Maya reported significant growth in 2024, with over 125,000 credit cards issued in six months. The company has also achieved group-wide profitability at the same time. This success highlights the company’s rapid expansion in the Philippines’ financial sector.
Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder, emphasised Maya’s commitment to providing accessible and innovative financial services to Filipinos. The company’s profitability stems from its integrated approach, combining payments, digital banking, and lending services.
The Landers Cashback Everywhere Credit Card, launched in August 2024, has been a key driver of this growth. Its digital application process and instant activation have attracted a wide range of users, including first-time credit card holders and those outside Manila.
This expansion into consumer credit is part of Maya’s broader strategy to scale its digital banking and payments services. The company reports a 71% increase in its banking customer base, reaching 5.4 million users in 2024.
Its borrower base also nearly doubled to 1.6 million, with deposits reaching PHP 39 billion and cumulative loan disbursements totalling PHP 92 billion.
Beyond consumer credit, Maya has expanded its growth and offerings for businesses and MSMEs, including bill payment solutions and customised loan terms. These initiatives aim to support entrepreneurs with accessible digital banking and financing options.
Maya’s strong performance in 2024 underscores its focus on financial inclusion and innovation within the Philippines. The company’s diverse ecosystem of services is currently serving millions of Filipinos.
Featured image credit: Edited from Freepik
