OJK Records More Indonesians Using Online Loans, Total Reaches IDR 66.79 Trillion

JAKARTA - The Financial Services Authority (OJK) noted that the total online loans or pinjol of Indonesian citizens through peer to peer lending (P2P) companies experienced growth throughout the first semester of 2024. In fact, the value reached IDR 66.79 trillion.

Chief Executive Supervisor of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions OJK, Agusman said that financing through P2P increased by 26.73 percent annually or year on year (yoy) from IDR 52.70 trillion to IDR 66.79 trillion.

"The fintech industry, P2P lending, and gambling financing in 2024 continued to increase by 26.73 percent year on year. Last May it increased by 25.44 percent yoy with IDR 66.79 trillion," he said in a virtual press conference, Monday, August 5.

Meanwhile, Agusman continued, venture capital financing was corrected by 10.97 percent yoy to IDR 16.22 trillion in June 2024.

Furthermore, Agusman continued, OJK also noted that the level of bad loans for online loans (TKMP90) had decreased in June 2024.

"The level of bad credit risk is maintained at 2.79 percent, in May it was 2.91 percent," he explained.

Previously, Chairman of the OJK Board of Commissioners Mahendra Siregar said that the board of commissioners meeting assessed that the financial services sector was still stable. This condition is supported by a strong level of capital and adequate liquidity amid global uncertainty.

Even so, Mahendra said OJK is aware of a number of risks arising from geopolitical conflicts. As is known, tensions are still occurring in several regions.

In addition, continued Mahendra, fluctuations in commodity prices can affect export performance. Including, global financial market conditions due to the impact of developed countries' benchmark interest rate policies.

"In the midst of mixed global financial market conditions. OJK remains aware of risk factors that have the potential to affect the financial services sector in the future," he said in a virtual press conference, Monday, August 5.