Smartphone Shopping Made Easy: How To Buy Phone Now and Pay Later in Nigeria

In today’s fast-paced world, owning a smartphone has become a necessity rather than a luxury. From staying connected with friends and family to managing work and accessing valuable information, smartphones play a pivotal role in our daily lives. However, not everyone can afford to pay for a brand-new phone upfront. This is where Buy Now, Pay Later (BNPL) services come into play, making smartphone shopping more accessible and hassle-free. In this comprehensive guide, we will walk you through the ins and outs of buying a phone and paying later in Nigeria, exploring the advantages, risks, and everything in between.

Understanding Buy Now, Pay Later (BNPL)

Buy Now, Pay Later is a revolutionary payment model that allows customers to make a purchase and delay the payment. It works on the principle of installment payments, breaking down the total cost of the phone into manageable chunks. In Nigeria, BNPL services have gained immense popularity, and various providers offer flexible payment plans to cater to different needs.

One of the main advantages of BNPL is that it enables individuals to acquire the latest phones without straining their budgets. Moreover, it eliminates the need for credit cards, making it accessible to those without traditional banking facilities. The process is straightforward, making it convenient for customers to purchase their desired smartphones without delay.

Documents Required To Buy Phone And Pay Later In Nigeria

To “buy now and pay later” in Nigeria, you must possess certain paperwork, but how can you tell if you are qualified to take advantage of this opportunity? You can request to buy now and pay later at any Nigerian retailers or platforms if you have the following needed paperwork in order:

• Bank statement of account showing your salary of the past 6 months
• Bank Identification Number (BVN).
• Work ID CARD/Employment letter.
• A Government approved ID CARD (either Driver’s license, National Identity Card, Voter’s card, or Nigerian passport).

Having these documents in order will enhance your chances of availing BNPL services and purchasing your desired smartphone without any financial hindrance.

Best Online Stores In Nigeria To Buy Phones And Pay Later

If you’re wondering whether you must go looking for stores to buy a phone and pay later, you can do that in some stores, but to make it simpler, you can just visit websites and download applications to complete all you need. Here are some of the best online stores and platforms in Nigeria where you can purchase phones and pay later:

1. Easybuy

Easybuy is arguably the most popular platform to buy a phone and pay later in Nigeria. Boasting over 2,000 stores across the country, Easybuy supports installment sales for all mobile phone models. With over one million users in Nigeria, Easybuy has established itself as a trusted and convenient BNPL provider.

The process of purchasing a phone and paying later through Easybuy is relatively simple. Users can download the Easybuy app from the Play Store (available for Android devices) and complete the application process. After registering and providing the necessary documentation, users will need to deposit a percentage of the phone’s total cost before completing the purchase. The phone will be delivered once all the paperwork is done between you and Easybuy.

Steps To Buy Phone And Pay Later On Easybuy

• Go to the Play store, download, and install the Easybuy app. Note that you can only get this on Android devices.
• After installing the app, open the app to complete the application process.
• Now register with all the necessary documentation that is requested of you.
• Once you complete the application process, wait for approval. Note that this may take a little time. However, exercise patience because you will surely get approved if the information you supplied meets the requirements.

Note that you will need to deposit a percentage of the phone’s total cost before you purchase a phone and pay later. So don’t go emptyhanded to the store.

Your choice phone will be delivered to you once all the paperwork is done between you and Easybuy. You can visit any nearby Easybuy store if you’re having trouble completing it.

2. Slot.ng

SLOT Systems Limited is a top retailer of reasonably priced, dependable computers, electronics, accessories, and mobile devices across Nigeria. Established in 1998, it sells electronic devices and offers first-rate after-sales service that meets criteria set by the global market.

Over the years, the store has been known for always being the first to announce and launch new brands and services. It is the first to launch stolen phone recovery software, a mobile phone engineering service, phone screen insurance, and more.

How To Buy Phone And Pay Later In Slot

To purchase a phone from SLOT and pay later, you must go to a nearby slot store with all the documents required to make your purchase possible. I won’t write much about this phase because it involves physical procedures; instead, you can learn more about it by visiting a slot shop.

However, follow the simple steps below if you want to buy a phone from Slot and pay later:

• Visit a Slot shop close to you.
• Make sure you have up to 30 or 50% amount of the phone you want to buy and pay later.
• Have all the needed documents ready.
• Discuss your plans with any of the Slot agents.

3. CDcare

This website allows Nigerians to buy whatever products or household equipment they want using the Buy Now, Pay Later method for free. This website sells everything you need, from phones to other gadgets to household appliances like refrigerators and microwaves.

