Digital financial services leader Maya has launched a groundbreaking credit program, “Paleng-Kita,” designed to provide crucial financial support to market vendors and public transportation (PUV) drivers.
This initiative leverages the growing adoption of digital payments, specifically the QR Ph project that was launched by the Philippine Payments Management Inc. (PPMI) and the Bangko Sentral ng Pilipinas (BSP), to offer accessible loans without the traditional requirements of collateral.
Paleng-Kita is a significant expansion of the Department of the Interior and Local Government’s (DILG) and Bangko Sentral ng Pilipinas’ (BSP) Paleng-QR Ph program, which aims to onboard more drivers and small merchants into the QR Ph payment ecosystem.
Maya’s integration of its digital credit product, Maya Advance, into this framework allows these essential workers to qualify for loans based on their digital transaction history within the Maya app.
“Many small vendors and transport drivers have never had access to formal credit,” stated Shailesh Baidwan, head of the Maya Group and co-founder of Maya Bank. “We can provide them with fair, transparent credit by utilizing their cashless payment history.”
This innovative approach addresses a critical gap in the Philippine financial landscape.
Maya’s ‘Paleng-Kita’ offers tailored loans to underserved MSMEs
According to data from the Department of Trade and Industry (DTI), micro, small, and medium-sized enterprises (MSMEs), which constitute a substantial 99% of all businesses in the Philippines, receive a disproportionately small share of bank loans, accounting for only around 4% of the total.
Paleng-Kita seeks to rectify this imbalance by offering an alternative loan method tailored to the realities of small business owners.
The program offers credit lines starting at P3,000, authorized based on transaction history and other relevant data, eliminating the need for extensive documentation or collateral. This is made possible by Maya’s sophisticated, AI-powered scoring system, which assesses creditworthiness in a more holistic and accurate manner.
Renan Santiago, Maya’s head of MSME business, emphasized the program’s broader impact: “We’re not just offering credit — we’re recognizing the real work of vendors and drivers who keep the economy going. We are making finance more relevant, accessible, and empowering for regular Filipinos by utilizing their digital payment activity.”
Paleng-Kita supports BSP’s digitization efforts in the Philippines
Beyond providing financial assistance, Paleng-Kita aligns with the BSP’s overarching goals of promoting financial inclusion and accelerating the country’s digitization efforts.
By seamlessly integrating credit access with everyday transactions, Maya is contributing to a more inclusive and efficient financial ecosystem.
The program aims to empower these often-underserved sectors, enabling them to grow their businesses, improve their livelihoods, and participate more fully in the formal economy.
The launch of Paleng-Kita represents a significant step towards democratizing access to credit in the Philippines. By leveraging digital technology and embracing innovative credit scoring methodologies, Maya is paving the way for a more equitable and financially inclusive future for Filipino entrepreneurs and workers.
The program’s success could serve as a model for other financial institutions seeking to expand their reach and serve previously marginalized segments of the population.