OJK Stops Operational 1,466 Illegal Loans Since Early 2023

Illustration. Officers saw firsthand that loan service workers collect customers who owe after the raid on the online loan service office by the Polda Metro Jaya in Cipondoh, Tangerang, Thursday (14/10/2021). (ANTARA/Muhammad Iqbal)

JAKARTA - The Financial Services Authority (OJK) has dismissed the operational activities of 1,466 illegal online loan entities (pinjol) from January 1 to October 6, 2023.

Chief Executive of the Financial Services Business Behavior Supervisory, Education and Consumer Protection OKJ Friderica Widyasari Dewi or who is familiarly called Kiki said that in addition to eradicating illegal loans, in the same period, OJK through the Investment Alert Task Force (SWI) has closed 18 illegal investment entities.

"OJK together with all members of the Task Force consisting of 12 ministries/agencies continue to improve coordination in handling illegal online investments and loans. From January to October, the Task Force has stopped 1,484 illegal financial entities consisting of 18 illegal investment entities and 1,466 illegal online loan entities," Kiki said at a press conference on the results of the September 2023 OJK Board of Commissioners Meeting in Jakarta, Monday, October 9, confiscated by Antara.

Furthermore, Kiki explained that the OJK had received a total of 8,047 complaints from the public regarding the proliferation of illegal financial services entities. Of the 8,047 complaints, 7,710 of them were related to illegal loans, as well as 337 complaints regarding illegal investments.

"In addition, there were 8,047 complaints received. Consisting of 7,710 complaints regarding illegal online loans and 337 illegal investment complaints with the largest complaints came from West Java Province, and followed by the DKI Jakarta area," said Kiki.

OJK noted that it had received a total of 16,555 complaints from the financial services sector (SJK) during the period January to September 2023.

Of the total 16,555 complaints, 7,719 complaints came from the banking sector. Then 3,475 came from the fintech sector, 2,793 complaints from the Financing Company (PP), 1,147 came from the insurance sector and 1,421 complaints from the capital market and other non-bank financial industry (IKNB).

In addition, until September 2023, OJK has also carried out 2,058 educational activities and financial inclusion to the public which was attended by 459,111 participants.

The OJK program regarding socialization to the community called Attitude of your Money has reached 323 concerns with a total audience reaching 1,505,182 viewers. Then LMSKU OJK recorded 45,894 module accesses, with 37,320 module graduations.