Digital lender Maya Bank and WeFund Lending Corp., through Lightning Financing Co., have signed a P2.75-billion ($48 million) loan channeling agreement aimed at enhancing credit accessibility for unbanked and underserved communities in the Philippines.
“We are proud to work with WeFund, and this initiative is a powerful step in getting more Filipinos banked through digital technology,” said Angelo Madrid, president of Maya Bank.
“This joint effort significantly expands the financial options available, helping to also promote better financial health, especially among the unbanked and underserved,” he added.
WeFund operates the online lending platform JuanHand, which boasts a user base of over seven million registered individuals and has disbursed over P21 billion in loans.
JuanHand aims to become the country’s leading fintech cash lending app, offering rapid loan approvals and disbursements in under five minutes.
With a focus on fair interest rates, regulatory compliance, and user-friendly service, JuanHand is emerging as a preferred option for tech-driven financial solutions.
Francisco Mauricio, president and CEO of WeFund Lending Corp. and JuanHand, expressed his enthusiasm for the partnership.
“The collaboration enables us to positively impact the lives of millions of Pinoys who are underserved yet creditworthy,” he said.
“Having 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 proud to have Maya Bank support us in this noble endeavor,” Mauricio added.
According to Maya Bank, this loan channeling deal 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 emphasizes responsible borrowing to foster financial empowerment.
“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 stated.
Maya Bank has disbursed over P34 billion in loans as of the end of March, with 59 percent 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.
