Maya bridges credit gap for unbanked Filipinos

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

Research by Maya reveals that 59% of its borrowers are accessing credit for the first time through its platform, highlighting its role as a crucial entry point for the unbanked and underbanked.

Additionally, among those with existing bank relationships, only a small fraction of Maya borrowers have both a credit card and existing loans, with about half being new to credit. This underscores Maya’s vital role in serving the “unhappily banked.”

“In just two years, Maya has transformed banking, driving true financial inclusion beyond basic account access. It’s the fastest and easiest way to get everyone banked,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “And we are just getting started. Our mission is to bring millions of Filipinos into the financial fold, providing them with access to credit and opportunities to improve their lives.”

Nurturing Positive Financial Habits

Maya users, even those new to credit, demonstrate responsible borrowing behaviors, using loans wisely for essential needs. Maya’s pioneering high-engagement banking model promotes such prudent behaviors, rewarding smart spending with more attractive deposit interest rates.

When users unlock credit, data shows that they spend responsibly, such as on bill payments—a behavior incentivized by Maya with up to 14% interest credited daily to their deposit accounts.

“Our all-in-one ecosystem creates a win-win situation. The more our customers use Maya, the better their credit score gets, unlocking a world of opportunities. This approach puts the needs of our users first and, at the same time, enables us to serve more people better,” added Maya Bank President Angelo Madrid.

Users engaged with Maya’s credit services are twice as likely to utilize additional app features, enhancing their credit health and fostering loyalty. This high engagement has led to significant credit growth, with loan disbursements as of end-March 2024 reaching PHP34 billion since the service’s launch.

Borrowing Made Simple

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 secured loans from banks. Many Filipinos resort to borrowing from family, friends, or worse, predatory lenders. Maya transforms borrowing into a simple, empowering experience.

Maya leverages AI to evaluate customers’ creditworthiness through diverse data points, including payment activity, app usage, and other alternative data. This approach simplifies credit building and motivates users to engage in 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 those with robust credit scores may qualify for a Maya Personal Loan up to PHP250,000 – all disbursed within seconds on the app.