Digital bank Maya has introduced a new credit programme, ‘Paleng-Kita through Maya Advance’, specifically designed for market vendors and public transport drivers. This initiative aims to provide collateral-free loans by leveraging their QR payment activity, supporting broader financial inclusion across the Philippines.

The programme builds upon the existing Paleng-QR Ph initiative by the Bangko Sentral ng Pilipinas and Department of the Interior and Local Government. The programme seeks to onboard small vendors and drivers onto the QR Ph payment system.

Under Maya’s new offering, merchants utilising the Maya app and accepting payments via QR Ph can now qualify for these loans.

Credit lines, starting from PHP 3,000, are approved based on transaction history and other data. Thus, it removes the need for traditional collateral or extensive paperwork. Maya employs an AI-driven scoring system to accurately assess creditworthiness.

Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder, highlighted the significance of the programme.

“Many small vendors and transport drivers have never had access to formal credit. By using their cashless payment history, we can offer them fair, transparent credit,” he said.

This addresses a notable gap, as Department of Trade and Industry data indicates. The study found that only around 4% of the country’s total bank loans reach micro, small, and medium enterprises (MSMEs), despite them constituting 99% of Filipino businesses.

Maya states that the programme offers small entrepreneurs an alternative route to access credit, rooted in their actual business activity.

Renan Santiago, Maya’s Head of MSME Business, added, “We’re not just offering credit – we’re recognising the real work of vendors and drivers who keep the economy going. By using their digital payment activity, we’re making finance more accessible, more relevant, and more empowering for everyday Filipinos.”

The Paleng-Kita programme also aligns with the BSP’s broader digitalisation and financial inclusion goals by embedding credit within daily transactions.

Featured image by Freepik.