Maya, the #1 digital bank in the Philippines, has further penetrated the largely underserved market, disbursing nearly P22 billion in loans over the past 12 months.
The substantial growth from the P3 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).
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 percent of users who avail themselves of Maya credit products use two or more services within the app compared to 40 percent of e-wallet-only users, further enhancing their credit score and driving stronger customer loyalty.
