TEMPO.CO, Jakarta - The government will increase the level of public participation in inclusive finance. Coordinating Minister of Economic Affairs Darmin Nasution said that the inclusive finance program in not necessarily new. However, to improve the program, the government will optimize it through social programs, such as social aid (Bansos), subsidies or student savings.
“They [social programs] will be carried out cashless, electronically, to make it right on target, on time,” Darmin said at the President’s Office, Jakarta, Tuesday, April 26, 2016.
Head of Financial Service Authority (OJK) Muliaman Hadad said that World Bank data found that the level of participation of Indonesian people to financial institutions is only 35 percent. With inclusive finance program, the government is aiming to increase the number to 85 percent. “We have to better encourage the implementation,” Muliaman said.
Muliaman said that the President has asked the OJK to find other ways to improve public participation in financial institutions. One of which is to open financial access for startups and fishermen. According to him, the message from the President is clear: to encourage cashless transactions in order to push inclusive finance penetration.
Cabinet Secretary Pramono Anung said digital financial services will become a new method to reduce fraud and misuse. On legal aspect, the President will prepare a Presidential Regulation to accomodate the program. “To make it less expensive, more efficient and easier,” Pramono said.
ADITYA BUDIMAN