IslamicFinance.de

Indonesia’s branchless banking initiative faces an uphill battle against misconceptions of financial services in the country, a survey report from consultancy firm InterMedia Indonesia revealed. Nearly half of Indonesians do not use any form of financial services, according to the firm’s Financial Inclusion Insights report. It also found that one-third of people who use informal financial services cited “an inability to afford an account” as the main reason behind their reluctance to use formal banking services. The report surveyed 6,000 people across 24 provinces in Indonesia between August and November last year.