FirstBank of Nigeria has partnered with technology retailer Pointek to make smartphones, laptops and household appliances more accessible through a buy-now-pay-later (BNPL) scheme that allows eligible customers to spread payments over as much as six months.
Under the arrangement, customers can obtain financing through FirstEase, the bank’s digital lending solution, to purchase eligible products from Pointek, subject to a 30 per cent equity contribution.
Speaking at the launch of the partnership,Chukwuka Okonkwo, FirstBank’s Head of Personal Banking, said the initiative was designed to help customers acquire essential products without paying the full cost upfront.
He described the scheme as an evolution of the bank’s retail lending strategy, shifting beyond conventional cash loans towards financing specific purchases, including mobile phones, laptops, refrigerators and other household appliances.
Under the arrangement, FirstBank pays Pointek for eligible purchases, while customers repay the bank in instalments over three to six months, depending on the applicable terms.
Okonkwo added that customers with good repayment records could qualify for higher financing limits on subsequent purchases.
Abednego Ugwueke, FirstBank’s Group Head, E-Business and Retail Products, said the partnership was designed to simplify access to financing by integrating it into the customer’s purchasing journey.
Rather than requiring customers to complete a separate loan application before shopping, eligible buyers can access the financing option while purchasing products through Pointek.
Ugwueke said customers would receive information about eligibility requirements and repayment terms to help them make informed borrowing decisions.
He added that the initiative aligns with the bank’s broader strategy of using technology and partnerships to expand access to financial services.
Affordable access to smartphones and laptops, he noted, could help customers participate more actively in digital banking, online learning, business transactions and other professional activities.
For Pointek, the partnership offers an opportunity to reach customers who may struggle to pay the full price of technology products upfront.
Godwin Ajala, the company’s Director of Business, said smartphones and other digital devices had become essential tools for economic and social participation.
He noted that traders use mobile devices to receive digital payments and reach customers, while students and professionals rely on them for learning, communication, access to information and work-related activities.
Ajala said combining Pointek’s retail network and product offerings with FirstBank’s financing capabilities could reduce the immediate financial burden of acquiring such devices.
He added that the initiative’s success should be measured not only by the number of products sold but also by the opportunities customers could access through their use.
According to Okonkwo, Pointek operates 24 outlets across Nigeria, providing a retail network through which customers can explore eligible purchases.
Neither company disclosed a projected transaction value, revenue target or customer acquisition target for the partnership.
The FirstBank-Pointek partnership reflects the growing use of digital lending and retail-financing arrangements to address the upfront cost of consumer goods.
Okonkwo said FirstEase uses digital lending capabilities, including algorithm-driven assessments of customers’ account activity, to determine financing offers. Transactions conducted through FirstBank can inform these assessments, while the bank’s mobile applications provide access to its digital services.
