Gov’t Strengthens Financial Inclusion by Providing Bank Accounts for Public

The Government continues to strengthen the public’s financial inclusion and literacy by providing bank accounts for Indonesian citizens. The measure was among the key topics discussed at a limited meeting chaired by President Prabowo Subianto alongside his cabinet members and staff at the Merdeka Palace, Jakarta, on Monday (09/07).

Coordinating Minister for Economic Affairs Airlangga Hartarto stated that the Government had discussed bank account ownership among Indonesian citizens, referring to the results of the survey or census conducted by the Financial Services Authority (OJK) in collaboration with Statistics Indonesia (BPS).

“The discussion with the President dealt with bank account ownership among Indonesian families or citizens. It was stated earlier that based on the survey or census conducted by OJK and BPS, our financial inclusion rate has reached 93.62 percent, while our financial literacy stands at 63.57 percent,” the Minister stated.

According to the Minister, these achievements indicated that Indonesia possesses a relatively strong level of financial inclusion and literacy compared to standards applied by member countries of the Organisation for Economic Co-operation and Development (OECD). The Minister noted that the Government would continue to push for further improvements to optimize these achievements.

“Actually, these figures are relatively good. If we compare them with the OECD, for instance, the OECD’s standard for financial literacy is [around] 63 percent, whereas our survey showed at 69.57 percent,” he said.

At the meeting, the President also instructed that Indonesian citizens should be provided with bank accounts. To support this initiative, the Government will prepare accounts through PT Bank Rakyat Indonesia (Persero) Tbk (BRI) and Bank Syariah Indonesia (BSI).

“The President instructed earlier that citizens should have bank accounts. Therefore, BRI and BSI have been directed to prepare accounts for the public. The data to be used will come from the Directorate General of Population and Civil Registration (Dukcapil) [of the Ministry of Home Affairs], and this data will subsequently be matched with the systems set up at Bank Indonesia, particularly for its payment system,” he explained.

In addition to matching population data with systems available at Bank Indonesia, the Government will also encourage the use of digital payment systems via Quick Response Code Indonesian Standard (QRIS). The measure is expected to expand public access to financial services while enhancing financial literacy at the same time.

“Second, the gateway system will utilize QRIS. This is being prepared so that our financial literacy and inclusion can reach optimal levels, higher than what we have already achieved. Moving forward, various programs will be channeled to the accounts prepared for citizens,” he concluded. (BPMI of Presidential Secretariat) (YA/TM)