President Jokowi Asks OJK To Strengthen Indonesia's Financial Inclusion And Literacy

The President of the Republic of Indonesia, Joko Widodo (Jokowi). (Photo: Doc. Antara)

JAKARTA - President Joko Widodo (Jokowi) asked the Financial Services Authority (OJK) to participate in strengthening financial inclusion and literacy so that the Indonesian economy is more inclusive and sustainable. This is driven by the level of Indonesia's financial inclusion of only 75 percent.

"In my notes here, our level of financial inclusion is at 75 percent, and our level of financial literacy is still at 65 percent in 2023," said Jokowi at the 2024 Financial Services Industry Annual Meeting, Jakarta, February 20, 2024.

Jokowi added the importance of support for micro, small and medium enterprises (MSMEs) through banking and insurance. Thus, MSMEs in the country can grow better because bank credit for MSMEs is still low.

And no less important is our support for MSMEs through banking and insurance. Banking credit for MSMEs is currently still at 19 percent. This requires a breakthrough, a strategy is needed so that there is an increase in MSME capital banking loans so that we can see our MSMEs grow well," he said.

Jokowi also appreciated the improvement of Indonesia's sustainable financial taxonomy by the Financial Services Authority (OJK). According to him, green financial initiatives can balance aspects of the economy, environment and inclusiveness.

"Thank you, ladies and gentlemen, for your hard work in advancing the financial sector and let's work together to overcome the challenges and achieve our better economic growth," he explained.

In addition, Jokowi said he was optimistic about Indonesia's economic growth in 2024 and reminded all parties to remain careful and alert to global economic changes that are very fast and disruptive technology.

"Earlier, I said that geopolitics is still unclear when it will be completed, we have to learn a lot about past cases in 1998, Asian financial crisis, then 2018 and 2023 we saw suddenly yesterday the fall of the silicon valley bank, this also requires us all to be careful in protecting our financial industry, our economy," he said.