Digital bank Maya and microfinance company Cebuana Lhuillier have collaborated to enhance credit and financial services to agents and clients by providing loans and working capital of up to P350,000.
Maya in a statement said Cebuana Lhuillier agents such as those interested in becoming micro-merchants or sari-sari store owners and independent sellers, will have access to a working capital loan of up to P350,000 that they can avail of in minutes via the app.
Another key product, the Easy Loan, will give clients a flexible, revolving credit line from P1,000 to P30,000. Both the working capital and loan will be provided by Cebuana Lhuillier.
In addition, the digital bank will offer Maya Center agents international remittance services and gain access to Cebuana Lhuillier’s extensive network.
Cebuana Lhuillier President and CEO Jean Henri Lhuillier said the collaboration provides both on ground and online services.
Senior Executive Vice President Philippe André Lhuillier, meanwhile, said their agents “will have the needed capital to grow their businesses, while the Easy Loan gives customers their first step into responsible credit.”
Maya Group President, Shailesh Baidwan, said Cebuana Lhuillier’s network and Maya’s digital banking “creates a strong bridge between physical access points and modern financial services (and) allows us to deliver credit, remittance, and banking where they can make the biggest impact—at the grassroots.”
Cebuana Lhuillier has over 3,500 branches, 25,000 local partners and three million global touchpoints. Maya markets itself as the country’s top digital bank, partly due to parent company PLDT’s extensive network.
Maya CEO and co-founder Orlando Vea said the partnership makes it “simple and practical” to access credit with the streamlined financial tools.
