Ade, a young engineer working in Lagos’ bustling Computer Village, often swaps between smartphones, despite his modest earnings. His secret? EasyBuy, a platform that provides loans to help users purchase smartphones on a “buy now, pay later” basis.
EasyBuy requires an initial payment of 30%, allowing customers to secure a three- or six-month loan with monthly interest rates ranging from 6% to 9%. Established in January 2019, the service operates predominantly offline, partnering with major retailers like 3CHub, a popular outlet for Tecno, Itel, and Infinix devices. At 3CHub’s Ikeja branch, EasyBuy agents actively engage with hundreds of customers daily, assisting with phone selection and loan sign-ups.
Popularizing “Buy Now, Pay Later” in Nigeria
The “buy now, pay later” (BNPL) model allows customers to defer full payment, making goods more accessible. Globally, this payment option is gaining traction, with studies predicting its use in nearly 9% of Africa’s e-commerce transactions by 2023. In Nigeria, while other attempts like Jumia Flex have come and gone, EasyBuy is making strides by integrating BNPL into offline retail.
Backed by Transsion
EasyBuy operates under Transsnet Financial Nigeria, a subsidiary of Transsion Holdings, the company behind Tecno, Itel, and Infinix. This aligns with Transsion’s growing interest in financial technology. Alongside EasyBuy, Transsnet manages PalmPay, a mobile payment platform, and PalmCredit, a digital lending service. Collectively, these services signify Transsion’s deepening roots in Nigeria’s financial ecosystem.
The Privacy Puzzle
Despite its growth, EasyBuy’s data handling practices raise questions about compliance with Nigeria’s data protection regulations. The app’s terms state that user data may be stored or processed outside Nigeria without explicit user consent—a clear departure from the country’s legal requirements. Moreover, the app permits the sharing of user data during potential mergers or acquisitions, signaling a possible future consolidation under a broader brand like PalmPay.
While EasyBuy’s terms leave room for speculation about its long-term plans, its rapid adoption in Nigeria suggests a strong demand for flexible financing solutions, particularly for smartphone purchases.
