DA taps PayMaya for loan disbursements

PayMaya, the digital financial services arm of PLDT’s Voyager Innovations, has been tapped by the Department of Agriculture (DA) for faster and more convenient digital loan disbursements for its Kapital Access for Young Agripreneurs (KAYA) program.

Through the partnership, PayMaya will enable DA’s partner lending conduits for the KAYA program to digitally disburse loans directly to the PayMaya accounts of borrowers.

Program beneficiaries will also be provided with KAYA prepaid cards that can be linked to their PayMaya accounts.

“With this digital platform, we will be able to reach out and convince more Filipino millennials to engage in agriculture, fishery and agribusiness ventures, and more importantly bankroll their respective projects,” DA Secretary William Dar said.

“As our lockdown experience has shown, we need to further explore the cyberspace and take our digitalization efforts to the next level as part of the new normal,” he said.

Under the KAYA program, start-up or existing agri-based projects of young entrepreneurs and agri-fishery graduates aged 18 to 30 years old can apply for up to P500,000 payable up to five years at zero percent interest with no more than 3.5 percent management fee.

Aside from being able to conveniently receive their loans directly to their PayMaya accounts, KAYA loan beneficiaries can also make online and in-store payments, pay bills, buy load, send money, and withdraw funds, among other financial services.

PayMaya is an end-to-end digital payments ecosystem enabler with platforms and services that cut across consumers, merchants, and government.

“We are hopeful that our young agripreneurs empowered by this partnership will pave the way for the continued evolution of the Philippines’ agriculture sector. We are committed to continue enabling government, the economy, and the whole society with cashless digital solutions on the road to recovery and onward post-crisis.” PayMaya founder and CEO Orlando Vea said.