MAYA BANK saw its deposits grow by 24% year on year to P32 billion at end-May as average savings account balances more than doubled in 12 months, it said on Wednesday.
The digital bank’s depositor base also expanded by 74% to 3.7 million as of May from a year prior, it said in a statement, adding that its active users have surged because of its “competitive interest rates and transformative financial tools.”
“Digital banking is empowering more Filipinos with accessible tools to better manage their finances. It is incredibly rewarding to see how we are helping people, especially those with limited funds, develop strong and sustainable savings habits,” Maya Group President and Maya Bank Co-Founder Shailesh Baidwan said.
“Financial health can be significantly improved through innovation. We have eliminated minimum balance requirements and designed our products to be accessible, allowing users to start saving with any amount they can afford. Additionally, customers benefit from higher interest rates as they use the app for transactions like bill payments and everyday purchases,” Maya Bank President Angelo S. Madrid added.
The digital bank said since its launch in June 2022, its Personal Goals feature, which is mainly used in saving for short and midterm objectives like gadgets, emergencies, and travel, saw 1.6 million created accounts as of end-May.
Meanwhile, its Time Deposit Plus accounts rose by 640% as of April from the level seen in December 2023, which was when the feature was rolled out.
Maya Bank is owned by Voyager Innovations, Inc. PLDT Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
It is one of the six licensed digital banks in the country. — AMCS
