Homegrown digital bank Maya accelerated financial inclusion in 2024 by capitalizing on its integration of payments and banking services, boosting both deposit activity and lending.
On Wednesday, Jan. 15, Maya reported holding a total of P39 billion in deposit balances in 2024. The company also showed robust lending activity, disbursing P68 billion in loans.
By the end of 2023, Maya had accumulated a total of P24.8 billion in customer savings, while it disbursed a total of P21.5 billion in loans—both figures markedly lower than those of 2024.
According to Maya, the main driver for this growth is the digital bank’s “innovative approach to high-engagement banking.”
Maya boosts deposit activity by integrating payments and banking into a single, easy-to-use platform that encourages customer engagement, “leading to increased deposit activity.”
“This engagement not only boosts deposit balances but also helps customers establish a stronger digital footprint. As a result, more customers become eligible for loans, creating a cycle of financial empowerment and growth,” Maya said.
Shailesh Baidwan, Maya group president and co-founder, said in a January 15 statement that banking “should be simple and empowering.”
“By merging payments and banking into one delightful digital experience, we’re enabling more Filipinos to save, borrow, and grow their money with ease,” Baidwan stressed.
Since 2022, Maya has disbursed a total of P92 billion in loans to its customer base of 5.4 million.
This “standout performance” in 2024 followed the digital bank’s strategy of combining a wide payments network, customer-focused product design, and advanced technology to achieve large-scale financial inclusion while boosting efficiency and profitability.
Maya also integrates savings products and banking tools into its payment platforms, offering users up to 15 percent interest and businesses streamlined operations.
By leveraging transaction data for credit scoring, it is expanding loans to the unbanked and driving lending growth through increased payment activity.
The digital bank also accelerates growth through strategic merchant partnerships and inclusive products tailored for young Filipinos and small businesses.
It has a simplified account opening process requiring only one ID and no minimum balance. Entrepreneurs can access collateral-free loans of up to P2 million, while consumers can apply for loans up to P250,000, with same-day approval and disbursement via the app.
Half of Maya Easy Credit borrowers are accessing their first formal loan, with many small businesses relying on its lending products for growth.