Masmovil to launch consumer loans service in October

It will start with loans to buy mobile phones, issue credit cards and consumer loans in general, after joining BNP Paribas

Spanish operator Masmovil is preparing to launch a consumer loans service for its customers together with long-time financial services partner Cetelem Espana, reports business daily Expansion.
The service will be rolled out next month and will initially focus on giving Yoigo customers the opportunity to request a loan to fund handset purchases before branching out into other personal loans and financial products. It’s called Xfera Consumer Finance and is 49 percent owned by Masmovil, with the remaining 51 percent in the hands of Cetelem Espana, a subsidiary of France’s BNP Paribas.

 

Spanish telcos and consumer financing

 In 2014, Telefónica Consumer Finance was created, in which CaixaBank has 50.01% and Telefónica 49.9% and offers terminal financing services. Now, it also provides consumer finance services in general, with Movistar Money, a service launched in 2017 and now allows loans to be made up to 4,000 euros in less than 48 hours. Orange reached an agreement with Banco Santander in 2015 for the financing of terminals, while Vodafone finances it internally without resorting to any partner or alliance.

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