures and repayment terms to support informed borrowing decisions.

Chukwuka Okonkwo, Head, Personal Banking, FirstBank, said the initiative emerged from the bank’s experience in digital lending through products including FirstAdvance, FirstCredit and Agent Credit.

He explained that the lender had 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.

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