Spanish mobile operator MasMovil has entered the financial services business by rolling out financial services products along with personal loans facility. The move by the telecom operator indicates its ambitions to turn into a bank.
The financial services, known as MoneyGo, is for the company’s Yoigo customers. Yoigo is a unit of MasMovil. It is reported that the MasMovil will soon roll out services such as debit cards, current account and others.
MasMovil is currently focusing on the loans facility by offering loans between €3,000 and €60,000. The repayment term for the loan is between three to eight years. The company has overhauled its credit card by rolling out the MoneyGo card, through which consumers can carry out purchases online as well as in physical stores. Furthermore, the card can also be used to withdraw cash from ATM or transfer money.
The consumers can repay the card’s payments through instalment over a period of three, six, or twelve months. The new card is an evolution of Yoicard launched in 2018. The new services will be offered through a joint venture between MasMovil and BNP Paribas, Xfera Consumer Finance. MasMovil holds 40 percent stake, while the rest is held by BNP Paribas.
MasMovil group chief executive Meinrad Spenger, told the media, “We are very happy to continue launching services for our clients always on the premise that they are useful and generate savings.”
MasMovil has been one the best telecom companies in Spain.