Maya, the number 1 digital bank in the Philippines, has further penetrated the largely underserved market, disbursing nearly PHP 22 billion in loans over the past 12 months.
The substantial growth from the PHP3 billion disbursed in 2022 while on by-invite access mode indicates the surging demand for its hassle-free lending services.
“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,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “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.”
By 2023, Maya became the first digital bank in the Philippines to introduce the broadest range of products catering to the unbanked and unhappily banked: Maya Easy Credit and Maya Personal Loan for consumers, Negosyo Advance for micro-entrepreneurs, and Maya Flexi Loans for small and medium-sized enterprises (SMEs).
Transforming Borrowing into an Empowering Journey
Maya has transformed the once-daunting borrowing process, making it a seamless and integral part of daily financial activities. For Maya users, borrowing has become as accessible as a few clicks on the phone, thanks to Maya’s AI-powered credit scoring that taps into unique data like payment patterns and app usage.
This approach empowers consumers to make more informed financial choices. Based on internal data, borrowers are more likely to be millennials, and they leverage Maya’s credit services to pay for diverse financial needs such as bill payments, in-app and in-store purchases, and money transfers.
Maya disclosed that about 88% of users who avail themselves of Maya credit products use two or more services within the app compared to 40% of e-wallet-only users, further enhancing their credit score and driving stronger customer loyalty.
Baidwan added, “Our advanced AI-driven credit system is all about making finance inclusive by evaluating borrowers beyond the traditional criteria.”
To spur further adoption and help users build their financial footprint, Maya has pioneered high-engagement banking. Maya leads the Philippine banking sector by transforming everyday payments into opportunities to earn up to 14% interest rate p.a., credited daily into their accounts.
Leveraging app and transaction data for creditworthiness, Maya consistently broadens its product array to drive users to transact more within the app. In 2022, Maya introduced pioneering wealth-building services, including Maya Time Deposit Plus, Funds, Stocks, and Crypto.
In tandem, Maya Business, the #1 Digital Payments Processor in the Philippines, makes it easy for consumers to use Maya for cashless payments nationwide by enabling 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,” said Angelo Madrid, Maya Bank President. “It’s been inspiring to see, and it drives us to develop even more offerings that expand higher credit limits.”
Last year, Maya debuted the Personal Loan service, allowing Maya Easy Credit users to upgrade to higher credit limits of up to PHP250,000, payable for up to six months.
Broadening lending landscape
With MSMEs only receiving a mere 4% of total bank loans, Maya has also set its eyes on accelerating lending for MSMEs, which account for 99% of the country’s entire businesses.
Maya is forging new paths for SMEs by offering access to Maya Flexi Loans of up to PHP2 million. Micro-entrepreneurs can access expedited loans through Cash Advance and InstaCash, initially available to Maya Center agents, via the Maya Business app.
Maya is the number 1 Fintech ecosystem in the Philippines, with Maya, the number 1 Digital Bank, and Maya Business, the number 1 Omni-Channel Payment Processor. To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.
