TEMPO.CO, Jakarta - President Jokowi have summoned ministers and heads of state economic development agencies to hold a meeting on financial inclusion, said the Investment Coordinating Board chairman Thomas Lembong.
“I can’t yet disclose the details, but we discussed financial inclusion as a pressing issue,” Lembong told reporters Thursdaynight at the Presidential Palace.
Lembong said the meeting was held over concerns of the lack of improvement in the level of financial inclusion in Indonesia, which can be attributed to poor savings culture.
“Rupiah is prone to collapsing due to overreliance on foreign capitals,” Lembong said, adding that foreign capital influx will worsen Indonesian economic outlook.
Lembong said something must be done and prevention measures must be made through financial inclusion policy reforms. For example, by encouraging people to invest in banks, insurance, instead of investing in goods or animals.
“I had served as trade minister. Many families have cattle as their assets. The era is over. Family assets should be stashed in banks, insurance. Let the industry take care of cattle farm,” Lembong said.
Lembong said he continues to coordinate with the Financial Service Authority (OJK), banks, insurance and multifinance companies to raise the level of financial inclusion.
Earlier, Bank Indonesia Governor Agus Martowardoyo had aimed to improve the level of financial inclusion in Indonesia to 90 percent by 2023. In 2014, it only stood at 36 percent.
“Social aid will be given in the form of savings instead of cash; for people to be more prosperous,” he said on August 3.
According to the Global Financial Index, the level of financial inclusion in Indonesia is lower than that of Thailand (78 percent), Malaysia (81 percent) and above the Philippines (31 percent) and Vietnam (31 percent).
Indonesia started the program to improve financial access in 2012. Its success is indicated by the fact that 1,000 residents have been accessing formal financial services and 1,000 more have been using saving accounts in formal financial institutions.
ISTMAN MP | PUTRI ADITYOWATI
