Maya, among the leading digital banks in the country, has reported a robust 52 percent year-on-year increase in deposit balances, reaching ₱36 billion as of September 2024. This growth underscores the bank’s rising prominence and its role in helping reshape the Philippine financial landscape, driven by its innovative high engagement banking (HEB) strategy.
With over half of Filipinos still keeping their savings at home, according to the Bangko Sentral ng Pilipinas, Maya has emerged as a compelling alternative to traditional banks. By offering up to 15 percent annual interest on deposits—substantially higher than the typical 0.0625 percent to 1 percent offered by conventional banks—the bank is attracting a growing customer base.
Its HEB model rewards users with higher interest rates the more they engage with the platform, whether through daily transactions or bill payments. A standout feature is the daily interest accrual, which allows customers to see their savings grow in real-time, a significant departure from the monthly interest payments traditionally offered by banks.
Maya’s impact extends beyond savings, driving financial inclusion with its AI-powered credit scoring system. As of September 2024, Maya has disbursed ₱67 billion in loans to over 1.4 million borrowers, with about 50 percent of them accessing their first formal bank loan through the platform.
High-engagement customers, who make frequent transactions to boost their interest rates, represent 72 percent of Maya’s lending customers, demonstrating a positive cycle of financial health and sustainable lending.
In addition to reshaping saving and borrowing behaviors, Maya’s all-in-one banking app is also driving broader financial literacy and habits. Customers are not only increasing their deposit balances—on average, balances double within a year and triple by month 23—but they are also becoming more adept at managing their finances across saving, spending, borrowing, and investing.
Angelo Madrid, president of Maya Bank, emphasized the bank’s goal of creating an integrated financial ecosystem where savings, credit, and investments grow together for users. Maya’s expansion is further bolstered by its position as the #1 fintech ecosystem in the Philippines, integrating Maya Bank with Maya Business, a leading omni-channel payment processor.
Maya’s rapid growth and innovation are a testament to its potential to drive financial empowerment in the Philippines, contributing to a new era of accessible banking for millions of Filipinos. With its blend of innovation, convenience, and value, Maya is setting the stage for a transformation in the country’s financial services sector.
