Student Accounts At Banks Have Reached IDR 9 Trillion

Illustration. (Photo: Pixabay)

JAKARTA - The Financial Services Authority continues to increase synergy with the banking industry, ministries and local governments to encourage financial inclusion, especially for students. This is done through the Student Savings program towards an account ownership program for all students in Indonesia by the end of 2022.

"OJK will continue to campaign for a culture of saving from an early age through educational activities and expanding access to finance throughout Indonesia. We will cooperate with the banking industry, ministries / institutions and related stakeholders," said OJK Board of Commissioners Member for Education and Consumer Protection Tirta Segara in written statement, Tuesday 25 February.

OJK together with the banking industry have initiated the Student Savings program (SimPel / SimPel iB) which was launched by the President of the Republic of Indonesia on June 14, 2015. SimPel / SimPel iB is a financial inclusion program that aims to encourage a culture of saving from an early age.

The development of the iB SimPel / SimPel program up to 2019, it was recorded that 381 banks had participated in SimPel / SimPel iB and 381,867 schools had collaborated with banks. The number of accounts recorded was 21,865,176 and a nominal savings of IDR 9 trillion.

Currently SimPel / SimPel iB has also been used to distribute the Smart Indonesia Program (PIP) aid from the Ministry of Education and Culture (Kemendikbud) and the Ministry of Religion.

In addition, until early 2020, there are 11 regions that have committed to support the Indonesia Savings Action by issuing Circular (SE) from the Regional Head, namely Riau Province, DKI Jakarta Province, Central Java Province, East Java Province, South Sulawesi Province, Province West Sumatra, Lampung Province, North Sulawesi Province, Ambon City, Samarinda City, and Merangin Jambi Regency.

The Director General of Primary and Secondary Education of the Ministry of Education and Culture has issued SE Number 581 / D / HK / 2019 concerning the Student Savings Program on May 27, 2019, which is addressed to the Regional Head to urge the Education Office to actively participate in the implementation of a culture of saving in schools, especially through SimPel / SimPel iB.

Previously, at the Limited Meeting of the National Strategy for Financial Inclusion (SNKI) on January 28, 2020, the President gave directions to increase Indonesia's financial inclusion, which is currently 76.19 percent to above 90 percent in 2023. The President also hopes that students and students can be attracted to use products from national banks so as to increase financial inclusion.

OJK has carried out various activities to achieve this direction, such as holding the Indonesian Student Action to Save in synergy with the banking industry and ministries / institutions. In addition, a national program of saving account ownership for all students in Indonesia or One Student One Account (OSOA) was also launched.

To support the implementation of the SimPel and OSOA programs, since 2018 a regular bank visit to school (Bank Goes to School) has been initiated at least once a month.