Maya BankNews

Maya Bank posts P5 billion in deposits three months after launch

Just three months after its public launch, Maya Bank is off to a record-breaking start as it posted over 650,000 customers and P5 billion (or around $89 million) in deposit balance as of end-July 2022 – making it the fastest-growing digital bank in the Philippines.

The digital bank provides wider financial access to unbanked and underserved consumers and MSMEs (micro, small, and medium enterprises) via the all-in-one money app Maya. Through the app, Maya Bank also introduced an instant credit of up to P15,000 for eligible customers and working capital loans for MSMEs, starting with Maya Center agents. This makes Maya the only digital bank to offer credit to both consumers and MSMEs within the quarter of its public launch.

“Our strong growth validates the market preference for an all-in-one money experience. Through disruptive offerings, bold marketing, and our extensive ecosystem, we are bringing progressive financial services closer to consumers, enterprises, and communities,” said Orlando Vea, founder and CEO, PayMaya Group and co-founder, Maya Bank.


Maya’s integrated ecosystem approach uniquely positions it among e-wallets, banks, and fintech players in the Philippines. It is the only fintech brand serving all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business, and the most extensive on-ground agent network, Maya Centers (formerly Smart Padala). Meanwhile, Maya’s crypto feature is backed by a Virtual Asset Services Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP).

Maya Bank is also the fastest digital bank in the Philippines to go to market, receiving its Certificate of Authority (COA) to operate just six months after securing the BSP Monetary Board’s approval to establish a digital bank in September 2021. It launched its services to the public on April 29, 2022.

Last year, the BSP granted licenses to six digital banks before a three-year moratorium for new digital bank applications took effect in August 2021. To date, only three digital banks have publicly launched, and this includes Maya Bank.

Deposit accounts

Maya has primarily attracted young consumers to open a deposit account via the app with its fresh marketing and exciting offers combined with a high-yield interest rate, lower barrier to entry, and seamless experience.

Consumers can save instantly without maintaining a minimum balance by registering a Maya wallet account and providing one valid government ID. They also enjoy a simple-to-use interface and 99.94% app uptime rate, providing a convenient and reliable experience that makes Maya the top-rated local finance app in the market.

Maya’s all-in-one money app innovation enables customers to manage their transaction needs more conveniently. Customers can move their money from their savings account to their e-wallet whenever they need to pay for goods. They can also quickly transfer funds from their e-wallet to their savings to build up their funds. On top of the savings account, customers can create up to five personal goals with set target amounts and timelines, helping them to manage their finances better.

To encourage more Filipinos to enjoy the best digital banking experience, Maya has extended some of its high-value promos, including the following: a 6% interest rate on Maya Savings up to P5 million, free PESOnet transfers, and a free Maya Card, subject to eligibility, until September 30, 2022. Moreover, it offers a 6% interest rate on Personal Goals (up to P1 million per goal) until Dec. 31, 2022.

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