Bappenas Recommendations Regarding Financial Inclusion from the Supply and Demand Sides

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“Based on the ratio of M2 to GDP compared to countries around Asean, we are still low figures until 2018. and this is what we are trying to increase,”

Jakarta (Bintangtimur.net) – The Minister for National Development Planning attended the Coordination Meeting with Coordinating Minister of Economic Affairs which was conducted virtually. On Monday, March 8, 2021. The Meeting is discussed the National Council for Financial Inclusion in 2021.

When opening his presentation, the Minister explained that the shallowness of Indonesia’s financial sector compared to other countries is still one of the main issues in the financial sector.

“Based on the ratio of M2 to GDP compared to countries around Asean, we are still low figures until 2018. and this is what we are trying to increase,” said the Minister.

Furthermore, the Minister explained the policy direction of financial sector in the 2020-2024 RPJMN.

“The policy direction of financial sector in the 2020-2024 RPJMN is financial inclusion, but at the same time there are a series of homeworks for our expansion of financial product innovation and the use of technology. We know exactly that now digital transactions have increased tremendously, then we also hope that the placement of export proceeds in the domestic financial system and also financial literacy to encourage financial inclusion through financial education for families who receive social assistance benefits,” he said.

The Minister also discussed the achievements of the 2020 Government Work Plan, related to priority activities to increase the deepening of the financial sector.

“Our notes in the 2020 RKP are related to priority activities to increase the deepening of the financial sector. Its performance up to the fourth quarter is above the target of reaching 110.60% from the target of 40.4 to 44.7. indeed related to ATMs per 100,000 population, there was a decline, the number of bank offices per 100,000 population increased to 115.01%,” said the Minister.

Closing his presentation, the Minister conveyeded Bappenas recommendations regarding financial inclusion from the supply and demand side.

“Bappenas recommendations regarding financial inclusion from the supply side are optimizing the role of the team to accelerate regional financial access, with the main programs, among others, encouraging diversification of digital financial products and services that can be accessed easily, strengthening financial access infrastructure, increasing financial literacy, assistance and mentoring. includes MSME training and local government assistance for the issuance of regional bonds,” said the Minister.

“From the demand side, is optimizing the use of products and programs in the financial sector for the real sector, especially to help the post-Covid-19 economic recovery, such as the use of KUR, rice farming insurance, cattle business insurance, fishermen insurance, one student one account program, expansion. programs that target other unbanked priority targets, for example, migrant workers, community groups with social welfare problems, disabilities, outermost communities,” concluded the Minister. (APL)

Edt: Redaksi (AN)