The Speaker Of The House Of Representatives Reminds That The New Pinjol Rules Must Prioritize Community Protection

JAKARTA - DPR Speaker Puan Maharani highlighted the process of drafting new regulations for peer to peer lending (P2P) companies or online loans (pinjol) which are currently being discussed by the Financial Services Authority (OJK). Puan reminded that the new rules must prioritize public security and protection.

"OJK must be firm in drafting regulations on online loans and prioritizing protection as well as people's security. Do not let more people be in debt," said Puan to reporters, Monday, July 15.

According to Puan, the Indonesian people are currently still not getting comprehensive literacy related to online loan rules. Finally, said Puan, many people are trapped in debt and are in difficult situations.

"In reality, there are more and more people who are in debt. So that education is an important thing to do to the community, to protect them from being trapped in a default condition," he said.

Based on OJK data, Indonesians who are in debt reach almost 5 percent. Meanwhile, the Draft OJK Regulation on Information Technology-Based Joint Funding Services (RPOJK LPBBTI) has just entered the alignment stage. In the LPBBTI RPOJK, it is planned to adjust the maximum limit of productive funding from the previous Rp2 billion to Rp10 billion.

Puan assessed that the government, in this case OJK, must be firm in enforcing the rules that keep loan consumers limited in terms and figures. Fintech Lending OJK Statistics data in 2023 found that the majority of loan customers were the younger generation, especially from the age group of 19 to 34 years.

Meanwhile, Generation Z and Millennials are listed as the age group for the largest recipients of loan credit, which is 54.06 percent or Rp 27.1 trillion.

From the data, it can be seen that the people who make the most online loans are generation Z and Millennials, this is what we must pay attention to and protect. They are the nation's future leaders who must be protected from problems like this," explained Puan.

In the draft regulation, it is explained that disbursement of funds of up to Rp. 10 billion can only be done in accordance with the predetermined terms and criteria. The criteria are that the loan service provider must have an default ratio of more than 90 days (TWP90) a maximum of 5 percent.

In addition, companies should not be under sanctions for freezing business activities in part or entirely from the OJK. Therefore, Puan emphasized the importance of education, socialization and regulatory protection to ensure the safety and comfort of the community.

"So that people understand safe online lending rules and in accordance with the economic conditions of each individual. Education, socialization, and strict regulatory guarantees and strict supervision are important so that people can make wise decisions when using online loan services," said the former Coordinating Minister for Human Development and Culture.

Puan also asked the Government to provide supervision to Fintech P2P lending. Puan emphasized that the government and other authorities must ensure that the loan services used by the community are legal services.

"How does the Government guarantee that illegal loans no longer mushroom, and firmly implement law enforcement on illegal loans that facilitate the provision of loan requirements but are very detrimental to the community because of their high interest," he said.

" Loan services must provide great benefits for the community and encourage more inclusive and sustainable economic growth," concluded Puan.