LG, Ecobank ride on Nigeria’s $2.6bn BNPL growth to expand access to AI smart living
From left to right— Paul Mba, head of corporate marketing, LG Electronics West Africa; Adeola Ogunyemi, head of distribution channels/sales, Ecobank Nigeria; Choongbae Seok, general manager, media solutions, TV division, LG Electronics West Africa; and Moses Osime, corporate marketing, LG Electronics West Africa, at the LG/Ecobank partnership press conference held at Ecobank Head Office, Victoria Island, Lagos, on Wednesday.
Nigeria’s rapidly expanding Buy Now, Pay Later (BNPL) market, projected to reach $2.61 billion by 2030, is getting a fresh boost as LG Electronics Nigeria and Ecobank Nigeria team up to make smart living more affordable and accessible for households.
The partnership, unveiled at the LG Smart TV AI Press Conference held on Wednesday at Ecobank’s Victoria Island headquarters, combines LG’s cutting-edge Artificial Intelligence (AI) home technologies with Ecobank’s Easy Monthly Instalment (EMI), a flexible financing scheme similar to BNPL that allows customers to spread payments over time.
According to both companies, the initiative aims to bridge affordability gaps and empower more Nigerians to own premium smart devices without upfront financial strain, a move that aligns with the BNPL trend transforming Nigeria’s digital financial ecosystem.
A recent report, The State of Enterprise 2025 by EnterpriseNGR, underscores the growing relevance of such models in Nigeria’s consumer finance space. The report revealed that “BNPL grew at a 23.1% CAGR between 2021 and 2024 and is projected to reach $2.61 billion by 2030 from $1.42 billion in 2024.”
At the event, LG unveiled its latest lineup of AI Smart TVs, including OLED, QNED, NanoCell, and UHD models powered by LG ThinQ AI, the company’s proprietary AI platform. The technology learns user preferences, responds to voice commands, and synchronises with other LG smart devices to create an intelligent, connected home experience.
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Choongbae Seok, general manager, media entertainment solutions, TV Division, LG Electronics, said the company’s vision is to integrate innovation into everyday life through AI-driven solutions.
“Our AI-powered products are designed to simplify living, enhance comfort and create a connected lifestyle for our customers. With AI at the heart of our innovation, LG continues to redefine what it means to live smart,” he said.
The company’s partnership with Ecobank, he added, is meant to ensure that innovation remains inclusive by leveraging flexible financing to reach a wider audience.
Adeola Ogunyemi, head, distribution channels/sales, Ecobank Nigeria, described the collaboration as a major step in democratising access to technology while deepening financial inclusion through convenient credit solutions.
“We believe technology should be accessible to everyone, not just a select few. Our partnership with LG is a powerful step toward democratising smart living by offering flexible payment plans that put premium AI-powered devices within reach of more Nigerians,” Ogunyemi said.
She added that the partnership is “about empowering Nigerians to experience the future of living today,” noting that smart homes are fast becoming the new norm.
Beyond Smart TVs, LG also showcased its expanding AI ecosystem, which includes washing machines, refrigerators, and air conditioners capable of learning and adapting to user behaviours, promoting efficiency, convenience, and sustainability.
As Nigeria’s BNPL sector continues its rapid ascent, driven by fintech innovation, automation, and inclusive credit access, collaborations like LG and Ecobank’s are positioned to redefine how Nigerians access technology.
