Financial inclusion: Collaborative efforts to address poverty
Underprivileged citizens today live in an economy that exposes them to certain risks, like unpredictable incomes and high daily expenses. With around 70% of the population still excluded, Indonesia has taken major leaps to improve the situation. Since the preceding high-level talks in 2010, Bank Indonesia (BI) and the Financial Services Authority (OJK) have focused on how to provide better access to financial services. The disproportional knowledge between the banking industry and the population in general is quite severe, and a product to address the specific needs of the economically active poor and micro entrepreneurs is essential. Moreover, the challenges of financial inclusion do not stop when formal financial services are provided. It goes beyond service provision to educating and empowering the community to understand finance. Financial inclusion cannot be achieved through isolated efforts. Collaboration between private companies, the government and civil society is necessary.
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