When you purchase an item from CDcare, you are given a payment plan that allows you to pay an agreed amount weekly or monthly. If you make a 50% deposit, the item will be delivered, and the balance will be processed. It’s that simple and straightforward with CDcare.

4. Zoomba

Zoomba is another e-commerce site that makes purchasing things in Nigeria easier. The unique thing about this website is that you can pay in installments. This allows you to reserve an item and make bit-by-bit payments until the entire balance is paid. You can buy laptops, home appliances, and much more.

Another interesting thing about Zoomba is Zoomba’s Layaway option, which allows you to make a purchase and pay later. While Zoomba is a fantastic place to buy, it takes its policies seriously. Zoomba doesn’t tolerate breaches of agreement and policies from customers.

5. Spredda

Spredda is an e-commerce site that sells more than only phones, but since this article is about how to get a smartphone and pay later, let’s move on to the process.

Here’s how to purchase a phone and pay later on Spredda:

• Visit Spredda.com to access the official Spredda website.
• Look for the phone you wish to purchase, add it to your shopping basket, and then finish the purchase.
• Choose either PaQart or Layby as your preferred payment method on the checkout page. Wait until you are taken to a secure page.
• If you select PayQart, you will be paying for the phone in monthly installments, which could take up to six months. You must complete the requested information accurately. If so, you’ll receive an instant approval, and the phone will be processed and shipped to you. PayQart makes it incredibly simple to purchase a phone and pay later.
• If you decide to pay through layaway, it means you’ll put down 20% of the phone’s initial cost, they’ll retain it for you, and you’ll have up to three months to make your full payments. You will be charged the retail price without any additional fees when using this method of payment.

6. Alternative Mall

If you are looking for where you can buy electronics, mobile phones, furniture, laptops, generators, fashion and beauty products, sports and fitness equipment, and other items at discount prices? Look no further than the Alternative Mall.

Alternative Mall is an online store with headquarters in Nigeria. This huge e-commerce store is owned by Sterling Alternative. It’s easy to shop at The Alternative Mall since you can spread out your payments over a 12-month period. You won’t need to pay a deposit, and you’ll only be charged based on 33.3% of your yearly salary. However, you will need to open a SAF account, which will be your repayment account.

Popular Buy Now, Pay Later Providers in Nigeria

Nigeria’s smartphone market is vast and diverse, with numerous BNPL providers offering attractive deals to customers. Let’s take a closer look at some of the most popular ones and what they have to offer:

7. FlexiPay Nigeria: FlexiPay stands out with an impressive array of smartphones and flexible payment options. They have established partnerships with leading phone brands, ensuring customers get genuine products and a seamless shopping experience. With a simple and user-friendly application process, FlexiPay provides an excellent platform for smartphone enthusiasts.

8. QuickCredit: QuickCredit specializes in electronic devices, including smartphones, and has gained a reputation for swift and hassle-free services. Their straightforward application process and quick approval make smartphone shopping a breeze. They offer an extensive range of devices, allowing customers to choose the one that best suits their needs and preferences.

9. EasyPay: EasyPay has become a popular choice due to its seamless online application process and competitive interest rates. They offer a diverse selection of smartphones catering to different budgets, ensuring that every customer finds a suitable device without compromising on quality. EasyPay’s commitment to customer satisfaction makes it a trusted BNPL provider in Nigeria.

Eligibility and Application Process

Eligibility criteria for BNPL services may vary among providers, but the process is generally user-friendly and efficient. To apply for a BNPL plan, you typically need the following:

• A valid identity document (such as a national ID card, passport, or driver’s license).
• Proof of income (usually in the form of a recent payslip or bank statement).
• A bank account for the transactions.

The application process involves filling out an online form and providing the necessary documents. Once the application is submitted, the provider will review it, and if approved, you can proceed with purchasing your desired smartphone on credit.

Tips for Responsible BNPL Usage

While BNPL can be a convenient way to get the latest smartphone, it’s crucial to exercise responsible borrowing to ensure a positive experience. Here are some essential tips to help you make the most of this payment option:

1. Stick to a Budget: Before browsing through the wide selection of smartphones, assess your financial capabilities and set a budget. Choosing a phone within your budget will prevent overextending yourself and ensure manageable monthly payments.
2. Read the Terms and Conditions: Carefully go through the terms and conditions of the BNPL agreement. Pay close attention to the interest rates, repayment schedule, and any penalties for late payments. Understanding these aspects will help you make an informed decision and avoid any surprises in the future.
3. Make Timely Payments: Timely payments are crucial to maintaining a positive credit history and enjoying a hassle-free BNPL experience. Missing or delaying payments can result in late fees, negatively impacting your credit score, and may limit your access to future BNPL services.
4. Compare BNPL Providers: Don’t settle for the first BNPL provider you come across. Take the time to compare different providers, their smartphone offerings, and the terms of their payment plans. Choosing the right provider can significantly impact your overall shopping experience.

