13089-Article Text-80297-87858-10-20230410

Basrowi, Journal of Islamic Economics Lariba (2018). vol. 5, iss. 1, pp.
81-96
DOI: 10.20885/jielariba.vol5.iss1.art5
Strategies to Increase Financial Inclusion through

Received : 13 July 2019
Financial Technology
Accepted : 27 July 2019
Published : 30 July 2019
Basrowi
Sekolah Tinggi Ekonomi dan Bisnis Islam (STEBI) Lampung
Email: [email protected]
ABSTRACT
The purpose of this study is to describe the strategy of increasing
public financial inclusion through the use of fin-tech finance. The
method used is descriptive qualitative. Data is obtained from
secondary data sourced from the official website of Indonesian
banks, financial service authorities, and the finance ministry from
2015-2018. Data were analyzed using theme analysis of an
overview of the development of fin-tech in Indonesia over the past
four years, and the benefits of fin-tech in improving financial
inclusion in Indonesia. The results of data analysis show that, first,
the development of fin-tech in Indonesia has exceeded the needs of
fin-tech itself. Secondly, the development of fin-tech has been able
to increase the financial inclusion of the community even though it
is only very small at 0.8%.
Keywords: Financial Technology; Financial Inclusion; Financial

Literacy
81
Basrowi, Journal of Islamic Economics Lariba (2018). vol. 5, iss. 1, pp. 81-96
INTRODUCTION
The adoption of digital finance has numerous benefits for financial

service users, providers, governments, and the economy as a whole.
Therefore, it is crucial to take fintech seriously and to embrace it inclusively
so that it can be of greater benefit to individuals, businesses, and
governments (Ozili, 2018). The developing phenomenon of fintech
indicates that it is the most significant finding of this century and the best
technological innovation today. It has entered every aspect of people's
lives, and those who do not use fintech will be left behind, as all business
partners have embraced fintech (OJK, 2016). Various fintech startups that
are widely developing in Indonesia include: 1) consumer to consumer
(C2C), which includes P2P payments and P2P lending, 2) business to
consumer (B2C), which includes crowdfunding and risk management, and
3) business to business (B2B), which includes big data analysis, predictive
modeling, and security (Finansialku.com, 2018).
Table 1. Classificasion of Business Types and Interaction Forms in Fintech
Business Types % Interaction Forms
P2P payments: fintech yang bergerak di bidang C2C
29%
pembayaran
P2P lending: fintech yang bergerak di bidang
8%
peminjaman
Crowdfunding: fintech pembiayaan 6% B2C
risk management: fintech bidang asuransi 2%
Big data analysis, predictive modeling: fintech B2B
11%
lintas pembiayaan
Security: fintech infrastruktur 44%
Source: (OJK, 2016).
The various classifications in Table 1 provide an example that

startups included in fintech include: 1) various electronic-based payments,
2) electronic-based money lending, 3) electronic-based financing and
insurance, 4) electronic-based remittances, 5) various retail investments
and buying and selling of electronic-based shares, and 6) electronic-based
independent financial planning (personal finance), and others
(Finansialku.com, 2018). With the presence of financial technology
startups, it will be able to increase the number of people receiving services
from financial institutions, both banks and non-banks. As it is well known,
82
Indonesia's population is spread across hundreds of islands, which are far

from bank infrastructure and services. With a very large demographic
bonus, a large number of judges, and social media users, Indonesia has
enormous potential in utilizing fintech startups.
The results of the analysis by Galvin et al. (2018) also conclude that
the traditional and conventional thinking models played by banks so far
have fallen apart after the presence of fintech. Fintech startups that are
much more sophisticated can destroy the existence of banks when banks
stop innovating in the field of financial services. This happens because
fintech can penetrate the barriers of space and time. The results of
Chrismastianto's research explained that the strength of fintech is its ability
to increase the number of people served. Even though fintech is very
dependent on internet network services, this can already be answered with
the presence of judges that everyone already has (Chrismastianto, 2017).
This research aims to describe in detail the strategy for increasing

public financial inclusion through financial technology. It is hoped that
readers will gain a complete understanding of the various strategies that
can be implemented to increase financial inclusion through the utilization
of financial technology developments.
LITERATURE REVIEW
The results of a study conducted by Muzdalifa and colleagues

concluded that fintech startups, especially those in crowdfunding, mobile
payments, and money transfer services, have transformed the banking
industry by offering faster, cheaper, and less risky services that can cross
national borders. Additionally, these services can offer exchange rates for
remittances that are more favorable than those offered by traditional
banking services. (Muzdalifa, Rahma, & Novalia, 2018). Another study
conducted by Galvin et al. (2018) found that both banking financial
institutions and fintech startups face competition from each other. Fintech
developed by startups acts like a virtual bank, providing lending and
83
borrowing services that conventional banks do not offer. This type of

fintech is currently the primary competitor of traditional banks.
The Financial Services Authority (2016) defines financial literacy as

the knowledge, skills, and beliefs that influence attitudes and behavior
towards financial decision making and management in order to achieve
prosperity. Bank Indonesia (2014) defines financial inclusion as all efforts
aimed at eliminating all forms of price and non-price barriers to public
access to financial services. The Financial Services Authority (2016)
defines financial inclusion as the availability of access to various
institutions, products, and financial services that meet the needs and
capabilities of the community to improve people's welfare.
The findings of the aforementioned research align with those of

