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JP/Dhoni SetiawanThe clamor of fintech lending in recent years should not distract us from the various government outreach financial inclusion programs that help more Indonesians gain access to not just loans but also saving, insurance and payment services. Laku Pandai (Smart Act branchless banking), digital financial services and the digitization of social assistance have contributed to the increase of Indonesia’s financial inclusion rate from 20 percent in 2011 to 36 percent in 2014, and further to 49 percent in 2017 (World Bank, 2018). Nevertheless, at roughly 5 percent of annual growth on average, the inclusion rate for 2019 is estimated at 65 percent at best, thus missing the government target of a 75 percent inclusion rate.So, what improvements can be made to the running programs to accelerate Indonesia’s financial inclusion? Furthermore, if we compare Indonesia’s progress to...
