Jakarta (ANTARA) - Bank Indonesia (BI) and the Indonesian Migrant Workers Protection Agency (BP2MI) collaborated to boost financial literacy and drive the economic empowerment of Indonesian migrant workers (PMI).

This collaboration was marked by the signing of a Memorandum of Understanding (MoU) on Cooperation and Coordination in the Economic and Financial Empowerment Sector as well as Statistics on Indonesian Migrant Workers, carried out by BI Deputy Governor Juda Agung and Head of BP2MI, Benny Rhamdani.

"The financial literacy and community empowerment (for PMI) must be improved through synergy with BP2MI," Agung remarked at the MoU signing at the BI Head Office on Friday.

He stated that collaboration between the two institutions emphasizes two crucial aspects, namely literacy in financial services and payment systems as well as the economic empowerment of PMI.

"We will carry out a literacy outreach of the payment system and the financial system for PMI before they leave and while they are working. This is part of BI's consumer protection, especially in the payment system," he remarked.

Agung stated that collaboration between the two institutions will also encourage the economic empowerment of PMI to help them use their income to carry out economic activities that improve their standard of living.

Before departing for destination countries, the PMI will be imparted financial literacy to manage money and use financial services, such as conducting bank transfers, Agung remarked.

On arrival in destination countries, the PMI should also be educated on the use of safe, affordable, and reliable remittances or fund transfers, he emphasized.

"We will increase literacy regarding this payment system, including for fund transfers and consumer protection. PMI are users of financial services who need consumer protection from BI as the authority of payment systems," he explained.

Agung stated that financial literacy is also useful for preventing PMI from getting involved in fraud and fraudulent investments.

He affirmed that all BI representative offices across regions in Indonesia can provide economic outreach to help PMI gain the ability to develop economic businesses in various sectors, such as agriculture, food, fashion, and crafts, once they return to Indonesia.

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Translator: Martha Herlinawati S, Resinta Sulistiyandari
Editor: Azis Kurmala
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