Maya closes the credit gap for the unbanked and unhappy

Maya, the #1 digital bank in the Philippines, continues to democratize banking by providing easy, secure and instant credit to Filipinos who are often overlooked by traditional banks and vulnerable to predatory lenders.

Maya’s research shows that 59% of its borrowers access credit for the first time through Maya, highlighting the platform’s role as a critical access point for the unbanked and unbanked.

Furthermore, among those with existing banking relationships, only a small portion of Mayan borrowers have both credit cards and existing loans, with about half new to credit. This underlines Maya’s crucial role in serving the ‘unfortunately fortunate’.

“In just two years, Maya has transformed banking, creating true financial inclusion beyond basic access to accounts. It is the fastest and easiest way to get everyone up and running,” said Shailesh Baidwan, president of Maya Group and co-founder of Maya Bank. “And we’re just getting started. Our mission is to bring millions of Filipinos into the financial world, giving them access to credit and opportunities to improve their lives.”

Positive nurturing Financial habits

Maya users, even those new to credit, exhibit responsible borrowing behavior and use loans wisely for essential needs. Maya’s pioneering high-involvement banking model promotes such sensible behavior and rewards smart spending with more attractive deposit interest rates.

When users free up funds, data shows they are spending responsibly, for example on paying bills – a behavior that Maya encourages with up to 14% interest credited to their deposit accounts daily.

“Our all-in-one ecosystem creates a win-win situation. The more our customers use Maya, the better their credit score becomes, unlocking a world of possibilities. This approach puts the needs of our users first while allowing us to better serve more people,” said Angelo Madrid, President of Maya Bank.

Users who engage with Maya’s credit services are twice as likely to use additional app features, improving their credit status and promoting loyalty. This high level of engagement has led to significant lending growth, with loan disbursements reaching PHP34 billion by the end of March 2024 since the launch of the service.

Easy borrowing

Accessing traditional credit remains a challenge for many Filipinos. According to the Bangko Sentral ng Pilipinas’ ‘2021 Financial Inclusion Survey’, only 4% of adult borrowers have received loans from banks. Many Filipinos resort to loans from family, friends, or worse, predatory lenders. Maya transforms borrowing into a simple, powerful experience.

Maya uses AI to evaluate customers’ creditworthiness through various data points, including payment activity, app usage, and other alternative data. This approach simplifies building credit and motivates users to demonstrate healthy financial behaviors, such as consistent bill payments in the Maya app.

Eligible users can secure up to PHP30,000 through Maya Easy Credit, and users with a good credit score can qualify for a Maya Personal Loan of up to PHP250,000, all disbursed in seconds through the app.

Maya is the #1 Fintech ecosystem in the Philippines, with Maya, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corp. (PDIC) to PHP500,000 per depositor. For more information about Maya, visit maya.ph And mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube and TikTok, and @mayaofficialph on Twitter.

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