Maya Bank and WeFund Seal P2.75 Billion Loan Deal for 'Unbanked' Filipinos

Maya Bank and WeFund Lending Corporation have signed a P2.75 billion loan channeling deal aimed to make more credit packages available in the Philippines. The agreement between the two lenders is another move to cater to unbanked communities, specifically those in far-flung areas.

“With this partnership, Maya and WeFund are making significant strides in bridging the economic divide, offering a lifeline of credit to underserved communities and paving the way for their financial independence,” Maya Bank said in a statement.

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No details are available yet as to how clients can avail of the loans. But both Maya Bank and WeFund are hopeful the product of their partnership will lead to a more inclusive financial landscape in the Philippines, as they open their doors to “underserved yet creditworthy” communities. A total of 34.3 million Filipinos nationwide are still unbanked as of 2021, according to the Bangko Sentral ng Pilipinas (BSP).

“This initiative is a powerful step in getting more Filipinos banked through digital technology,” Angelo Madrid, president of Maya Bank, said. “This joint effort significantly expands the financial options available, helping to promote better financial health.”

“Having access to much-needed financial services is the start of financial empowerment and long-term success,” added Francisco Mauricio, president and chief executive officer of WeFund. “Responsible borrowing will always be a tool for good, and we’re proud to have Maya Bank support us in this noble endeavor.”

Maya Bank, powered by e-wallet Maya, is one of six licensed digital banks in the Philippines. It has released more than P34 billion in loans as of March, with 59 percent of its borrowers all first-timers. Boasting a depositor base of three million, Maya Bank maintains a deposit balance of around P25 billion.

WeFund, on the other hand, operates the online lending platform JuanHand. The app—which has over seven million registered users—provides easy access to credit packages, approving loan applications in as fast as “less than five minutes.” So far, JuanHand has disbursed more than P21 billion in loans.