Abyan, who concluded that the increasing number of fintech services not
only increases the number of people receiving financial services but also
threatens the existence of banks (Abyan, 2018). This is consistent with the
findings of Anggota-Dewan-Gubernur-BI (2018), which state that fintech
can provide financial services to a larger number of people, as it can bridge
the gap between the types of services that banks can provide. These
results are also supported by the research conducted by Muchlis, who
concluded that fintech has the advantage of reaching more customers,
leading to an increase in the number of people served by banks, and
providing more facilities to those who have not yet been served by financial
institutions (Muchlis, 2018).
Furthermore, the results of this study are also in line with Abyan's
findings, which state that branchless banking services through fintech
technology can provide satisfactory services for urban communities. Once
the customer has added funds to their fintech account, they can perform
various transactions, such as sending money, purchasing tickets, paying
for credit, home and vehicle installments, prepaid electricity, and other
services (Abyan, 2018).
84
RESEARCH METHODS
The method used in this research is descriptive research. Based on

the source of the data, this research can be categorized as literature-
documentary research since the data used is already available at
government agencies. The data was taken from reliable secondary
sources that could be accessed online, namely the Financial Services
Authority, Bank Indonesia, and the Ministry of Finance of the Republic of
Indonesia. The data collected covers the period from 2014 to 2018, which
was chosen by the researchers to ensure the analysis of up-to-date data.
The collected data was analyzed through descriptive analysis, consisting
of four stages: data collection, data filtering, data classification, and
drawing conclusions. The data filtering process aimed to obtain valid and
reliable data, leading to valid and reliable conclusions (Sekaran, 2016).
RESULTS AND DISCUSSION
An Overview of Financial Technology and Financial Inclusion in Indonesia

The number of the productive age population (17-60 years) in
Indonesia from 2014 to 2019 appears as in Table 2. The number of
Indonesian populations of productive age always increases from year to
year. It is the productive age population that banks and non-bank financial
institutions will look at to become their loyal customers.
Table 2. Total population of productive age in 2015-2018 in Indonesia
Description 2014 2015 2016 2017 2018
Male 85.135.600 86.394.600 87.650.900 88.860.700 90.005.200
Female 84.198.500 85.479.600 86.724.200 87.947.100 89.121.600
Total 169.334.100 171.874.200 174.375.100 176.807.800 179.126.800
Source: BPS (2018).
Data from Bank Indonesia for 2015-2019 shows that the number of
people who have accounts shows an increasing trend, although not so
significant. Table 3 shows the growth in the number of people who have
accounts, both savings, demand deposits and time deposits.
Table 3. Number of commercial bank accounts 2014-2019 in Indonesia
Description 2014 2015 2016 2017 2018 Januari 2019
Accounts 161.428.538 175.501.915 199.301.222 242.396.164 275.764.037 279.039.520
Growth -- 10,68% 13,14% 24,10% 11,67% 3,24%
85
Source: Bank Indonesia (2019)
Table 3 shows a fluctuating development, starting from 10.68%

(2014-2015), 13.14% (2015-2016), 24.10% (2016-2017), 11.67% (2017-
2018), and until January 2019 it was only 3.24% (2018-January 2019).
When viewed from the type of account, which is shown in Table 4.
Table 4. Number of commercial bank accounts based on types in 2019
Conventional
Description
Total %
Demand Deposits 3.325.779 1,19%
Saving Account 271.107.837 97,16%
Deposit on Call 5.331 0,00%
Time Deposits 4.600.314 1,65%
Certificate of Time Deposits

