PT Jamkrindo has provided support for the Partnership and Community Development Program (PKBL) by offering financial education to mosque-based micro, small, and medium enterprises (MSMEs). This initiative was part of an event organized by the Coordinating Ministry for Economic Affairs in collaboration with the South Tangerang City Government on November 24, 2020. The program aims to promote financial inclusion policies, enabling more people, especially young individuals and women, to benefit from government-provided facilities under the National Economic Recovery Program (PEN).
The assistance was handed over by Agus Supriadi, Regional Leader III Jakarta of PT Jamkrindo, accompanied by Ilham Prasojo, Head of PT Jamkrindo’s Tangerang Branch. The event was attended by Iskandar Simorangkir, Deputy for Macroeconomic and Financial Coordination at the Coordinating Ministry for Economic Affairs, in Serpong, South Tangerang, on November 24, 2020.
Iskandar Simorangkir emphasized that the Coordinating Ministry for Economic Affairs is strengthening its synergy with the South Tangerang City Government to implement financial inclusion policies, ensuring broader access for young people and women to government financial facilities under the PEN program.
“The financial inclusion index through account ownership between men and women does not show a significant gap. However, Indonesia's financial inclusion index remains lower than that of emerging markets such as China and India,” said Iskandar Simorangkir at the Financial Inclusion Program for Youth and Women in South Tangerang event, held in conjunction with South Tangerang’s anniversary on Tuesday (Nov 24).
This initiative aligns with a broader collaboration between the Coordinating Ministry for Economic Affairs and the Ministry of Youth and Sports to provide youth services through an inclusive financial strategy in 2020. The collaboration seeks to enhance financial inclusion for young people by increasing access to and usage of financial products and services.
One significant achievement of this initiative has been the Student Savings Program (SimPel), which reached 46.07% of students, equivalent to 33.92 million accounts by Q2 2020. Additionally, the Savings for Students and Youth (SiMuda) program recorded 17,000 accounts in the same period.
Women’s financial inclusion efforts have also been strengthened through the National Financial Inclusion Strategy for Women, published by the National Financial Inclusion Council Secretariat in June 2020. This document outlines key priorities and action plans to improve women's access to financial services in Indonesia.
During the event, Iskandar Simorangkir urged members of the South Tangerang branch of the Indonesian Mosque Council (DMI), particularly young people and women, to deepen their understanding of formal financial services, including digital financial services.
“All financial services can be accessed through reliable sources on the internet, such as the SikapiUangmu platform from the Financial Services Authority (OJK),” he added.
In line with the PEN program, the government allocated IDR 695.2 trillion in 2020 and IDR 356.5 trillion in 2021 to address the COVID-19 pandemic and ensure continued economic recovery. As of November 11, 2020, 55.4% of the PEN budget had been realized, with the social protection cluster reaching 77.9% and the MSME cluster achieving 83.2%. These efforts aim to maintain people's purchasing power during the pandemic.
PT Jamkrindo, along with its subsidiary PT Jamkrindo Syariah, reported guarantees for National Economic Recovery Working Capital Loans (KMK PEN) amounting to IDR 5.5 trillion, benefiting 283,975 debtors. To optimize MSME working capital distribution, PT Jamkrindo, through its parent holding company Indonesia Financial Group (IFG)—a state-owned insurance and guarantee holding company—has been driving investment functions and working capital credit support for MSMEs affected by the pandemic. This initiative, conducted through PT Jamkrindo and PT Askrindo, aligns with the PEN program established by the government.
MSMEs are a key pillar of Indonesia’s economy, contributing 57% to the country’s Gross Domestic Product (GDP) in 2018. According to the Ministry of Cooperatives and MSMEs, 47% of MSMEs were forced to shut down due to financial constraints and disrupted distribution channels during the pandemic.
Additionally, MSMEs play a crucial role in job creation, employing 97% of Indonesia’s workforce in 2018. To stimulate economic recovery and sustain MSMEs, the government has allocated IDR 123 trillion through the Ministry of Economic Affairs to boost MSME resilience and sustainability.
Through its PKBL program, PT Jamkrindo continues to support MSMEs, particularly mosque-based enterprises, in strengthening their financial literacy and ensuring their long-term economic sustainability.