Maya loan releases hit P34 billion

Keisha Ta-Asan - The Philippine Star
Maya loan releases hit P34 billion
A file photo of woman using mobile phone.
AFP / File

MANILA, Philippines — Maya Bank has disbursed over P34 billion in loans as of end-March, with 59 percent of its borrowers accessing credit for the first time through the lender.

“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,” Maya Group president and Maya Bank co-founder Shailesh Baidwan said in a statement.

“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,” he said.

According to Maya, users demonstrated responsible borrowing behaviors by using loans wisely for essential needs. This reflects Maya’s high-engagement banking model, which promotes prudent behaviors and rewards smart spending with more attractive deposit rates.

Maya incentivized borrowers who spend responsibly with up to 14 percent interest credited daily to their deposit accounts.

“Our all-in-one ecosystem creates a win-win situation,” Maya Bank president Angelo Madrid said.

“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,” Madrid added.

The digital bank said it uses artificial intelligence (AI) to evaluate customers’ creditworthiness through diverse data points, including payment activity, app usage as well as other alternative data.

“This approach simplifies credit building and motivates users to engage in healthy financial behaviors, such as consistent bill payments in the Maya app,” the bank said.

Eligible Maya Bank users can secure up to P30,000 in loans through Maya Easy Credit, and those with strong credit scores may qualify for a personal loan up to P250,000.

As of 2023, Maya has become one of the leading digital banks in the Philippines, attracting about three million depositors in its fold. The bank manages a deposit balance of around P25 billion.

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