Telefonica is set to team up with Spanish bank BBVA to launch a consumer loans service for its Colombian customers, reports Expansion, citing documents submitted to the European Commission. The service will be called Movistar Money, the same as that offered in collaboration with financial services partner CaixaBank in Spain. In Colombia, Movistar Money will grant loans of between COP 5.5 and 11 million (around EUR 1,240 to EUR 2,480) with no formalisation fee or additional documentation required, said the report, adding that a similar service called Vivo Money was launched in Brazil last month.
In Spain Movistar Money granted customers over 16,000 loans amounting to a total of EUR 45 million in 2019. Movistar customers can request a loan of between EUR 1,000 and EUR 4,000 in less than 48 hours and can pay it back via their monthly Movistar services bill over 24, 36 or 48 months at an interest rate (APR) of 16.48 percent.
