Telefonica plotted the introduction of a personal credit service for its customers in Brazil, advancing ambitions to turn its Vivo brand into a digital services hub, expanding beyond connectivity and telecommunications offerings.

In a statement, the company said Vivo Money, will be available from 19 October, offering customers loans of up to BRL30,000 ($5,345), “with very competitive interest rates and variable repayment terms” over a period of up to two years.

Telefonica said the lending process will be fully digital, without involving hefty bureaucratic procedures.

The Vivo Money move follows a pilot conducted between August 2019 and April 2020.

Movistar Money, a similar service Telefonica launched in Spain in March 2019, has handled €84 million ($98.4 million) in customer loans to date.

Vivo is the leading operator in Brazil, with a total of 64.2 million mobile connections by Q3, data from GSMA Intelligence showed.

Earlier this year, Telecom Italia also outlined plans for a financial services move in Brazil in partnership with C6 Bank, with a launch by the year-end targeted.