Maya Bank Extends P2.75 Billion Loan Capital to Tala for Public Micro Lending

Maya Bank Extends P2.75 Billion Loan Capital to Tala for Public Micro Lending

by April 25, 2024

Tala Financing Philippines Inc. has formed a partnership with Maya Bank Inc. to enhance its micro-loans programme. Under this agreement, Maya Bank will provide Tala with loan capital amounting to P2.75 billion, which Tala will distribute to the public in the form of micro loans.

Charisse P. Alvarez, President and Head of Finance, Strategy, and Analytics at Tala, remarked on the partnership, saying,

“We’re thrilled to partner with Maya Bank in this endeavour, knowing that their mission and values align well with Tala’s.”

Charisse further highlighted the partnership as a milestone in Tala’s commitment to becoming “an accessible, reliable, and trusted partner” that supports customers in building financial resilience and wealth.

Tala, which is registered with the Securities and Exchange Commission, offers loans with terms ranging from 15 to 61 days and includes a processing fee of 3.99% of the amount borrowed.

Angelo Madrid

Angelo Madrid

Angelo S. Madrid, President of Maya Bank, explained that the partnership aims to improve the availability of financial solutions in the Philippines by utilising advanced digital and mobile technologies.

“This partnership is set to significantly expand the availability of financial solutions for Filipinos,”

he said.

This collaboration is seen as a move to bridge the gap in financial access and meet the daily financial needs of Filipinos in a modern digital framework.

Maya Bank, one of only six entities in the country with a digital banking license, is expanding its efforts to improve access to credit in partnership with digital lenders like Tala, which share the objective of enhancing loan availability to the unbanked in the Philippines.

The collaboration between Tala and Maya Bank is described as a strategic alignment of their missions to expand economic opportunities for their customers, aiming to transform the financial experiences of Filipino consumers.

“With Maya’s goal to expand its customer base and offerings and Tala’s mission to unleash the economic power of the ‘global majority,’ this partnership achieves this mutual alignment, and together, they plan to transform how money works for Filipino consumers,”

the companies jointly stated.



Featured image credit: Edited from Freepik