Maya Bank, WeFund Partner to Improve Credit Access with US$48M Loan Initiative

Maya Bank, WeFund Partner to Improve Credit Access with US$48M Loan Initiative

by May 20, 2024

Digital lender Maya Bank and WeFund Lending Corp., through Lightning Financing Co., have formalised a P2.75-billion (US$48 million) loan channeling agreement to improve credit accessibility for unbanked and underserved communities in the Philippines.

Angelo Madrid

Angelo Madrid

Angelo Madrid, president of Maya Bank, remarked,

“We are proud to work with WeFund, and this initiative is a significant step in getting more Filipinos banked through digital technology.”

He further noted,

“This joint effort expands the financial options available, promoting better financial health, especially among the unbanked and underserved.”

WeFund operates the online lending platform JuanHand, which has over seven million registered users and has disbursed loans exceeding P21 billion. JuanHand has aims to become the country’s leading fintech cash lending app, and to be recognised for its rapid loan approvals and disbursements in under five minutes.

With a focus on fair interest rates, regulatory compliance, and user-friendly service, JuanHand is becoming a notable option for tech-driven financial solutions.

Francisco Mauricio

Francisco Mauricio

Francisco Mauricio, president and CEO of WeFund Lending Corp. and JuanHand, commented on the partnership, stating,

“The collaboration enables us to positively impact the lives of millions of Pinoys who are underserved yet creditworthy.”

He added,

“Access to much-needed financial services is the start of financial empowerment and long-term success. Responsible borrowing will always be a tool for good, and we’re pleased to have Maya Bank support us in this endeavour.”

Maya Bank noted that this loan channeling deal with WeFund sets a new standard for inclusivity in the Philippines’ financial landscape. The collaboration aims to provide immediate access to capital for more creditworthy Filipinos and emphasises responsible borrowing to foster financial empowerment.

Maya Bank stated,

“With this partnership, Maya and WeFund are making significant strides in bridging the economic divide, offering a lifeline of credit to underserved communities, and paving the way for their financial independence.”

Maya Bank has disbursed over P34 billion in loans as of the end of March, with 59% of its borrowers accessing credit for the first time through the lender. As of 2023, Maya has attracted about three million depositors, managing a deposit balance of around P25 billion.

 

 

Featured image credit: Edited from Freepik