Maya, a digital bank in the Philippines, has partnered with the consumer app Grab to provide easier access to credit for eligible Grab users. The partnership allows users to borrow up to P30,000 through Maya Easy Credit, without collateral or paperwork required.
“One of the biggest financial challenges that Filipinos face is the lack of access to reliable and trustworthy lending services,” said Angelo Madrid, President of Maya Bank.
The process is simple: users fill out a form on the Grab app, then download the Maya app to apply for credit. Funds are available instantly upon approval, following a credit evaluation.
“At Grab, our mission extends beyond innovating in transportation and on-demand deliveries; it encompasses driving progress in financial inclusivity for millions of Filipinos,” said Martha Borja, regional head of Payments of the Grab Financial Group.
The credit line can be used for Grab services such as rides and food deliveries, offering more flexibility in managing expenses. Users can also link their Maya accounts to the Grab app for seamless payments and even invest in savings or mutual funds through Maya.
Since Maya began its lending operations in 2022, it has disbursed P47 billion in loans, supporting over 1.2 million borrowers by mid-2024. This new partnership is expected to further expand Maya’s reach.