"Our financial inclusion index has increased, from 67.8 percent in 2016 to 76.19 percent in 2019," Jokowi stated at a meeting on national financial inclusion at the State Palace in Jakarta on Tuesday.
However, the head of state noted that the index is yet below that recorded of neighboring countries in the ASEAN, with Singapore standing at 98 percent; Malaysia, 85 percent; and Thailand, 82 percent.
"This means that we still rank below them," Jokowi stated.
In the meantime, the country's financial literacy index increased, from 29.7 percent in 2016 to 38.03 percent in 2019, which the president considers is yet too low.
Hence, Jokowi has highlighted the importance of prioritizing easy access to formal financial services for all people.
He also sought further expansion of micro-financial institutions, so it can reach all citizens covered by banking services.
Jokowi has called to develop internet-based digital financial services, as internet users in Indonesia had reached 170 million, or some 64.8 percent of its total population.
"I see fintech, digital financial can become an alternative to fast and easy financial services. Fintech outstanding loans had reached Rp12.8 trillion, or increased 141 percent, in November 2019," the president stated.
The head of state also sought to expand access to formal financial services through non-banking services, such as insurance, stock market, and pension fund, to support funding from domestic investors.
"Finally, it is deemed crucial to boost consumer protection, so that people can easily and safely access formal financial services. Public trust is important and inevitable for sustainability of the financial industry and services," Jokowi added. Related news: Jokowi stresses on raising financial literacy to boost micro economy
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