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Jakarta Post

Fintech boosts financial inclusion by creating access for unbanked: Survey

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Fri, November 15, 2019   /  07:08 am
The Jakarta Post Image
Illustration of financial technology (fintech).(Shutterstock/File)

Financial technology (fintech) companies, together with the government’s noncash social aid program, have improved financial inclusion in the country by giving more people access to financial services, a recent survey shows. According to the 2018 Financial Inclusion Insights survey, the results of which were published by the National Committee for Financial Inclusion (DNKI) on Thursday, 55.7 percent of the respondents had formal financial accounts with banks, fintech companies or cooperatives in 2018. That figure marks a jump in financial inclusion from 35.1 percent in 2016 and moves the country closer to President Joko “Jokowi” Widodo’s target of 75 percent of financial inclusion by the end of this year. If achieved, 75 percent of the country’s adult population would have access to financial services, such as savings, loans, insurance, pensions a...