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2h ago

Monzo Mulls Digital SIM and Monthly Contracts for UK Customers

The bank’s early-stage investigation would see it become a mobile virtual network operator leveraging its 13 million-strong user base.

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The bank’s move follows complaints by its own customers about their mobile phone packages
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Overview

  • Monzo confirmed it is in the early stages of exploring a digital SIM and monthly mobile contracts after the Financial Times reported the plan.
  • The proposed service would operate as an MVNO, using existing networks such as Vodafone, EE, Three or O2 rather than building new infrastructure.
  • A Monzo spokesperson said customer feedback about mobile contract “pain points” drove the idea and the bank aims to apply its user-centric approach to telecoms.
  • The move is underpinned by Monzo’s recent milestone of over 13 million customers and its first annual profit on more than £1 billion in revenue.
  • Industry analysts warn that fintech entrants like Monzo could intensify price and service competition against established UK mobile operators.