FirstBank has expanded access to flexible consumer financing through FirstEase, its digital lending solution that enables eligible customers to purchase selected products and pay bills while spreading repayment over an agreed period.
The solution, which responds to the growing Buy Now, Pay Later (BNPL) model, operates through two channels: FirstEase for e-commerce purchases and FirstEase for bill payments.
The product allows eligible customers, particularly salary earners and other qualified customers, to access financing through digital channels and approved merchant platforms without visiting a banking hall.
For e-commerce purchases, FirstEase enables customers to acquire products including smartphones, laptops, tablets, televisions, refrigerators, washing machines, microwaves, sporting equipment and other household essentials through participating merchants.
Its partner merchants and platforms include Ringaz, Chamuze, Pointek, Webuyam, Electromall, Uwana Energy and Klump, which aggregates merchants including Jumia, Konga and ShopAhome.
Customers using the e-commerce facility are required to make a minimum 30 per cent equity contribution, while FirstEase finances the balance. The facility has a repayment tenor of up to six months, with monthly payments scheduled around the customer’s payday, and a maximum loan amount of ₦1 million.
The bill-payment option allows eligible customers to finance selected bills through the FirstMobile and LIT App. Customers select a biller, enter the required details and activate the FirstEase option before completing the transaction.
Electricity, data, cable, airtime and related services are among the bills covered by the facility.
Unlike the e-commerce option, FirstEase bill payments require no equity contribution. The minimum transaction amount is ₦1,000, while the maximum is ₦200,000, with a 30-day repayment tenor.
For e-commerce transactions, customers select an eligible product, proceed to checkout, choose FirstCheckout and then FirstEase. Their account details are validated, eligibility assessed and repayment options presented before they accept the applicable terms and complete the transaction.
FirstEase uses credit assessment and affordability checks, drawing on FirstBank’s credit and customer records, account activity, salary account status and a valid BVN. The process also incorporates third-party scoring and artificial intelligence and machine-learning models to determine personalised eligibility.
The financing comes with applicable charges. For e-commerce FirstEase, customers pay three per cent interest per instalment on a reducing balance, a two per cent one-off insurance charge at disbursement and a FirstCheckout fee of 1.2 per cent, capped at ₦2,000.
For bill payments, the applicable charges are five per cent monthly interest and three per cent monthly insurance.
FirstEase also provides repayment information and reminders, with automated collection and repayment features as well as SMS and email notifications ahead of due dates.
The product is structured to connect financing directly to a purchase or bill payment rather than providing conventional cash credit to the customer.
FirstBank positions FirstEase around convenience, streamlined approval and direct integration with participating merchants, allowing eligible customers to spread the cost of selected purchases and bills over defined repayment periods.
As digital shopping and payments continue to grow, the product places financing within the same digital journey, allowing customers to select a product or service, access financing, complete the transaction and manage repayment through digital channels.
The facility, however, requires customers to understand the applicable charges, repayment dates and terms before accepting an offer, with eligibility and financing limits determined through FirstBank’s assessment process.