FirstEase: How FirstBank is making big-ticket purchases, everyday bills easier

For many Nigerians, buying a new smartphone, laptop, television, refrigerator or other essential household appliance can become a difficult financial decision, particularly when the full cost has to be paid at once. The same challenge can arise when an unexpected electricity, data, cable or other bill arrives at a time when available cash is limited.

This is the gap that FirstEase, FirstBank’s response to the emerging Buy Now, Pay Later (BNPL) phenomenon, is designed to address, giving eligible customers the opportunity to access selected products and services while spreading repayment over time.

FirstEase is a digital lending solution that allows customers to shop, pay bills and split payments over an agreed period. The offer is built around two major channels: FirstEase for e-commerce purchases and FirstEase for bill payments.

The product is particularly relevant to salary earners and other eligible customers seeking more flexible ways to manage purchases. FirstEase allows customers to shop and pay bills through digital channels and approved merchant platforms without the need to visit a physical banking hall.

From gadgets to household appliances

One of the most practical applications of FirstEase is its e-commerce offering. Customers can purchase eligible products through participating FirstBank partner merchants and pay for them through an instalment arrangement rather than funding the entire purchase immediately.

Some of the partner e-commerce platforms and merchants include Ringaz, Chamuze, Pointek, Webuyam, Electromall, Uwana Energy and the partnership with Klump who have aggregated Merchants like Jumia, Konga and ShopAhome.

Categories such as smartphones, laptops, tablets, televisions, refrigerators, washing machines, microwaves, sporting equipment, gadgets and other household essentials are examples of products available through partner merchants.

This means a customer who needs a device for work, a television for the home or an appliance that cannot be postponed can consider a structured payment option instead of waiting until the entire purchase price is saved.

For e-commerce purchases, customers make a minimum 30 per cent equity contribution, while the balance is financed through FirstEase. The e-commerce facility has a tenor of up to six months, with monthly repayment scheduled around the customer’s payday. The maximum loan amount is ₦1 million.

Beyond shopping: paying bills with FirstEase

FirstEase is not limited to shopping. The bills payment variant allows eligible customers to access financing at the point of paying bills through FirstMobile and LIT App. On the mobile apps, customers select a biller, enter the required details and toggle switch the FirstEase feature before completing the transaction.

Bills such as electricity, data, cable, airtime and related services are among the uses covered by the bill-payment offering.

FirstEase bill payment requires zero equity contribution. The minimum transaction amount is ₦1,000, while the maximum is ₦200,000, with a 30-day repayment tenor.

This distinction makes the two variants useful in different circumstances: one is structured around acquiring products through partner merchants, while the other provides financing directly at the point of selected bill payments.

A digital journey built around convenience

The process is designed to take place largely through digital channels. For an e-commerce transaction, a customer selects a product, proceeds to checkout, chooses FirstCheckout and then selects FirstEase. The customer’s account number is validated, eligibility is assessed, and the customer selects a preferred repayment tenor. The upfront equity, monthly instalment and other relevant repayment details are presented before the customer accepts the terms and completes the transaction.

FirstEase uses credit assessment and affordability checks as part of its eligibility process. The product compendium outlines a multi-stage assessment involving FirstBank’s credit and customer records, including account activity, salary account status and a valid BVN, followed by third-party scoring and enhanced artificial intelligence and machine-learning models before an eligibility outcome is provided.

Credit risk and machine-learning models are used to determine personalized eligibility amounts for e-commerce and bill-payment options.

Flexible repayment, with responsibility

The attraction of Buy Now, Pay Later is ultimately about timing — getting access to a product or service when it is needed while spreading the financial obligation over an agreed period.

For e-commerce FirstEase, there is an interest charge of three per cent per instalment on a reducing balance, alongside 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, there is a five per cent monthly interest charge and three per cent monthly insurance charge.

Customers are also provided with repayment information and reminders. FirstEase includes automated collection and repayment features, while SMS and email reminders are be sent ahead of due dates. Customers can also request information about their outstanding debt through the mobile channels available.

The arrangement therefore places convenience alongside repayment discipline. Customers are expected to understand the applicable charges, repayment dates and terms before accepting an offer.

At its core, FirstEase reflects a shift in how consumers can access financing for everyday needs. Instead of treating credit solely as cash deposited into an account, the product connects financing directly to the purchase of a product or payment of a bill.

FirstBank describes the difference between FirstEase and a conventional consumer loan in terms of its point-of-sale financing structure, streamlined approval process, speed, convenience and direct integration with participating merchants.

For customers, the proposition is straightforward: where eligibility requirements are met, FirstEase provides another way to manage the cost of important purchases and selected bills without necessarily making the full payment immediately.

And as digital adoption and ecommerce continue to reshape how Nigerians shop and pay for services, FirstEase places financing within that same digital journey, from selecting a product or bill to completing the transaction, fulfillment, delivery of purchased goods and managing repayment.

In a market where flexibility increasingly matters as much as access, FirstEase is positioning Buy Now, Pay Later as more than a payment option: it is FirstBank’s way of enabling customers to make purchases and fulfill their needs within a short period of time.