The program is expected to drive development and improve the village residents' welfare, chief executive of financial services providers' monitoring, education, and consumers' protection at the OJK Friderica Widyasari Dewi noted.
"This Inclusive Financial Ecosystem Program is different as compared to our previous program, because here, we do not do an event, which is one time only, but also offered coaching from pre-incubation, incubation, to post-incubation," she said.
Dewi made the statement at the kick-off of the Inclusive Financial Ecosystem Generic Model in Nagari Sumpur, Tanah Datar, West Sumatra, on Thursday.
The program, hosted in a village scope, will utilize the village's potentials, such as natural resources and socio-cultural and financial aspects, with access to funding offered by several financial services providers, such as banks, insurance institutions, and the stock market, Dewi pointed out.
She noted that some stakeholders involved in the program, ranging from the regional government to the Tourism and Creative Economy Ministry; Village, Development Of Disadvantage Region, and Transmigration Ministry; and Bank of Indonesia, will integrate their roles through various financial services products, such as student's bank account, security crowdfunding, pension fund, QRIS, and peer-to-peer fintech.
Dewi stated that the Regional Financial Access Team can also emulate the program in future and apply it across Indonesia.
She explained that West Sumatra was selected for the program's kick-off, given its low financial literacy and inclusion, at 40.7 percent and 76.88 percent respectively, as compared to the national average rate of 49.68 percent and 85.1 percent respectively, the data for which was obtained from the 2022 National Survey of Financial Literacy and Inclusiveness.
The program will also include comprehensive financial literacy education for villagers aimed at informing them of conventional and sharia financial institutions, products, and services, she noted.
This educational activity is conducted in collaboration with relevant ministries and institutions, the provincial government, district and municipal governments, as well as the Regional Financial Access Team, Dewi remarked.
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Translator: Citro Atmoko
Editor: Rahmad Nasution
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