Digital bank player changes how borrowers perceive credit

Maya, the leading digital bank in the Philippines, continues to break down barriers and provide easy, secure, and instant credit to Filipinos who have been overlooked by traditional banks and are vulnerable to predatory lenders. With its innovative approach, Maya is transforming the banking landscape and driving true financial inclusion.

Maya’s research reveals that an impressive 59% of its borrowers are accessing credit for the first time through the platform, highlighting its crucial role in serving the unbanked and underbanked population. Even for those with existing bank relationships, only a small fraction 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” and providing them with access to credit and opportunities to improve their lives.

Maya’s pioneering high-engagement banking model promotes responsible borrowing behaviors, rewarding smart spending with attractive deposit interest rates. Users demonstrate prudent borrowing habits, using loans wisely for essential needs such as bill payments. This approach creates a win-win situation, where the more customers use Maya, the better their credit score gets, unlocking a world of opportunities.

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

Maya transforms borrowing into a simple, empowering experience by leveraging 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.

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. This convenience and accessibility are key factors in Maya’s success in driving financial inclusion.

In just two years, Maya has made significant strides in transforming banking in the Philippines. The platform’s mission is to bring millions of Filipinos into the financial fold, providing them with access to credit and opportunities to improve their lives. With its innovative approach, Maya is well on its way to achieving this goal and setting a new standard for financial inclusion in the country.