Maya Bank, WeFund ink P2.75 billion loan channeling deal

MANILA, Philippines — Digital lender Maya Bank and WeFund Lending Corp., through Lightning Financing Co., have inked a P2.75-billion loan channeling deal to boost credit accessibility for the unbanked and underserved communities in the Philippines.

“We are proud to work with WeFund, and this initiative is a powerful step in getting more Filipinos banked through digital technology,” Angelo Madrid, president of Maya Bank, said.    

“This joint effort significantly expands the financial options available, helping to also promote better financial health, especially among the unbanked and underserved,” he said. 

WeFund runs the online lending platform JuanHand, which boasts a user base of over seven million registered individuals and has disbursed over P21 billion in loans.

JuanHand also strives to become the country’s leading fintech cash lending app and remains committed in providing immediate assistance by approving and giving out loans in less than five minutes.

With its focus on fair interest rates, stringent regulatory compliance, polite customer service and user-friendly interface, JuanHand is emerging as the trusted and preferred option for tech-driven financial solutions.

Francisco Mauricio, president and CEO of WeFund Lending Corp. and JuanHand, said he is honored to partner with Maya Bank.

“The collaboration enables us to positively impact the lives of millions of Pinoys who are underserved yet creditworthy,” he said.

“Having access to much-needed financial services is the start of financial empowerment and long-term success. Responsible borrowing will always be a tool for good, and we’re proud to have Maya Bank support us in this noble endeavor,” Mauricio added.

According to Maya Bank, this loan channeling deal sets the gold standard for a more inclusive financial landscape in the Philippines. 

It said that this collaboration provides immediate access to capital to more creditworthy Filipinos and underscores the importance of responsible borrowing, thereby fostering financial empowerment. 

“With this partnership, Maya and WeFund are making significant strides in bridging the economic divide, offering a lifeline of credit to underserved communities, and paving the way for their financial independence,” the digital lender said. 

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.

As of 2023, Maya has attracted about three million depositors in its fold. The bank manages a deposit balance of around P25 billion.