By Peace Udugba -The Daily Torch Media
FirstBank’s FirstEase financing solution is expanding beyond shopping to enable eligible customers to access financing when paying selected bills through the FirstMobile and LIT mobile applications.
The bill-payment option allows customers to select a biller, enter the required details and activate the FirstEase feature before completing an eligible transaction.
The service covers selected payments including electricity, data, cable TV, airtime and related services.
Under the bill-payment option, customers are not required to make an upfront equity contribution. Transactions range from a minimum of ₦1,000 to a maximum of ₦200,000, with a 30-day repayment tenor.
The bill-payment facility differs from the e-commerce variant, which is designed to finance product purchases through participating merchants. While the e-commerce option is linked to the acquisition of products, the bill-payment facility provides financing at the point of selected bill payments.
Digital process designed for convenience
FirstEase transactions are largely completed through digital channels.
For e-commerce purchases, customers select a product, proceed to checkout, choose FirstCheckout and then select FirstEase. The customer’s account number is validated, eligibility is assessed and the customer selects a preferred repayment tenor.
Before completing the transaction, customers are presented with relevant repayment information, including upfront equity requirements, instalment amounts and other applicable terms.
FirstEase uses credit assessment and affordability checks to determine customer eligibility. The assessment process includes information from FirstBank’s credit and customer records, such as account activity, salary account status and a valid Bank Verification Number (BVN).
The process also incorporates third-party scoring as well as artificial intelligence and machine-learning models before an eligibility decision is reached.
Credit-risk and machine-learning models are used to determine personalised eligibility amounts for both the e-commerce and bill-payment options.
Repayment terms and charges
The Buy Now, Pay Later structure allows eligible customers to access products or selected services immediately while spreading repayment over an agreed period.
For e-commerce transactions, FirstEase attracts an interest charge of three per cent per instalment on a reducing balance. There is also a two per cent one-off insurance charge at disbursement, while the FirstCheckout fee is 1.2 per cent, capped at ₦2,000.
For bill payments, the applicable charges include five per cent monthly interest and three per cent monthly insurance charges.
Customers receive repayment information and reminders through available digital channels. FirstEase also incorporates automated collection and repayment features, while SMS and email reminders are sent ahead of repayment due dates.
Customers can also request information about their outstanding obligations through the available mobile channels.
The financing arrangement therefore combines digital convenience with repayment obligations, requiring customers to understand applicable charges, repayment dates and other terms before accepting an offer.
Financing integrated into everyday transactions
FirstEase represents a digital approach to consumer financing by connecting credit directly to the purchase of products or payment of selected bills, rather than relying solely on conventional cash loans.
FirstBank describes FirstEase as a point-of-sale financing solution that offers a streamlined application and approval process, speed and convenience, with integration into participating merchants and digital payment channels.
For eligible customers, the service provides an alternative way to spread the cost of qualifying purchases and selected bills without making the full payment immediately.
As e-commerce and digital payments continue to influence how Nigerians purchase goods and pay for services, FirstEase integrates financing into the same digital journey—from selecting a product or bill to completing the transaction and managing repayment.
The service therefore brings together digital payments, consumer financing and repayment management within a single customer journey.
