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Jakarta Post

Trail blazing for digital financial inclusion

  • M. Irwan Setyawan

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PREMIUM
Jakarta   /   Thu, November 28, 2019   /  09:05 am
Trail blazing for digital financial inclusion Most Indonesians still lack access to financial services, meaning that they do not have bank accounts and lack opportunity to engage in broader economic activities. According to the World Bank Global Findex in 2017, the unbanked population was about 50 percent. (JP/R. Berto Wedhatama)

Indonesia has made significant progress in financial inclusion over the last five years. In 2017, the World Bank reported Indonesia had the biggest account ownership increase in the East and Asia Pacific Region between 2014 and 2017, up from 36 to 49 percent. Additionally, the second national survey on financial literacy and inclusion conducted by the Financial Services Authority (OJK) in 2016 revealed that the financial inclusion indexes stood at 67.82 percent. That is about 8 percent higher than in 2013. However, most Indonesians still lack access to financial services, meaning that they do not have bank accounts and lack opportunity to engage in broader economic activities. According to the World Bank Global Findex in 2017, the unbanked population was about 50 percent. Therefore, there is still much to do. Last month, the National Council for Financial Inclusion hosted the Indon...

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