Millennials Financial Inclusion, the Catalyst for the Increases Financial Inclusion in Indonesia

Indonesia already had National Strategy for Financial Inclusion (SNKI) as the national strategy to increases financial inclusion level in Indonesia. One of the objectives is to achieve financial inclusion index at 90% by 2024. Financial inclusion index itself can be defined as the percentage of population that already had access to formal financial services. To know the percentage of achievement, every year National Council for Financial Inclusion (DNKI) held National Survey for Financial Inclusion.

The results of national survey of financial inclusion show the progression over the years. For the account usage indicator, in 2013 only 59,74% but in 2021 already achieved 83,6% with the positive trends and for the account ownership indicator, in 2014 only 31,3% but in 2021 the realization 65,4%.

The big question is who can create this significant improvement?

In my opinion, the millennials are the game changer for these significant improvements. Based on Indonesia Millennials Report 2022, 90% of millennials already have a bank account, with the usage of internet banking services 22% and digital bank accounts 11%. No wonder millennials have the significance for the financial inclusion because they have access to technology and the breadwinners for the family.

The next question is, what’s next?

I think for millennials, we should increase the cashless transaction to increases the efficiency money flow. There are 72% of millennials already own cashless financial products, with 46% have e-wallet and 4% have e-money. Maybe for e-money with the card based, we have the difficulties to increases the usage due to limitation facilities. But for e-wallet or e-money with the server based, I think we can increase the usage, because there are the tremendous innovations in Indonesia called QRIS (QR Code Indonesian Standard). By using QRIS, the flow of money become very fast. We can use every providers of e-wallet or e-money server based by using one QR (QRIS). We should promote QRIS more massive so the number of users can significantly increase.

 

Jakarta, December 14^th 2022,

@Raynaldoith

The New Function of this Blogspot

 Hello guys,

It’s been a long time since my last post. I would like to changes the function of this blog to become my random notes in English. I hope all of you can give some advises to me about how to improves my English skills, especially in Writing Skills so I can get my IELTS score at least 7,0. I wish I can do this to achieve my next target to study master degrees overseas.

 Thank you for your kindness!

 

Jakarta, 14 December 2022

@Raynaldoith

Writing IELTS?

---WRITING IELTS SIMULATION TEST---

I think the questions like this:

"What do you think about open information to all people, in context of academician, businesses, and researcher? Or not all of information can widely share?"

My writing answer:

One of the popular food chain restaurants, KFC, has a slogan for their product “Making with 11 secret recipes”. I think with the secret recipes, we can taste a very delicious food, especially for their original type. So, regarding the case about open access to all people or not all of information can widely share, in my opinion, I couldn’t agree for open information access to all people, we shouldn’t open all of information, mainly for the secrets.

The secrets information become our strengths in all aspects. One of the famous theories called “Johari Window Model”, explained one window as our hidden part, where you know the information but not known by others. In soccer, we always thinking the “black horses”, when we know the underdog team can won the competition. I think that conditions can happens when we know the parts that’s other not known. So, I think when we can kept our secret information, we can win the competition.

Although with the open information we can get the significances improvement over the time, but we should consider the benefits to ourself when we share the information. So, the copyright and intellectual property right registration become the important things. When we registered our product with the copyright or intellectual property right, we can get the monetary benefit.

In summary, there is an added value for us when we don’t share too much information in public. But, when we share the information, we should register our product with the copyright or intellectual property right. I think in the future, we’ll seen much information in public with the copyright or intellectual property right.

--------------------------------

Open for any comments to improve my IELTS score.

Thank you!

Raffi Ahmad dan Mesin ATM

Beberapa waktu yang lalu seorang artis, influencer dan pengusaha, Raffi Ahmad berulang tahun. Terdapat hal yang spesial di ulang tahunnya yang ke 35 tahun, yaitu hadiah mesin ATM dari Bank BNI. Mesin ATM tersebut, ditempatkan di kantor RANS Entertaiment yang juga merupakan rumah nya di daerah bilangan Lebak Bulus, Jakarta Selatan.

Dalam konteks bisnis, rasanya tidak ada yang salah dengan hadiah mesin ATM yang diberikan oleh BNI. Raffi Ahmad dengan followers sebanyak 59,6 juta memang telah menjadi magnet tersendiri untuk mempromosikan produk. Bank BNI sendiri menerangkan bahwa penempatan ATM tersebut telah masuk dalam Rencana Bisnis Bank (RBB) dan merupakan hasil kerja sama antara Bank BNI dengan RANS yang merupakan nasabah utama.

Apabila dilihat dari konteks keuangan inklusif, rasanya pemberian hadiah berupa mesin ATM ke Raffi Ahmad menjadi sebuah hal yang dilematis. Survei Nasional Keuangan Inklusif (SNKI) yang dilakukan oleh Dewan Nasional Keuangan Inklusif (DNKI) tahun 2020, menunjukkan bahwa 81,4% orang dewasa pernah menggunakan produk atau layanan keuangan formal. Sementara itu, kepemilikan akun baru sebesar 61,7% dari penduduk dewasa. Hasil dari SNKI tersebut menunjukkan bahwa belum seluruh masyarakat Indonesia telah menggunakan dan memiliki akun untuk akses ke layanan keuangan formal. Apabila dilihat lebih dalam terkait dengan akses pada layanan, berdasarkan data BPS pada tahun 2020, menunjukkan jumlah mesin anjungan tunai mandiri (ATM) masih terkonsentrasi di Pulau Jawa, sebanyak 516 unit per 1.000 m². Sementara itu, untuk daerah timur Indonesia, Maluku dan Papua, jumlah mesin ATM hanya sebanyak 4 (empat) unit per 1.000 m². Dengan melihat kondisi tersebut, menurut hemat saya, akan lebih bijak apabila penggunaan mesin ATM tidak dibuat secara khusus untuk kelompok tertentu yang nantinya akan mendorong financial exclusive.

Dalam perluasan keuangan inklusif memang tidak semudah menambah mesin ATM, menambah jumlah kantor cabang bank, dan hal-hal fisik lainnya. Namun diperlukan peningkatan literasi masyarakat akan keuangan, bisnis, dan digital agar inklusi keuangan bisa merata di seluruh Indonesia. Diperlukan kolaborasi lintas sektor yang dikomandoi oleh DNKI dengan dibantu oleh Pelaku Industri, Asosiasi, FinTech dan masyarakat.

Raynaldoith, 21 Februari 2022