Maya Bank hits P5B deposit base
Three months after its public launch, Maya Bank enlisted over 650,000 customers and P5 billion in deposit balance as of end-July 2022 – making it the fastest-growing digital bank in the Philippines.
The digital bank provides financial access to unbanked and underserved consumers and micro, small and medium enterprises (MSMEs) via the all-in-one money app Maya.
The app also introduced an instant credit of up to P15,000 for eligible customers and working capital loans for MSMEs, starting with Maya Center agents. This makes it the only digital bank to offer credit to both consumers and MSMEs within the quarter of its public launch.
“Our strong growth validates the market preference for an all-in-one money experience,” said Orlando Vea, PayMaya CEO and Maya Bank co-founder, citing their “disruptive offerings, bold marketing and extensive ecosystem.”
“Filipinos deserve reliable and seamless digital banking experiences, and we are delivering this with urgency and speed with Maya,” said Shailesh Baidwan, PayMaya president and Maya Bank co-founder.
Maya is the only fintech brand serving all segments of consumers and enterprises with its consumer e-wallet app, an enterprise payment processing business, and the most extensive on-ground agent network, Maya Centers (formerly Smart Padala).
Meanwhile, its crypto feature is backed by a virtual asset services provider license from the Bangko Sentral ng Pilipinas.
