Maya Expands Banking in the Philippines: A Game Changer!
Maya Expands Banking in the Philippines: A Game Changer!
Maya, the No.1 Digital Bank in the Philippines, is revolutionizing financial access in underserved regions! Since 2022, they have disbursed over ₱92 billion in loans. Currently, 70% of Maya’s customers reside outside Metro Manila, where lending and savings activities are growing faster than in the capital. What a remarkable achievement!
Simplifying Banking for All
“Banking should be easy, inclusive, and delightful,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. Maya’s growth outside Metro Manila highlights how digital banking is driving financial inclusion at scale. A 2021 study by the Bangko Sentral ng Pilipinas (BSP) revealed that over half of Filipino adults still save money at home or rely on informal lenders. Maya tackles this by simplifying banking: opening an account takes just one valid ID. Customers can save with no minimum balance while earning competitive interest rates through Maya Savings.
Instant Loans with Minimal Hassle
Maya’s app processes loans instantly, using alternative data and transaction insights to assess creditworthiness. This removes the need for collateral or extensive paperwork, making it easier for more Filipinos to access credit.
Expanding Credit and Savings Access
Active borrowers for Maya Easy Credit in non-Metro Manila regions grew 82% year-on-year, outpacing Metro Manila’s 64% growth as of December 2024. Regional borrowers accounted for over 70% of Maya’s overall borrower growth. Maya Easy Credit, a 30-day credit line, enables users to pay bills, purchase load, shop online or in-store, and transfer funds to their Maya Wallet when additional cash is needed.
Savings growth mirrors Maya’s regional success! Deposit balances in non-Metro Manila areas rose 67% year-on-year as of December 2024, compared to Metro Manila’s 47%. Regional areas now drive over half of Maya’s total deposit growth. Maya offers consumers a range of savings options tailored to their needs, including Maya Savings, Personal Goals, and Time Deposit Plus products.
Transforming Lives Outside Metro Manila
“Outside Metro Manila is where the most transformation is happening,” said Angelo Madrid, Maya Bank President. The surge in savings and credit shows Maya’s platform’s impact on more Filipinos. Traditional banks allocate over 80% of their lending portfolios to Metro Manila, according to BSP data as of June 2024. Maya is shifting this trend! Regional loan drawdowns surged 137% year-on-year, contributing nearly 70% of its lending growth.
“With digital banking that’s intuitive, we’re reaching communities that have been underserved for far too long. We’re empowering more Filipinos with the tools to take charge of their financial future,” Baidwan emphasized.
The Future of Banking
The future of banking in the Philippines looks bright with Maya leading the way. Their efforts to simplify banking and make financial services accessible to all are commendable. As they continue to grow and innovate, more Filipinos will benefit from their inclusive approach. Whether it’s opening a savings account with just one ID or accessing instant loans without collateral, Maya is making banking easier for everyone.
A New Era of Financial Inclusion
Maya Expands Banking in the Philippines is a game-changer! By providing easy access to banking services, they are empowering Filipinos to take control of their financial futures. The surge in savings and loan growth outside Metro Manila is proof of their impact. With their intuitive digital banking platform, Maya is truly revolutionizing financial access in the country.
