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Maya's disbursed loans soar to P22 B in 2023

Business | Banking & Finance

Maya's disbursed loans soar to P22 B in 2023

By Khriscielle Yalao

Filipino digital bank Maya announced that it posted a significant growth in the loans it disbursed to customers, logging P22 billion in 2023 from merely P3 billion in 2022.

According to Maya, the surge in loans was an indication of the public's demand for more seamless 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,” remarked Maya Group President and Maya Bank Co-Founder Shailesh Baidwan.

"Our advanced AI-driven credit system is all about making finance inclusive by evaluating borrowers beyond the traditional criteria,” he added.

Last year, Maya launched many lending services catered to different customer bases. These include the 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).

Through the Personal Loan service, Maya Easy Credit Users can upgrade their credit limits up to P250,000 payable for up to six months.

Unlike traditional banks, online banking platforms like Maya offer higher interest rates to 14 percent per annum, which are credited daily into their customers’ accounts.

“Our all-in-one digital banking approach is making a difference, giving our customers a solid financial foundation. It's been inspiring to see, and it drives us to develop even more offerings that expand higher credit limits,” said Maya Bank President Angelo Madrid.

The online bank will be unveiling more products for customers within the year, said Baidwan.

It is also aiming to broaden its lending services to target more micro, small, and medium-sized enterprises (MSMEs) through the Maya Flexi Loans where micro-entrepreneurs can borrow up to P2 million.

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