Nigeria’s smartphone boom is no longer just about communication. As more Nigerians move from feature phones to smartphones, the same device is increasingly becoming a gateway to shopping, digital payments and new forms of consumer credit, including Buy Now, Pay Later (BNPL).
A Nigeria Smartphone Study by KPMG in partnership with Orange Group Nigeria found that smartphone ownership rose from 64% in 2023 to 75% in 2025. The study, which covered 13,251 respondents across 12 major Nigerian cities, was released in September 2026. KPMG said smartphones are increasingly enabling access to financial services, commerce, education, transportation and other digital services.
That expansion is creating more opportunities for credit to meet consumers at the point where they need to spend.
One example is FirstEase, FirstBank’s digital lending product launched around the growing BNPL market. In a press release published on September 21, 2026, FirstBank said eligible customers can use FirstEase to finance purchases such as smartphones, laptops, televisions, refrigerators and other household items, while also spreading payments for selected electricity, data, cable and airtime bills.
For eligible e-commerce purchases, customers contribute at least 30% of the cost, with the balance financed for up to six months. The product has a maximum loan amount of ₦1 million, while its bill-payment option provides financing of between ₦1,000 and ₦200,000 for a 30-day repayment period, according to FirstBank’s September 21, 2026 announcement.
The difference is important. Traditional digital lending typically puts cash into a borrower’s account. BNPL can put credit directly beside the product or service a consumer wants, allowing the purchase to happen immediately while payment is spread over time.
At the same time, Nigeria’s wider digital lending market is being reshaped by tighter regulation. Nairametrics reported on September 9, 2026 that 525 digital lending companies had been registered with the Federal Competition and Consumer Protection Commission (FCCPC), with another 33 lenders operating under registration waivers because they are already licensed by the Central Bank of Nigeria. The report said more than 1,000 loan apps were under the FCCPC’s watch.
The regulatory timeline is also important. The FCCPC said on November 13, 2025 that its Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 came into effect on July 21, 2025. January 5, 2026 was subsequently set as the deadline for full compliance. On January 21, 2026, the commission announced phased enforcement against digital lenders that had failed to regularise their operations.
Implementation was later disrupted by a court case, but the FCCPC said on July 20, 2026 that the Federal High Court in Lagos had vacated the restraining order and that implementation of the regulations had resumed.
The 75% smartphone figure therefore tells more than a story about device ownership. It points to a larger shift in how Nigerians can access financial products.
As smartphones become more common, consumers can increasingly encounter the product, the payment platform and the credit option on the same screen.
For borrowers, that convenience also makes the details of each financing arrangement important. Interest, fees, upfront contributions, repayment periods and eligibility conditions can determine the real cost of buying now and paying later.
