Maya, the leading digital bank in the Philippines, said Wednesday its customers are developing stronger savings habits, with average savings account balances more than doubling within just 12 months.
This growth underscores the positive impact of Maya’s high engagement banking program on Filipinos’ financial health, the company said in a statement.
It said that by the 23rd month of saving, balances in these accounts tripled. Maya credits the financial improvement to its savings innovations, which encourage customers to save more.
These offers include incentivizing regular digital transactions with higher interest rates of up to 14 percent per annum and user-friendly products that enable small initial deposits and incremental savings growth.
“Financial health can be significantly improved through innovation. We have eliminated minimum balance requirements and designed our products to be accessible, allowing users to start saving with any amount they can afford. Additionally, customers benefit from higher interest rates as they use the app for transactions like bill payments and everyday purchases,” said Maya Bank president Angelo Madrid.
“Digital banking is empowering more Filipinos with accessible tools to better manage their finances. It is incredibly rewarding to see how we are helping people, especially those with limited funds, develop strong and sustainable savings habits,” said Shailesh Baidwan, president of Maya Group and co-founder of Maya Bank.
Maya saw a surge in active users, who transact up to four times more frequently than those using only e-wallets. Maya’s depositor base expanded by 74 percent year-on-year to 3.7 million and deposit balances increased 24 percent to P32 billion as of end-May 2024.