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The Financial Services Authority (OJK) is currently working to advance its financial inclusion program as part of efforts to expand broader public access to financial services across Indonesia. This program will be mostly dedicated to underprivileged individuals and micro and small businesses.
“Various micro credit programs that have been launched in the last two decades seem yet to be optimal, which is apparent from the latest Financial Inclusion Index of Indonesia that remains at 20 percent. This is still considered low in Asia,” said Muliaman D. Hadad, Chairman of the Board of Commissioners of the OJK, on Tuesday.
Mr. Hadad expressed his hopes that his institution can provide a solution to this problem. In doing so, he continued, the OJK should have an advantage, considering that it possesses authority to regulate and supervise all financial service sectors. He further explained that the OJK has two primary advantages in dealing with this issue.
“First, the financial inclusion programs and strategies, and monitoring their achievements, can be conducted in a much more comprehensive and integrated manner from the supply, demand, and infrastructure aspects. Second, the mandate received by the OJK to carry out consumer financial education and protection is another value add to accelerate the inclusion of the financial sector, particularly from the demand aspect,” explained Muliaman.
Mr. Hadad also said that Indonesia, with a large number of citizens populating the vast archipelago, poses challenges to the banking and non-banking financial institutions in providing financial services. Consequently, not all micro and small enterprises, which comprise almost 99 percent of all businesses in Indonesia, can adequately receive financial services.
To overcome this challenge, the government and the OJK are focusing on expanding access to financial services for underprivileged citizens, as well as micro and small enterprises, in their national financial inclusion strategy.
Mr. Hadad asserts that this strategy, along with its corresponding programs, must be effectively drafted and coordinated as the financial inclusion system also affects other holistic objectives. For instance, reducing poverty, and distributing income to increase sustainable economic growth—without sacrificing the stability of Indonesia’s financial system.
In this endeavor, Mr. Hadad continued, it is possible that in the near future, digital technology and advanced telecommunication technologies will be used to deepen the geographical reach of financial services. The direction of this initiative will not be limited to underprivileged citizens, but will also include the existing population with limited access to financial services.
(hot/kc)
The Financial Services Authority (OJK) is currently working to advance its financial inclusion program as part of efforts to expand broader public access to financial services across Indonesia. This program will be mostly dedicated to underprivileged individuals and micro and small businesses.“Various micro credit programs that have been launched in the last two decades seem yet to be optimal, which is apparent from the latest Financial Inclusion Index of Indonesia that remains at 20 percent. This is still considered low in Asia,” said Muliaman D. Hadad, Chairman of the Board of Commissioners of the OJK, on Tuesday.
Mr. Hadad expressed his hopes that his institution can provide a solution to this problem. In doing so, he continued, the OJK should have an advantage, considering that it possesses authority to regulate and supervise all financial service sectors. He further explained that the OJK has two primary advantages in dealing with this issue.
“First, the financial inclusion programs and strategies, and monitoring their achievements, can be conducted in a much more comprehensive and integrated manner from the supply, demand, and infrastructure aspects. Second, the mandate received by the OJK to carry out consumer financial education and protection is another value add to accelerate the inclusion of the financial sector, particularly from the demand aspect,” explained Muliaman.
Mr. Hadad also said that Indonesia, with a large number of citizens populating the vast archipelago, poses challenges to the banking and non-banking financial institutions in providing financial services. Consequently, not all micro and small enterprises, which comprise almost 99 percent of all businesses in Indonesia, can adequately receive financial services.
To overcome this challenge, the government and the OJK are focusing on expanding access to financial services for underprivileged citizens, as well as micro and small enterprises, in their national financial inclusion strategy.
Mr. Hadad asserts that this strategy, along with its corresponding programs, must be effectively drafted and coordinated as the financial inclusion system also affects other holistic objectives. For instance, reducing poverty, and distributing income to increase sustainable economic growth—without sacrificing the stability of Indonesia’s financial system.
In this endeavor, Mr. Hadad continued, it is possible that in the near future, digital technology and advanced telecommunication technologies will be used to deepen the geographical reach of financial services. The direction of this initiative will not be limited to underprivileged citizens, but will also include the existing population with limited access to financial services.
