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Jakarta Post

Editorial: Access to financial services

  • The Jakarta Post

  /   Fri, July 1 2011   /  08:00 am

The unfortunate fact that around 40 million people or more than 25 percent of Indonesia’s adult population have no access to formal financial services, and even have never opened a bank account, is a true reflection of the skewed distribution of finance, which is hindering growth and the development of poor households and small businesses.

But the problem, as cited by Bank Indonesia deputy governor Muliaman Hadad at a conference on financial literacy and financial inclusion policy in Jakarta early this week, requires a solution from both the supply and demand sides.

This means the government should play an important regulatory and facilitating role in enhancing financial inclusion for a greater percentage of the population, while the private sector — financial service institutions — should see the huge untapped market for financial services as a great opportunity for...