Maya Bank deposits hit P32 billion

Maya Bank Inc. one of the six digital banks licensed by the Bangko Sentral ng Pilipinas (BSP), on Wednesday reported a 24% growth in its deposit balances as of end-May, which it attributed to its “competitive” interest rates and financial services.

According to Maya, its deposit balances climbed to P32 billion as of the end of last month, as its depositor base expanded by 74% to 3.7 million, with active users transacting up to four times more frequently than those using purely e-wallets.

“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 Bank co-founder and Maya Group president Shailesh Baidwan said.

The lender earlier this year launched Time Deposit Plus where clients can choose from three options — three months at 5.50% per annum, six months at 6.00%, or 12 months at 5.75%, with users setting their own target amount.

The central bank in 2021 said it would limit the country’s digital bank licenses to six, as the seventh supposed slot failed to submit complete documentation.

Maya Bank, along with GoTyme Bank Corp., Overseas Filipino Bank Inc., Tonik Digital Bank Inc., UnionDigital Bank Inc., and UNObank Inc., were the six digital banks given approval by the central bank in 2022.

The BSP approved the recognition of digital banks as a new bank category in November 2020, separate and distinct from other banks.

Digital banks are defined as banks that offer financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branches.—AOL, GMA Integrated News