Maya, the country’s leading digital bank, said it continues to democratize banking by providing easy, secure and instant credit to Filipinos often overlooked by traditional banks and vulnerable to predatory lenders.
Maya said its research reveals that 59 percent of its borrowers are accessing credit for the first time through Maya, highlighting the platform’s role as a crucial entry point for the unbanked and underbanked.
It said that for those with existing bank relationships, only a small fraction of Maya borrowers have both a credit card and existing loans, with about half being new to credit. This underscores Maya’s vital role in serving the “unhappily banked.”
“In just two years, Maya has transformed banking, driving true financial inclusion beyond basic account access. It’s the fastest and easiest way to get everyone banked,” said Shailesh Baidwan, Maya Group president and Maya Bank co-founder.
“And we are just getting started. Our mission is to bring millions of Filipinos into the financial fold, providing them with access to credit and opportunities to improve their lives,” said Baidwan.
Maya users, even those new to credit, demonstrate responsible borrowing behaviors, using loans wisely for essential needs, it said.
The digital bank’s pioneering high-engagement banking model promotes prudent behaviors, rewarding smart spending with more attractive deposit interest rates.
When users unlock credit, data show that they spend responsibly, such as on bill payments—a behavior incentivized by Maya with up to 14-percent interest credited daily to their deposit accounts.
“Our all-in-one ecosystem creates a win-win situation. The more our customers use Maya, the better their credit score gets, unlocking a world of opportunities. This approach puts the needs of our users first and, at the same time, enables us to serve more people better,” said Maya Bank president Angelo Madrid.
Users engaged with Maya’s credit services are twice as likely to utilize additional app features, enhancing their credit health and fostering loyalty.
This high engagement led to significant credit growth, with loan disbursements as of end-March 2024 reaching P34 billion since the service’s launch.