Factors to Consider Before Choosing a Phone

Selecting the perfect smartphone involves considering several factors that align with your specific needs and preferences. Here are some essential considerations to keep in mind:

1. Features and Specifications: Think about the features you require in a smartphone, such as camera quality, storage capacity, processing speed, and battery life. Choose a phone that best meets your daily requirements.
2. Brand Reputation: Consider the reputation of the smartphone brand you are interested in. Renowned brands often offer better customer support and quality assurance.
3. Operating System: Decide between iOS and Android based on your familiarity and preference. Both operating systems offer unique features and app ecosystems.
4. Price Range: Set a budget and explore smartphones within that range. You don’t necessarily have to opt for the most expensive device; there are excellent options available in various price segments.

Selecting the Right Buy Now, Pay Later Plan

When it comes to BNPL plans, one size doesn’t fit all. Different providers offer various payment options, and it’s essential to select a plan that suits your financial situation. Consider the following aspects when choosing a BNPL plan:

1. Down Payment: Some BNPL plans may require a down payment, while others offer no down payment options. Choose a plan with a down payment that aligns with your budget.
2. Monthly Installments: Check the number and amount of monthly installments you’ll be required to make. Ensure that the installment amount is affordable and won’t strain your finances.
3. Repayment Period: The repayment period varies among BNPL plans, and it’s essential to choose one that gives you enough time to pay off the balance comfortably.
4. Interest Rates: Pay attention to the interest rates charged by the BNPL provider. Some may offer interest-free periods, while others have varying interest rates based on the repayment period.

Reading the Fine Print

Before finalizing the BNPL agreement, it’s crucial to read and understand the fine print. Pay close attention to the terms and conditions, including:

• The total cost of the smartphone with interest (if any).
• Late payment penalties and charges.
• Cancellation or early repayment policies.

Being well-informed about these aspects will prevent any unexpected surprises during the BNPL tenure.

Conclusion

Smartphone shopping has never been easier for Nigerians, thanks to the convenience of Buy Now, Pay Later services. By possessing the necessary documentation, you can take advantage of these flexible payment plans offered by various online stores and platforms. Whether it’s through Easybuy, Slot.ng, CDcare, Zoomba, or Spredda, you can own your dream smartphone without breaking the bank. Remember to use BNPL responsibly and make timely payments to enjoy a seamless shopping experience.

FAQs

1. Is it necessary to have a bank account to avail BNPL services in Nigeria? Yes, having a bank account is essential to be eligible for BNPL services. It helps verify your financial standing and ensures secure transactions.

2. Can I buy any phone model through Easybuy’s BNPL service? Yes, Easybuy supports installment sales for all mobile phone models, making it convenient to purchase your preferred phone.

3. How long does the approval process take for BNPL applications? The approval process may take some time as your provided information is reviewed. Exercise patience, as you are likely to get approved if you meet the requirements.

4. What is the advantage of using BNPL over traditional credit card purchases? BNPL eliminates the need for credit cards, making it accessible to a wider audience. It also allows you to make purchases without immediate full payment, easing financial burdens.

5. Are there any additional fees when using Zoomba’s Layaway option? No, Zoomba’s Layaway option charges the retail price without any additional fees when making payments over time.

6. Is Buy Now, Pay Later available for all smartphone brands in Nigeria?

BNPL services cover a wide range of smartphone brands, including popular ones. However, availability may vary among providers.

7. What happens if I miss a payment on a BNPL plan?

Missing a payment can result in late fees and negatively impact your credit score. It’s crucial to make timely payments.

8. Can I buy multiple phones on different BNPL plans simultaneously?

Yes, you can have multiple BNPL plans at the same time if you meet the eligibility criteria for each provider.

9. Are there any hidden charges in BNPL agreements?

Some BNPL providers may have hidden charges, so it’s vital to read the terms and conditions carefully.

10. Can I pay off my BNPL plan early?

Some BNPL providers allow early repayment without penalties, but it’s best to check with the specific provider for their policy.