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Keisha Ta-Asan - The Philippine Star
March 20, 2025 | 12:00am
In a statement, the digital lender attributed its rapid growth to its expanding cashless solutions for quick-service restaurants, an increasing small and mid-sized enterprise (SME) merchant base and a strategic focus on high-margin sectors such as services and retail.
STAR / File
MANILA, Philippines — Maya Business, the enterprise arm of Maya, has surpassed one million registered formal businesses in 2024, as the bank continues to power the majority of the country’s card and QR PH transactions.
In a statement, the digital lender attributed its rapid growth to its expanding cashless solutions for quick-service restaurants, an increasing small and mid-sized enterprise (SME) merchant base and a strategic focus on high-margin sectors such as services and retail.
“It’s exciting to see our innovations powering payments for businesses of all sizes across the country. Our technology is about accessibility,” Maya Group president and Maya Bank co-founder Shailesh Baidwan said.
“We meet merchants where they are, rather than expecting them to adapt to traditional models,” he said.
Maya’s rapid expansion is largely driven by its commitment to supporting micro, small and medium enterprises. Traditionally reliant on cash transactions, many small businesses in the Philippines have had limited access to financial services. Maya is addressing this gap with tailored payment and banking solutions.
“These small businesses want more than just payment options. They want financial services that help them grow,” Baidwan said.
To support this, Maya offers business deposit accounts with a competitive 2.5-percent annual interest rate and unsecured business loans of up to P2 million, providing crucial access to credit in a financing-scarce market.
Maya also maintained its leadership in the QR PH person-to-merchant market as a receiver, holding a 44 percent market share in transaction volume for 2024, according to BancNet data.
By leveraging the combined strengths of its ecosystem, Maya is accelerating financial inclusion and supporting the country’s transition to a cashless economy.
Maya Bank earlier said it achieved group-wide profitability while expanding its digital banking and payments business last year.
Its customer base surged to 5.4 million by end-2024, a 71- percent jump from 2023. Meanwhile, deposits soared by 58.5 percent to P39.3 billion from P24.8 billion a year ago.
The digital bank also nearly doubled its borrower base to 1.6 million last year, with cumulative loan disbursements hitting P67.6 billion in 2024 alone.
