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Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) stated that the current level of national financial inclusion has reached 76.2%, slightly better than the 2019 financial inclusion target of 75%.
Although it has increased, this achievement is still lower than other countries such as China and India with a financial inclusion index of 80%, as well as ASEAN countries such as Malaysia with 85% and Thailand with 82% in 2017 according to the Bank’s Global Findex World.
According to Regulation OJK Number 76 / POJK.07 / 2016, financial inclusion is the availability of access to various financial institutions, products and services according to the needs and capacities of the community to improve well-being.
Tirta Segara, a member of the OJK Board of Commissioners for Education and Consumer Protection, stated that financial inclusion in Indonesia is not yet evenly distributed.
This is because access to finance in urban areas is 83.6% higher than in rural areas, 68.5%. President JOko Widodo also previously expected that in the next 4 years, financial inclusion would increase to 90%.
“Therefore, we continue to focus on intensifying financial education and literacy, especially for younger generations, so that in the future they will better understand and understand financial products or services,” said Tirta Segara, inaugurating Inclusion Month. Financial 2020, Monday (5/10). / 2020) online.
Tirta continued, financial inclusion has an important role in accelerating the national economic recovery due to the Covid-19 pandemic.
There are three reasons why financial inclusion is critical.
First, financial inclusion is believed to be in line with and positively correlated with economic growth, and expanding access to finance can reduce inequality in people’s well-being.
Second, encourage the process of national economic recovery, as a facilitator for the smooth provision of financial support for all levels of society and business actors, especially those that are difficult to access.
“The role of financial inclusion third, financial inclusion to support the economic resilience of the community or resilience in any situation and condition, “he said.
On the same occasion, the deputy for Macroeconomic and Financial Coordination of the Coordinating Ministry of Economic Affairs, Iskandar Simorangkir, said that financial inclusion also plays an important role in accelerating the National Economic Recovery program (PEN).
In particular, accelerate the provision of credit to MSMEs so that their businesses can grow again and approach normal conditions.
“Meanwhile, the savings movement is the next priority given the need for the public to spend to boost the real sector,” Iskandar said.
Iskandar continued, one of the forms of working capital granted by the government to UMKM is Presidential Assistance (Banpres) Cash. This helps to reactivate business activities that have stopped.
In addition, the Government launched the Super Micro People’s Business Credit (KUR) (SUMI) with a credit amount of up to IDR 10 million for housewives (RT) and laid off workers who want to do business with 0% interest until December 2020 .
Financial inclusion doesn’t stop there. The government also provides an additional 6% interest subsidy for SMEs and KUR debtors, so that KUR interest for all schemes will be 0% by the end of this year.
In addition, the OJK has also helped to downsize MSMEs with credit restructuring due to Covid-19 by relaxing credit policies with POJK Number 11.
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