FirstEase: How FirstBank is making big-ticket purchases and every day bills easier

FirstBank, Nigeria's leading financial institution, has introduced a digital lending solution called FirstEase to tackle the financial challenge of paying for big-ticket purchases and everyday bills. This innovative product is designed to help eligible customers spread the cost of selected products and services over time, providing a more flexible way to manage expenses.

FirstEase operates through two main channels: e-commerce purchases and bill payments. The e-commerce channel enables customers to shop through approved partner merchants and pay for eligible products through an instalment arrangement instead of paying the full price upfront. Popular partner e-commerce platforms and merchants include Ringaz, Chamuze, Pointek, Webuyam, Electromall, Uwana Energy, and Klump, which aggregates merchants like Jumia, Konga, and ShopAhome.

Customers make a minimum 30 per cent equity contribution, with the remaining balance financed through FirstEase and repaid over a period of up to six months.

The bill payment variant of FirstEase allows eligible customers to pay various bills, such as electricity, data, cable, and airtime, directly through the FirstMobile and LIT App. The process involves selecting a biller, entering the required details, and toggling the FirstEase feature before completing the transaction. This variant requires a zero equity contribution, with a minimum transaction amount of ₦1,000 and a maximum of ₦200,000. Customers have a 30-day repayment tenor for bill payments.

FirstEase uses a credit assessment and affordability check process to determine eligibility, which involves analyzing a customer's credit and customer records, including account activity, salary account status, and a valid BVN. Third-party scoring and advanced AI and machine-learning models are also employed to provide an individualized eligibility outcome.

The product comes with a range of charges, including a three per cent per instalment interest rate 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. Bill payment charges include a five per cent monthly interest charge and a three per cent monthly insurance charge.

By offering a convenient and structured payment option, FirstEase aims to empower customers to access essential products and services when needed without the financial burden of paying the full amount upfront. This innovative digital lending solution is part of a broader shift in consumer financing, where credit is directly tied to the purchase of products or payment of bills, providing a more accessible and manageable way to meet everyday financial needs.