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RI's inclusive finance targeted to rise to 90% by 2017
The Financial Services Authority (OJK) is targeting that Indonesiaâs inclusive finances, which include peopleâs banking and financial literacy as well as banking participation, will reach 90 percent by 2017
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he Financial Services Authority (OJK) is targeting that Indonesia's inclusive finances, which include people's banking and financial literacy as well as banking participation, will reach 90 percent by 2017.
'We will continue to educate people and push them to become banking consumers. We will also continuously push the related parties to become bank agents,' OJK commissioner council chairman Muliaman D. Hadad said as quoted by Antara news agency after he opened a finance literacy international seminar in Nusa Dua, Bali, on Tuesday.
OJK survey data shows that in 2013, the level of finance literacy in Indonesia stood at 21 percent while the public's inclusiveness as banking consumers reached 59.7 percent.
With such a low level of inclusive finance, Muliaman said, the government, local administrations and the OJK had to boost banking assistance and education activities as well as micro, small and medium enterprises' acceptability.
Among efforts the OJK had conducted to boost inclusive finance were creating branchless banking programs, he said.
Muliaman said branchless banking programs were targeting people living in remote areas that were far from banks' reach, poor people and people in cross-border provinces.
'Branchless banking is a communication and technology innovation as it uses telecommunication providers that are an important part of banking penetration efforts and education tools,' said Muliaman.
Currently, at least 16 national banks in Indonesia have expressed their commitment to the branchless banking program by creating hundreds of thousands of agents, as the extension of banks, which have a duty to educate people and involve them in the financial sector. (ebf)(+++)
