Barely half a year since its inauguration, digital lender Maya Bank announced that it has amassed one million customers and a total deposit balance of P10 billion.
Maya Bank opened its virtual doors to the public at the end of April this year. It powers financial app Maya’s digital banking services, including e-wallet, savings, credit, and cryptocurrency trading.
“Financial services need not be complex. This astounding response to our efforts reflects the big opportunity for digital banking in the Philippines,” said Maya Group CEO and Maya Bank founder Orlando B. Vea.
“We’re very grateful for the warm response from the market. We’re ushering in a new era of banking, and we’re excited to roll out more innovative and customer-centric digital banking features in Maya that can enrich everyday lives,” added Maya Bank president Angelo Madrid.
According to Maya Bank, financial inclusion and the widespread use of digital technologies in the Philippines are expected to benefit from the rise of digital banking. The company notes that e-wallets have increased the number of Filipinos who have access to financial services such savings and credit, with much demand still unmet.
The BSP 2021 Financial Inclusion Survey found that despite increases in the number of people who have access to financial services, the percentage of individuals who have savings declined from 53% in 2019 to 37% in 2020. Meanwhile, the vast majority of Filipinos still rely on unofficial lenders such as relatives, friends, and even loan sharks.
