TheJakartaPost
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Financial inclusion was supposed to be a lifeline; instead, it has become a dragnet. From predatory lending apps to algorithms that harvest "poverty as spectacle," the digital economy is transforming human desperation into a high-growth market.
The migrant worker ecosystem needs to innovate from the current focus on remittance flows toward an integrated design that aims for empowerment toward financial inclusion and long-term financial health as the ultimate outcome.
PT Akulaku FInance Indonesia, a digital technology-based multifinance company that provides Buy Now Pay Later (BNPL) and installment service solutions as part of Akulaku Group, continues to broaden financial inclusion across the country through its partnership with Credit Bureau Indonesia, a leading provider of credit information solutions for the financial sector.
One solution to bridging the financial inclusion gap in Indonesia is ICS, which enables lenders to assess a loan applicant's creditworthiness through nontraditional data points, like utility payments and e-commerce transactions.
The most pressing issue with the financial inclusion program in Indonesia lies in the following areas: first, the readiness of beneficiaries in managing bank accounts; and second, policy mistranslation from national and local to rural levels.
