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Maya Bank depositors nearly doubles in Q1 of 2024

DIGITAL lender Maya Bank Inc. registered a total of 3.4 million depositors for the first quarter of 2024, nearly doubling its depositor base against the same period last year. 

The bank’s financial statement also noted a deposit balance of P29 billion with one million borrowers, as well as loan disbursements standing at P34 billion. 

Maya Group president and Maya Bank co-founder Shailesh Baidwan said they continuously solidify their status as the backbone for payment processing in the Philippines,  supporting hundreds of thousands of large, small, and micro-enterprises for all forms of digital payments.

“We’ve started providing now banking services to our businesses, allowing merchants to open their business deposits with us and also providing them with short-term working capital loans, which are Credit scored on the back of the data that we have with them providing up to P2-million of short term working capital loan, which is uncollateralized,” Baidwan said. 

Last month, Maya Bank recently partnered with Tala Financing Philippines, a financial technology company, for a loan channeling initiative with an unprecedented amount of P2.75 billion through independent digital platforms, one way for the collaboration to ensure that more Filipinos have access to credit. 

“We continue to see good momentum and growth month on month and stay on track to meeting our commitment of trying to catch positive by the end of this year,” Baidwan added. 

He also highlighted how the company sees robust growth with 3.4 million bank customers availing of their services and products (December 2023 data of the Bangko Sentral ng Pilipinas). With that progress, Maya accounted for 51% of the depositor base across all the digital banks in the Philippines. 



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