259 0,00%
Total 279.039.520 100
Source: LPS (2019).
Table 4 shows that in 2019, there were 279,039,520 accounts, both

demand deposits, savings and deposits. It's just that the number of
residents who have accounts is only around 36% of the total productive
age population of 179,126,800 residents, which is only 64,485,648
residents. In other words, every productive age population has 4-5
different accounts. On the other hand, in 2019, there were 114,641,152
residents who did not have accounts.
Data released by OJK (2018) relating to the growth in the number of

lender accounts and borrower accounts can be seen in Table 5. The data
in Table 5 proves that the presence of fintech has been able to increase
the number of residents who have accounts of 182,895 fintech accounts,
and the number of lending transactions on in 2018 there were 2,805,026
transactions. In other words, each account has made 15.3 loan
transactions. Thus, the presence of fintech is able to increase the number
of people of productive age who receive financial services by 182,895
residents (0.28%). Or an increase from 64,485,648 residents (36%) to
86
64,668,543 (36.28%). In other words, after the existence of fintech, the

number of people who received financial services became 36.28%.
Table 5. Growth of fintech users in Indonesia
No Description October 2018
1. Number of Fintech accounts
a. account owners in Java 138.509
b. account owners outside Java 42.484
c. account owners in foreign countries 1.902
d. number of all accounts 182.895
2. Number of Fintech account borrowers
a. borrowing transaction in Java 2.389/765
b. borrowing transaction outside Java 415.261
c. number of all borrowing transaction 2.805.026
Source: (OJK, 2018)
Data from Diretorat Pengaturan Perizinan dan Pengawasan OJK

(2018), Bank Indonesia (2019), and OJK (2016) relating to fintech
developments both licensed, registered and illegal can be seen in the
Table 6. All illegal fintech services have been blocked by the Financial
Services Authority in collaboration with the Ministry of Information and
Communication. However, some of these services continue to operate via
social media. It is important to note that the large number of people who
receive illegal fintech services cannot be considered as having received
financial inclusion services. Financial inclusion services only include
individuals who receive financial services from formal institutions that are
registered with the Financial Services Authority.
Tabel 6. Perkembangan fintech legal dan ilegal 2017-2019
Types 2017 2018 2019
Licensed 0 1 1
Registered 36 89 99
Illegal 57 635 803
Total 93 725 903
Source: Diretorat Pengaturan Perizinan dan Pengawasan OJK (2018), Bank Indonesia
(2019), and OJK (2016)
Factors Influencing Financial Inclusion

The low level of financial literacy has prompted regulators to
vigorously pursue various financial inclusion programs, such as the
branchless banking program, which includes Digital Financial Services
(DFS) initiated by Bank Indonesia with electronic money products and the
87
Financial Services Without Office (Laku Pandai) program initiated by the

Financial Services Authority with basic saving account products (BSA).
The proper use of fintech by its users theoretically can improve the
welfare of society because: 1) people can easily access various banking
transaction services, thereby saving time and energy in conducting
financial transactions at banks, 2) people become more open in
conducting various businesses related to financial transaction processes,
3) all costs incurred or charged to fintech users are much lower than
transportation costs, energy, and expenses incurred when they have to go
to the bank, 4) the risk of using fintech, if done carefully, can reduce the
risk of losing money, pickpocketing, or other violent actions, and 5) with
fintech, business partners feel more comfortable in conducting various
trading transactions, which can demonstrate the technological literacy
level of their business partners.
The weakness related to the application can actually be experienced

when fintech providers have conducted various rigorous and
comprehensive trials, so that fintech users (customers) no longer
experience losses when transacting using fintech. If illustrated in a
diagram, it appears as follows.
Bankable
Society
The
emergence
Unbanked
of Fintech
Society
startups
Figure 1. Benefits of Fintech startups for Society
Figure 1 above provides a detailed explanation that when a society

has not been touched by banking services, only those with income,
savings, and loans can enjoy banking services (exclusive). However, with
the presence of fintech, all segments of society will have contact with
financial institutions, whether bank or non-bank, so that financial
88
institutions are inclusive for the community. With fintech, people who have
not been touched by banking services can now borrow, start businesses,
open new businesses, create jobs for themselves and others, and the
micro, small, and medium enterprise (MSME) sector comes to life. The
production of goods and services increases, the income of the people
increases, and their welfare improves.
When the number of fintech companies is limited, the interest rates

charged to borrowers will be very high, and the choice of good fintech by
the public is still limited, and violations committed by fintech providers are
still high. When the number of fintech companies is limited, even though
the government limits the maximum interest rate to 0.8% per month, and
the maximum amount of interest and fines is 100%, these government
restrictions can easily be violated by fintech providers because of the weak
supervision by Bank Indonesia, the Financial Services Authority in
collaboration with the Ministry of Information and Communication. When
fintech providers succeed in developing their fintech business, they will be
followed by new startups that also develop fintech, both similar and
dissimilar, which provide similar or different services. Thus, healthy
competition occurs among fintech providers, and the public becomes
increasingly open in choosing the most profitable type of fintech.
The impact of fintech on financial inclusion is highly positive,

especially for those who previously did not have access to banking
services. Fintech has made financial institutions inclusive for all members
of society, regardless of their income, savings, or loan history. As a result,
individuals and small businesses can now borrow money, start new
businesses, create jobs, and improve their standard of living. The growth
of fintech has also led to healthy competition among providers, which has
resulted in lower interest rates and fewer fraudulent activities.
However, when the number of fintech providers is limited, interest