(hot/kc)
ANT, Andin Aditya Rahman
The Financial Services Authority (OJK) is currently working to advance its financial inclusion program as part of efforts to expand broader public access to financial services across Indonesia. This program will be mostly dedicated to underprivileged individuals and micro and small businesses.
“Various micro credit programs that have been launched in the last two decades seem yet to be optimal, which is apparent from the latest Financial Inclusion Index of Indonesia that remains at 20 percent. This is still considered low in Asia,” said Muliaman D. Hadad, Chairman of the Board of Commissioners of the OJK, on Tuesday.
Mr. Hadad expressed his hopes that his institution can provide a solution to this problem. In doing so, he continued, the OJK should have an advantage, considering that it possesses authority to regulate and supervise all financial service sectors. He further explained that the OJK has two primary advantages in dealing with this issue.
“First, the financial inclusion programs and strategies, and monitoring their achievements, can be conducted in a much more comprehensive and integrated manner from the supply, demand, and infrastructure aspects. Second, the mandate received by the OJK to carry out consumer financial education and protection is another value add to accelerate the inclusion of the financial sector, particularly from the demand aspect,” explained Muliaman.
Mr. Hadad also said that Indonesia, with a large number of citizens populating the vast archipelago, poses challenges to the banking and non-banking financial institutions in providing financial services. Consequently, not all micro and small enterprises, which comprise almost 99 percent of all businesses in Indonesia, can adequately receive financial services.
To overcome this challenge, the government and the OJK are focusing on expanding access to financial services for underprivileged citizens, as well as micro and small enterprises, in their national financial inclusion strategy.
Mr. Hadad asserts that this strategy, along with its corresponding programs, must be effectively drafted and coordinated as the financial inclusion system also affects other holistic objectives. For instance, reducing poverty, and distributing income to increase sustainable economic growth—without sacrificing the stability of Indonesia’s financial system.
In this endeavor, Mr. Hadad continued, it is possible that in the near future, digital technology and advanced telecommunication technologies will be used to deepen the geographical reach of financial services. The direction of this initiative will not be limited to underprivileged citizens, but will also include the existing population with limited access to financial services.
(hot/kc)
The Financial Services Authority (OJK) is currently working to advance its financial inclusion program as part of efforts to expand broader public access to financial services across Indonesia. This program will be mostly dedicated to underprivileged individuals and micro and small businesses.“Various micro credit programs that have been launched in the last two decades seem yet to be optimal, which is apparent from the latest Financial Inclusion Index of Indonesia that remains at 20 percent. This is still considered low in Asia,” said Muliaman D. Hadad, Chairman of the Board of Commissioners of the OJK, on Tuesday.
Mr. Hadad expressed his hopes that his institution can provide a solution to this problem. In doing so, he continued, the OJK should have an advantage, considering that it possesses authority to regulate and supervise all financial service sectors. He further explained that the OJK has two primary advantages in dealing with this issue.
“First, the financial inclusion programs and strategies, and monitoring their achievements, can be conducted in a much more comprehensive and integrated manner from the supply, demand, and infrastructure aspects. Second, the mandate received by the OJK to carry out consumer financial education and protection is another value add to accelerate the inclusion of the financial sector, particularly from the demand aspect,” explained Muliaman.
Mr. Hadad also said that Indonesia, with a large number of citizens populating the vast archipelago, poses challenges to the banking and non-banking financial institutions in providing financial services. Consequently, not all micro and small enterprises, which comprise almost 99 percent of all businesses in Indonesia, can adequately receive financial services.
To overcome this challenge, the government and the OJK are focusing on expanding access to financial services for underprivileged citizens, as well as micro and small enterprises, in their national financial inclusion strategy.
Mr. Hadad asserts that this strategy, along with its corresponding programs, must be effectively drafted and coordinated as the financial inclusion system also affects other holistic objectives. For instance, reducing poverty, and distributing income to increase sustainable economic growth—without sacrificing the stability of Indonesia’s financial system.
In this endeavor, Mr. Hadad continued, it is possible that in the near future, digital technology and advanced telecommunication technologies will be used to deepen the geographical reach of financial services. The direction of this initiative will not be limited to underprivileged citizens, but will also include the existing population with limited access to financial services.
(hot/kc)