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Manila Bulletin devider Business devider Banking & Finance devider Maya Bank, WeFund arrange P2.75-B community loan

Maya Bank, WeFund arrange P2.75-B community loan

Published May 20, 2024 07:22 am

PLDT Group’s Maya Bank and WeFund Lending Corp. have set up a P2.75-billion loan package for underserved communities.

In a statement Monday, May 20, the digital bank and WeFund through Lightning Financing Company will use the loan to expand access to financial services for far-flung areas that most need it.

Maya Bank President Angelo Madrid said the initiative “is a powerful step in getting more Filipinos banked through digital technology.”

“This joint effort significantly expands the financial options available, helping to also promote better financial health, especially among the unbanked and underserved," he said.

The bank is hoping the collaboration with WeFund will provide immediate access to capital to “more creditworthy Filipinos” and that it “underscores the importance of responsible borrowing, thereby fostering financial empowerment.”

It added that “with this partnership, Maya and WeFund are making significant strides in bridging the economic divide, offering a lifeline of credit to underserved communities, and paving the way for their financial independence.”

Maya Bank reiterated Monday its commitment to transform the credit access of micro, small, and medium-sized enterprises (MSMEs) and provide the sector with innovative savings and deposit products.

“The loan channeling initiative with WeFund extends Maya Bank's mission to increase credit accessibility for the unbanked populations in the Philippines,” said the bank.

WeFund operates the JuanHand online lending platform. To date, it has already disbursed more than P21 billion in loans, with over seven million registered individuals.

According to JuanHand President and CEO Francisco Mauricio, the loan channeling partnership with Maya Bank will have a positive impact on the “underserved yet creditworthy.”

“Having access to much-needed financial services is the start of financial empowerment and long-term success.  Responsible borrowing will always be a tool for good, and we're proud to have Maya Bank support us in this noble endeavor,” said Mauricio.

Maya Bank is only one of six digital banks granted license by the Bangko Sentral ng Pilipinas. It started operation in 2022.

 

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