In a landscape often dominated by traditional banking behemoths, Maya Bank has emerged as a formidable disruptor, announcing group-wide profitability in 2024, a milestone that underscores the growing power of digital financial solutions in the Philippines.
This achievement, coupled with a surge in customer acquisition and a robust lending portfolio, marks a significant turning point for the digital banking and payments division.
The numbers speak volumes. The digital lender’s customer base exploded to 5.4 million by the end of 2024, a remarkable 71 per cent leap from the previous year. This rapid expansion reflects a growing appetite among Filipinos for accessible and convenient digital banking services.
Deposits mirrored this trend, soaring from P24.8 billion to P39.3 billion, a 58.5 per cent increase that demonstrates the trust and confidence customers place in Maya’s platform.
Maya and its aggressive lending operations expansion
But it’s not just about deposits. Maya has aggressively expanded its lending operations, disbursing a staggering P67.6 billion in loans throughout 2024. This nearly doubled its borrower base to 1.6 million, signaling the bank’s pivotal role in providing credit access to a wider segment of the population, including those traditionally underserved by conventional lenders.
While precise financial figures remain undisclosed, Maya’s claim of profitability stands as a testament to its efficient business model and strategic execution. In a market where many digital banks are still grappling with operational losses, Maya has distinguished itself by achieving financial sustainability.
“Achieving profitability at the group level while scaling rapidly underscores our ability to drive sustainable growth,” said Shailesh Baidwan, Maya Group president and co-founder of Maya Bank, in a statement. “To enable millions of Filipino consumers and MSMEs to save, borrow, invest, and send and receive payments, we are creating a digital-first financial ecosystem that is innovative, accessible, and well-designed.”
A key driver of Maya’s lending growth has been its foray into the credit card market. The launch of the Maya credit card, particularly the Landers Cashback Everywhere Credit Card, proved to be a resounding success.
With over 125,000 cards issued in just six months, the digital-first approach resonated strongly with consumers. Notably, almost 40 per cent of cardholders were first-time credit card users, highlighting Maya’s role in democratizing access to credit.
Its role in simplifying digital payments with QR Ph has also helped drive growth for the institution.
“As the first to adopt QR Ph for both Peer-to-Peer (P2P) and P2M transactions, we’re fully committed to the universal QR Ph vision,” explained Baidwan. “This isn’t just about easier payments; it’s about building an inclusive financial ecosystem that empowers Filipinos with access to credit and other essential financial tools,” added Baidwan.
Instant accessibility, cashback rewards fueling rapid adoption
The instant accessibility of the digital card through the Maya app, coupled with attractive cashback rewards, fueled its rapid adoption. This success story illustrates how digital innovation can break down barriers and empower individuals who have previously been excluded from traditional financial services.
Maya’s loan-to-deposit ratio rose to 42% in 2024, indicating a healthy balance between lending and deposit mobilization. Notably, the bank maintained a non-performing loan ratio of 3.5 percent, significantly lower than the industry average of 7.1 percent. This disciplined approach to risk management has been crucial in ensuring the bank’s financial stability.
“Maya remains committed to growing its credit and lending portfolio, improving its enterprise solutions, and scaling sustainably while deepening financial inclusion, given the ongoing momentum in banking, lending, and payments,” the bank stated.
Beyond lending, Maya has solidified its position as a leader in digital payments, maintaining its dominant market share in card acquisition and QR PH transactions. This dual focus on lending and payments has created a powerful ecosystem that caters to the diverse financial needs of its customers.
Maya’s success story is more than just a tale of financial growth. It’s a reflection of the transformative power of digital technology in driving financial inclusion and empowering individuals and businesses across the Philippines. As Maya continues to expand its reach and innovate its offerings, it is poised to play an even greater role in shaping the future of the country’s financial landscape.