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Jakarta Post

Financial inclusion among Indonesians improves

  • Prima Wirayani

    The Jakarta Post

Jakarta   /   Mon, January 16, 2017   /  11:15 am
Financial inclusion among Indonesians improves Financial Services Authority (OJK) chairman Muliaman D. Hadad delivers a speech at an event in Jakarta. (JP/Dana Wardhana)

More Indonesians have access to and are aware about financial services, a survey by the Financial Services Authority (OJK) shows.

The latest results of the National Survey on Financial Literacy and Inclusion (SNLIK) revealed that the financial literacy increased to 29.7 percent last year from 21.8 percent in 2013. Meanwhile, the financial inclusion index rose to 67.8 percent last year from 59.7 percent.

The authority hopes to achieve a financial inclusion rate of 75 percent by 2019, as targeted by the government, with a new program to be rolled out this year.

"We will soon initiate an assistance program, involving society and academia in the regions," OJK chairman Muliaman D. Hadad said during the OJK's annual dinner in Jakarta.

Vice President Jusuf Kalla attended the event, along with hundreds of businesspeople from the country's financial services industry.

The program will include a public information campaign and educational events, Muliaman said.

"This program will definitely require the involvement of financial services companies, too," he added.

A lack of financial inclusion has been blamed for Indonesians’ relatively low savings. Data from the International Monetary Fund (IMF) show that Indonesia’s gross national saving to gross domestic product (GDP) stood at a ratio of 30.87 percent as of 2014, compared to 46.73 percent reported by neighboring Singapore. (bbn)

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