Maya, the leading digital bank in the Philippines, widened its presence in the underserved market, disbursing nearly P22 billion in loans over the past 12 months.
“Seeing our lending business soar so quickly has been fantastic – it really shows that digital banking is the easiest and fastest way to serve the unbanked and unhappily banked. And we’re just getting started. This year, we’re gearing up to roll out more innovations and expand our products to more Filipinos out there,” said Maya Group president and Maya Bank co-founder Shailesh Baidwan.
Maya is the first digital bank in the Philippines to introduce the broadest range of products catering to the unbanked, extending services such as Maya Easy Credit, Maya Personal Loan for consumers, Negosyo Advance for micro-entrepreneurs, and Maya Flexi Loans for small and medium-sized enterprises (SMEs).
The introduction of seamless and integral parts of daily financial activities is a key aspect of Maya’s strategy. Maya’s AI-powered credit scoring enables users to tap into unique data like payment patterns and app usage.
This empowers consumers to make more informed financial choices. Internal data reveals that borrowers are predominantly millennials, leveraging Maya’s credit services for diverse financial needs such as bill payments, in-app and in-store purchases, and money transfers.
Maya said about 88 percent of users who avail themselves of Maya credit products use two or more services within the app compared to 40 percent of e-wallet-only users. This not only enhances their credit score but also drives stronger customer loyalty.
Maya leads the Philippine banking sector by transforming everyday payments into opportunities to earn up to a 14-percent interest rate per annum, credited daily into their accounts. It has also introduced pioneering wealth-building services, including Maya Time Deposit Plus, Funds, Stocks, and Crypto, back in 2022.
Making cashless payments nationwide easy, Maya enables over a million registered merchant touchpoints to accept debit, credit, e-wallet, QR, and other options.
“Our all-in-one digital banking approach is making a difference, giving our customers a solid financial foundation. It’s been inspiring to see, and it drives us to develop even more offerings that expand higher credit limits,” said Maya Bank president Angelo Madrid.