Many Illegal Loans Under The Guise Of Savings And Loan Cooperatives, OJK Encourages The Active Role Of Kemenkop UKM

JAKARTA - The Financial Services Authority (OJK) continues to encourage the active involvement of the Ministry of Cooperatives and Small and Medium Enterprises (Kemenkop UKM) in helping to eradicate illegal online loans (pinjol). This was revealed by the Deputy Chairman of the Investment Alert Task Force Wiwit Puspasari in a webinar.

According to him, synergies and cross-sectoral cooperation are needed to be able to suppress financial service institutions that are not in accordance with the applicable regulations.

"We also ask the Ministry of Cooperatives to continue to provide guidance and education to savings and loan cooperatives (KSP). Why KSP? Because many of these illegal loans are disguised as savings and loan cooperatives," he said, quoted on Wednesday, November 3.

Wiwit added that the collaboration with the ministry led by Teten Masduki complements OJK's collaboration with a number of ministries and institutions, such as Bank Indonesia, the Ministry of Trade, the Ministry of Communications and Information Technology, to the National Police and the Attorney General's Office.

"Therefore, the role of the Ministry of Cooperatives and SMEs is very important to be able to protect the community from losses due to illegal loans," continued Wiwit.

For information, OJK reports that until October 28, 2021, there are only 104 legal online loan companies. Of this amount, the record for disbursement of funds has reached Rp262.9 trillion since the loan was introduced in 2016. Meanwhile, the total number of illegal borrowings that have been blocked by the authorities is 3,515 entities