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Jakarta Post

Cultural lens in speeding up financial inclusion

  • Frenky Simanjuntak

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Jakarta   /   Mon, August 5, 2019   /  10:36 am
Cultural lens in speeding up financial inclusion According to the World Bank 2017 Findex report, only 49 percent of Indonesia’s adult population, aged above 15 years, owned a bank account. (JP/Budhi Button)

A humble warung (mom-and-pop store) stands at the corner of a narrow street in a modest neighborhood of Rawa Belong in West Jakarta. Nothing makes this store stand out from other warung in the area except a slightly discolored banner that hangs in front of it. The sign shows the name of the warung, Toko Novi, along with a logo of a state-owned bank and name. The sign also displays the offer of services usually found in banks, such as opening an account to make deposits, withdrawals, money transfers and bill payments. Unknown to casual observers, Toko Novi is part of the government’s effort to augment financial inclusion. According to the World Bank 2017 Findex report, only 49 percent of Indonesia’s adult population, aged above 15 years, owned a bank account. The government launched the Laku Pandai and Layanan Keuangan Digital (LKD) initiatives...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.