PayMaya to establish its digital bank

To be known as Maya Bank, the digital bank will leverage PayMaya’s financial technology company to operate an end-to-end FinServ (financial services) ecosystem with its e-wallet, an extensive on-ground digital remittance network through Smart Padala, and a non-bank merchant payments processing business.

With the digital banking licence, Maya Bank’s primary focus will be the unbanked and underserved population of consumers and micro, small, and medium-sized enterprises (MSMEs). According to the official press release, it also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments.