Maya loans reach P22 B last year

Digital bank Maya Bank Inc. raised its loan disbursement by sevenfold to P22 billion in 2023, as it reaped the benefits of expanding its credit products for underserved sectors.

Latest data from Maya showed that the bank grew its loan issuance by more than seven times to P22 billion in 2023 from P3 billion in 2022.

Maya president Shailesh Baidwan attributed the record growth to the bank’s decision to penetrate some of the most underserved sectors in the Philippines.

In 2023, Maya introduced Maya Easy Credit and Maya Personal Loan for consumers, as well as Negosyo Advance for microentrepreneurs. The bank also brought in Maya Flexi Loans for small and medium-sized businesses.

Baidwan said micro, small and medium enterprises (MSMEs) comprise more than 99 percent of all businesses in the Philippines. However, Maya estimates that MSMEs receive just four percent of bank loans on a yearly basis.

Under Republic Act 9501, or the Magna Carta for Small Enterprises, banks are mandated to allot at least 10 percent of their loan portfolio for

MSMEs.

In response, Maya launched Maya Flexi Loans to provide MSMEs with credit access amounting to as much as P2 million.

Likewise, microentrepreneurs may obtain quick loans from Maya through Negosyo Advance and InstaCash that were initially available in Maya Centers, but are now offered in the app.

Maya also debuted in the personal loan segment in 2023. The move allowed Maya users to raise their credit limits to a maximum of P250,000, payable for up to six months.

For 2024, Baidwan said Maya would push on with its portfolio expansion in line with its target of banking as many Filipinos as possible. He believes that digital banking remains to be the easiest and fastest way to onboard consumers in the financial market.

“Seeing our lending business soar so quickly has been fantastic, [and] it really shows that digital banking is the easiest and fastest way to serve the unbanked and the unhappily banked,” Baidwan said.

Maya serves as one of the six players in digital banking, operating with a license provided by the Bangko Sentral ng Pilipinas.