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OJK now keeps tabs on literacy, inclusion in fintech sphere
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Boosting financial literacy is key to accelerating financial inclusion in Indonesia, according to the Financial Services Authority (OJK). (JP/Muthi Kautsar)
T
he Financial Services Authority (OJK) has expanded its regular monitoring of financial inclusion and literacy to the fintech industry to gauge the accessibility of services, as well as people’s understanding of those services.
Currently, the OJK’s financial inclusion and literacy surveys conducted every three years only assess the accessibility of mainstream financial services, such as those offered by banks, insurance companies, brokers, pension funds, multi-finance firms, micro-lenders and pawnshops.
To get a more precise picture, the OJK has also decided to conduct the survey annually instead of triennially.
“We have included fintech in our survey, as it has become an increasingly [significant] phenomenon in the financial industry,” Friderica “Kiki” Widyasari Dewi, who heads the OJK’s consumer education and protection department, told reporters on Friday.
Read also: Indonesian fintechs look abroad for new growth
Even though fintech was only adopted on a mass scale by Indonesians a few years ago, it already accounts for the third-largest number of complaints among the segments under the OJK’s supervision, quickly closing in on banks and insurance firms.
In the first nine months of this year, the watchdog logged 2,019 complaints regarding fintech services, almost a fifth of all complaints it received. Most complaints, namely 5,147, concerned banks, and another 2,089 multi-finance firms in the nonbank sector, OJK data show.
