Stanbic IBTC: EasyBuy Device Financing
Millions of Nigerians in the low-to-middle income bracket are locked out of smartphone ownership by prohibitive upfront costs. Stanbic IBTC Bank partnered with Easybuy (operated by Newedge Finance Limited) to solve this directly at the point of sale, delivering instant device financing through a seamless in-store experience. I led product management and delivery for this initiative.
N300,000
Maximum device financing per customer
Instant
POS credit decisioning at retail stores
18-59
Age eligibility: salaried and self-employed
0 friction
No existing Stanbic account required
The Problem
Smartphone ownership in Nigeria remains out of reach for a large segment of the population. Prohibitive upfront costs mean that many individuals in the low-to-middle income bracket cannot afford devices that would otherwise transform their access to education, financial services, and economic opportunity. Existing lending products required bank accounts, lengthy approvals, and documentation that further excluded the people who needed help most.
- ›High upfront device costs blocking access for low-to-middle income Nigerians
- ›No accessible point-of-sale financing option linked to device purchase intent
- ›Existing credit products required prior banking relationships and slow approvals
- ›Retail partners (Easybuy stores) lacked a financing solution to close sales
The Solution
I led the product management and delivery of a partnership between Stanbic IBTC Bank and Easybuy that embedded consumer financing directly into the retail store experience. The product used Easybuy's proprietary credit algorithm to profile customers instantly, determine their down payment, and generate a financing offer on the spot. Stanbic IBTC provided the lending infrastructure; Easybuy provided the distribution and device collateral mechanism.
Product Strategy
Proposition design, partnership structuring, and go-to-market planning
API Integration
Easybuy algorithm integration with Stanbic IBTC core banking and account opening systems
Agile Delivery
Sprint-based delivery across product, tech, risk, and compliance workstreams
Credit Risk Design
Relaxed profiling model to maximise approval rates while maintaining risk guardrails
How It Works (Customer Journey)
Step 1
Customer visits any Easybuy retail store and selects a preferred smartphone
Step 2
In-store agent profiles the customer via the Easybuy algorithm using their phone number
Step 3
Algorithm instantly calculates the required down payment and eligible loan amount
Step 4
Customer provides BVN, a valid ID, and debit/credit card details
Step 5
Customer selects preferred repayment tenor and reviews monthly instalment amount
Step 6
Down payment is transferred to Easybuy's designated account
Step 7
Easybuy software is installed on the device as collateral assurance
Step 8
Agent releases the phone to the customer and captures a proof-of-purchase photo
Key Features
The Outcome
The partnership launched a live consumer financing product that brought instant point-of-sale credit to Nigerians regardless of their existing banking relationship. By embedding a relaxed credit profiling model into the Easybuy in-store workflow, the product dramatically expanded eligibility while maintaining acceptable risk parameters for the bank. Non-customers were automatically onboarded to Stanbic IBTC accounts during the purchase flow, growing the bank's customer base alongside loan volume.
Beyond the commercial result, the initiative expanded access to essential technology for individuals whose economic participation depends on smartphone ownership. It is a clear demonstration of how financial products, designed with real user constraints in mind, can drive both business growth and meaningful social impact.