FirstBank Launches Credit Scheme for Customers To Buy Smartphones, Laptops
- FirstBank partners Pointek to offer Nigerians smartphones, laptops, household appliances on credit
- Eligible customers can purchase devices through FirstEase, FirstBank’s digital lending platform, and repay over three to six months
- Customers must provide a 30% upfront contribution, while borrowers with good repayment records may qualify for higher financing limits
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FirstBank has partnered with technology retailer Pointek to help Nigerians purchase smartphones, laptops and household appliances through its Buy-Now-Pay-Later (BNPL) scheme.
The partnership allows eligible customers to obtain financing through FirstEase, FirstBank’s digital lending solution, and spread payments over three to six months instead of paying the full cost upfront.
Source: Getty Images
FirstBank’s Head of Personal Banking, Chukwuka Okonkwo, said customers must contribute 30% of the purchase price to access the facility.
Speaking at the partnership launch, Okonkwo said the initiative represents a shift in the bank’s retail lending strategy towards financing specific products rather than providing conventional cash loans, Leadership reports.
How FirstBank's Pointek financing scheme works
1. Choose an eligible product
Customers can purchase smartphones, laptops, refrigerators and other household appliances through Pointek’s retail network.
2. Access financing through FirstEase
Eligible customers can use FirstBank’s FirstEase digital lending solution to finance approved purchases. The arrangement integrates financing into the shopping process.
3. Pay 30% upfront
Customers are required to provide an equity contribution of 30% of the purchase price before accessing the facility.
4. Repay over three to six months
FirstBank pays Pointek for eligible purchases, while customers repay the bank in instalments over an agreed period of three to six months.
5. Qualify for higher financing limits
According to Okonkwo, customers who maintain good repayment records may qualify for higher financing limits when making subsequent purchases.
FirstBank explains the purpose of the partnership
FirstBank’s Group Head, E-Business and Retail Products, Abednego Ugwueke, said the partnership was designed to make consumer financing more convenient by incorporating it into the purchasing process.
He explained that eligible customers could access financing while shopping through Pointek rather than completing a separate loan application before selecting a product.
Ugwueke added that customers would receive information about eligibility requirements and repayment terms to help them make informed borrowing decisions.
The initiative is part of FirstBank’s broader strategy to use technology and partnerships to improve access to financial services.
Pointek speaks on smartphone and laptop financing
Pointek’s Director of Business, Godwin Ajala, said digital devices had become essential for banking, education, business development, communication and access to information.
Source: UGC
He noted that traders rely on smartphones to receive digital payments and reach customers, while students and professionals use devices to access learning resources and participate in online activities.
Ajala said the partnership combines Pointek’s retail network and technology products with FirstBank’s financing capabilities to reduce the immediate financial burden of acquiring devices, Guardian reports.
According to Okonkwo, Pointek operates 24 outlets across Nigeria, providing a retail network through which customers can explore eligible purchases.
FG opens portal for Nigerians to apply for N1m
Earlier, Legit.ng reported that the federal government has outlined the application process for Nigerians seeking affordable financing to purchase laptops, smartphones, tablets, and other digital devices under the Credit for Laptops, Internet, Connectivity, and Knowledge Digital Devices (C.L.I.C.K.D.) Programme.
The initiative, launched through the Nigerian Consumer Credit Corporation (CREDICORP), is designed to improve access to digital devices by providing consumer credit to eligible Nigerians.
Applicants are required to complete an online registration form before they can be considered for the scheme.
Source: Legit.ng
