Maya launches Paleng-Kita for market vendors, transport drivers

Digital bank Maya has introduced Paleng-Kita, a credit program aimed at providing collateral-free loans to market vendors and public transport drivers.

The program links digital payments via QR Ph and the Maya app to credit access, allowing micro-entrepreneurs to build a credit history and qualify for loans through Maya Advance.

Credit lines start at P3,000 and are approved based on transaction history and alternative data using Maya's AI-driven scoring system, eliminating the need for collateral or extensive paperwork.

This initiative builds on the Paleng-QR Ph program of the Bangko Sentral ng Pilipinas and Department of the Interior and Local Government.

Maya Group president Shailesh Baidwan highlighted that the initiative provides fair, transparent credit to individuals lacking access to formal credit, helping them build a stronger financial future.

This program addresses the low percentage of formal loans accessible to MSMEs, which constitute the vast majority of businesses in the Philippines.