​Jakarta, 24 March 2023. The Indonesian Financial Services Authority (OJK) continues to work toward better financial inclusion and literacy by issuing OJK Regulation (POJK) No. 3 of 2023 on Financial Inclusion and Literacy Enhancement in the Financial Services Sector for Consumers and the Public (POJK 3/2023).

This regulation is an amended version of POJK No. 76/POJK.07/2016, accommodating the synergy between the government, authorities, and Financial Service Businesses (PUJKs) in delivering activities to enhance financial inclusion and literacy.

The revised provisions in POJK 3/2023 aim to support the government to achieve its target of a 90 percent in the Financial Inclusion Index by 2024 and to support OJK programs in achieving better Financial Literacy Index; to accommodate the strong dynamics in the developments of information technology; to increase the quantity of financial inclusion and literacy act​ivities by optimizing the role of PUJKs; to accommodate the new emerging PUJKs as the impact of developments in the financial services sector; and to optimize the use of learning management system for financial education in enhancing financial inclusion and literacy.

Financial inclusion and literacy are two sides that must be maintained in balance. On the one hand, activities to enhance financial literacy is expected to improve better quality in financial decision-making and financial management thus the public becomes wiser in choosing and using financial products and services.

On the other hand, an increase in financial literacy should also be balanced with an increase in financial inclusion through public access to financial institutions, products, and services, availability of financial products and services, and sustainability of access to financial institutions, products, and services owned or provided by PUJKs so that the consumers and the public can continue to use them.

The substantive matters regulated in POJK 3/2023 include the following:

1. Engaging the new PUJKs, which emerged as a result of developments in the financial services sector, in enhancing financial inclusion and literacy;

2. Accommodating the fast and dynamic developments of innovation and technology in the financial services sector to allow opportunities for PUJKs to create or use IT-based approaches/methods in delivering their activities to increase financial inclusion and literacy;

3. Increasing the number of activities delivered to increase financial inclusion and literacy, among others by optimizing the role of PUJKs in enhancing financial inclusion and literacy, and limiting the extent of collaboration to a maximum of 3 PUJKs in delivering activities to increase financial literacy; 

4. Strengthening supervision to provide protection for consumers and the public by requiring submission of the Financial Inclusion and Literacy Plan and Implementation Report not only to the respective Chief Executives of Supervision in the corresponding sector, but also to the Chief Executive of Supervision of Market Conduct, Education, and Consumer Protection; 

5. Optimizing the use of learning management system for financial education to enhance financial inclusion and literacy;

6. Strengthening regulatory provisions regarding the management of activities to increase financial inclusion and literacy by PUJKs; and

7. Asserting sanctions for PUJKs that violate the rules.

***

For further inquiries:
Head of Literacy, Financial Inclusion and Communication Department - Aman Santosa
Telp. (021) 29600000; E-mail: humas@ojk.go.id