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June 23, 2024

Maya makes strides in financial inclusion with Easy Credit

The Philippines’ leading digital lender, Maya, is expanding access to financial services for Filipinos traditionally excluded by traditional lenders.

This strategy positions Maya as a champion of financial inclusion with 59 percent of its borrowers accessing credit for the first time.

“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 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.”

The platform’s model incentivizes smart spending with higher deposit interest rates, promoting financial health. Data shows users prioritize essential needs like bill payments, a behavior further encouraged by Maya’s daily interest on deposits (up to 14 percent).

“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,” said Angelo Madrid, Maya Bank president.

Maya’s high user engagement translates to significant credit growth, with loan disbursements reaching P34 billion since launch by the end of March 2024.