Introduction

Financial inclusion is a critical aspect of economic development, particularly in countries like Indonesia where a significant portion of the population still lacks access to basic financial services. This article discusses the importance of financial inclusion in promoting economic growth and reducing poverty in Indonesia, with a focus on women’s economic empowerment.

Rentenir Services: A Key Tool for Women’s Economic Empowerment

Rentenir is a type of informal savings service that is widely used by women in Indonesia to save money and access credit. However, these services are often subject to high interest rates and fees, which can exacerbate poverty rather than alleviate it.

Rentenir services provide a vital lifeline for many women who lack access to formal banking services.
Despite their benefits, rentenir services also have limitations, including high interest rates and fees that can trap users in cycles of debt.

Financial Inclusion for Micro, Small, and Medium-Sized Enterprises (MSMEs)

Financial inclusion is critical for promoting economic growth and reducing poverty, particularly among marginalized groups such as women who own MSMEs. Women-led MSMEs face significant barriers to accessing credit and other financial services, which can limit their ability to grow and develop their businesses.

Financial inclusion can help bridge the gap between women-led MSMEs and the formal financial sector.
This includes providing access to affordable credit, savings products, and other financial services that can help women build their economic resilience.

The Role of OJK in Regulating and Supervising Financial Institutions

The OJK (Otoritas Jasa Keuangan, or Financial Services Authority) plays a critical role in regulating and supervising financial institutions in Indonesia. The OJK has taken steps to regulate and supervise informal financial institutions, including rentenir services, to ensure their sustainability and safety.

The OJK has implemented various regulations to promote the development of digital finance and improve access to financial services for marginalized groups.
The OJK’s regulatory framework provides a clear set of guidelines for financial institutions to follow, ensuring that they operate in a safe and sound manner.

Conclusion

Financial inclusion is a critical aspect of economic development in Indonesia, particularly among marginalized groups such as women. By providing access to basic financial services, governments and financial institutions can help promote economic growth and reduce poverty. The OJK’s regulatory framework provides a foundation for promoting the development of digital finance and improving access to financial services for marginalized groups.

References

Steelyana (2013) - “Perempuan dan Perbankan: Sebuah Tinjauan Tentang Peran Inklusi Keuangan terhadap Pengusaha UMKM Perempuan di Indonesia” (Women and Banking: A Review of the Role of Financial Inclusion for Women Entrepreneurship in MSMEs in Indonesia).
Atmawidjaja et al. (2018) - “Pengaruh Jasa Kredit Rentenir Terhadap Tingkat Kesejahteraan Masyarakat” (The Impact of Credit Services on Community Welfare).
OJK (2020) - “Digital Finance Innovation Road Map and Action Plan 2020-2024”.