19 Pinjol Contained By Congested Loans, OJK Boss Reveals The Problem
JAKARTA - The Financial Services Authority (OJK) noted that until the November 2023 period there were 19 fintech peer to peer (P2P) lending operators, aka online loans (pinjol) that had bad credit or 90-day Wanprestasi Level (TWP) above 5 percent.
The Chief Executive of the Supervision of Financing Institutions, Ventura Capital Companies, Micro Financial Institutions, and Other Financial Services Institutions OJK, Agusman explained that there are several factors that cause dozens of P2P lending or loan fintech operators to continue to increase.
Agusman explained that the change in the number of TWP90 in fintech P2P lending was always dynamic. During the Covid-19 Pandemic period, for example, the TWP90 industry was recorded as having the highest position reaching 8.88 percent in August 2020.
"Several factors related to changes to TWP90 include, among others, the platform's ability to facilitate the distribution of funds so that it can affect the outstanding funding and the amount of funding that is included in the period of traffic jams," he said in his statement, quoted on Sunday, January 14, 2024.
Agusman also assessed other factors such as credit scoring quality for potential loan recipients and third, the lack of quality of the ongoing loan collection process.
Finally, the large number of collaborations with ecosystems such as the provision of other credit insurance facilities is one of the volatility factors of TWP90 which can affect the quality of bad credit for P2P fintech operators.
Agusman explained that seeing this, OJK has asked loan operators to be able to send an action plan related to the plan to reduce the TWP value.
SEE ALSO:
"OJK has asked the organizers to send an action plan related to the plan to reduce the value of TWP above 5 percent and is currently still in the monitoring process," he explained.
Agusman emphasized that if the conditions were worse, the OJK would carry out further surveillance measures. In addition, his party asked P2P lending organizers to be able to publish loan quality data so that consumers and prospective consumers can directly monitor the credit quality data of a P2P lending platform.