The Indonesian government and the Financial Services Authority (OJK) have made significant strides in expanding financial inclusion, creating new access to banking services for the public.
“As very encouraging news, we have successfully opened up new financial access for the Indonesian people,” said Friderica Widyasari Dewi, Chief Executive of OJK’s Supervisory Agency for Financial Services Business Conduct, Education, and Consumer Protection, during an event in Surabaya, reported Jakartaterkini.
So far, a total of 3.55m new bank accounts has been opened, marking a 0.27% increase compared with the previous year.
The insurance sector also saw strong growth, with 951,000 new policies issued, representing an increase of nearly 30%.
Finance companies added 1.47m new accounts, while the pawnshop sector saw 5m new accounts, up 45% from the previous year.
Additionally, 720,000 new financial technology (fintech) accounts were opened.
Ms Friderica highlighted that these achievements reflect responsible financial inclusion, with products designed to match consumers’ risk profiles while ensuring public protection.