rates charged by lenders can be high, and the options available to
consumers are limited. In such instances, providers may also breach
89
regulations set by the government or the central bank due to the lack of
oversight. As more fintech startups emerge and compete, consumers can
select the most advantageous option for their business needs. This
competition also helps to eliminate fraudulent or illegal fintech companies,
as consumers become more educated and discerning.
When fintech providers are registered and authorized by the

appropriate financial regulatory bodies, interest rates will become more
competitive, and fraudulent activities will become less prevalent. Legal
fintech providers also adhere to regulations and limits set by the
authorities, ensuring that borrowers are protected from excessive interest
rates and debt collectors' abusive tactics. As a result, individuals and small
businesses that use fintech can benefit from lower interest rates, leading
to increased profits, better employee compensation, and more financial
stability. Illegal fintech providers charge higher interest rates, use abusive
debt collection tactics, and ignore regulations, leading to financial
difficulties for borrowers. They may also use unconventional methods to
force repayment of loans, including using family members or other
unauthorized assets as collateral. Therefore, individuals and small
businesses are advised to use only authorized and registered fintech
providers and avoid using illegal ones to prevent such problems.
If all of the above explanations are illustrated in diagrammatic form,

they will appear in Figure 2. The figure gives confidence that when there
were only conventional commercial banks, Islamic commercial banks and
non-banking financial institutions, the number of people receiving financial
institution services was initially very limited. , will develop after there is a
fintech start-up. Financial services are becoming more inclusive. The
development of financial inclusion is also inseparable from government
support for fintech such as Bank Indonesia Regulation Number:
18/17/PBI/2016 concerning Electronic Money and Financial Services
Authority Regulation number: 77/POJK.01/2016 concerning Information
Technology-Based Money Lending Services (OJK, 2016). The two
90
government policies were also significantly able to increase the

occurrence of financial inclusion.
Figure 2. Benefits of Fintech development in Indonesia
Conclusion
The number of people who had a bank account prior to the arrival of
fintech was only 36% of the productive age population of 179,126,800
people, which is equivalent to only 64,485,648 people. After the
emergence of fintech, the number of productive age population who had
access to financial services increased to 64,668,543, representing a
0.28% increase. Therefore, after the arrival of fintech, the number of
people who have access to financial services increased to 36.28%. This
number is expected to continue to grow, considering the massive and
structured promotion of fintech through social media networks. In the
future, fintech will be able to increase the number of people who have
access to financial services. Financial services that were initially only able
to reach certain communities near banking infrastructure will significantly
increase as fintech develops, making financial services more inclusive
rather than exclusive.
91
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Basrowi, Journal of Islamic Economics Lariba (2018). vol. 5, iss. 1, pp.

Strategies to Increase Financial Inclusion through

Keywords: Financial Technology; Financial Inclusion; Financial

The adoption of digital finance has numerous benefits for financial

The various classifications in Table 1 provide an example that

Indonesia's population is spread across hundreds of islands, which are far

This research aims to describe in detail the strategy for increasing

The results of a study conducted by Muzdalifa and colleagues

borrowing services that conventional banks do not offer. This type of

The Financial Services Authority (2016) defines financial literacy as

The findings of the aforementioned research align with those of

The method used in this research is descriptive research. Based on

RESULTS AND DISCUSSION

An Overview of Financial Technology and Financial Inclusion in Indonesia

Source: Bank Indonesia (2019)

Table 3 shows a fluctuating development, starting from 10.68%

Certificate of Time Deposits

Table 4 shows that in 2019, there were 279,039,520 accounts, both

Data released by OJK (2018) relating to the growth in the number of

64,668,543 (36.28%). In other words, after the existence of fintech, the

Data from Diretorat Pengaturan Perizinan dan Pengawasan OJK

Factors Influencing Financial Inclusion

Financial Services Without Office (Laku Pandai) program initiated by the

The weakness related to the application can actually be experienced

Figure 1. Benefits of Fintech startups for Society

Figure 1 above provides a detailed explanation that when a society

When the number of fintech companies is limited, the interest rates

The impact of fintech on financial inclusion is highly positive,

However, when the number of fintech providers is limited, interest

When fintech providers are registered and authorized by the

If all of the above explanations are illustrated in diagrammatic form,

government policies were also significantly able to increase the

Figure 2. Benefits of Fintech development in Indonesia

Abyan, M. A. (2018). Konsep Penggunaan Financial Technology dalam

Anggota-Dewan-Gubernur-BI. (2018). Disruptive Technology : The

Bapenas, 2018. Jumlah penduduk di Indonesia. Online:

Bank-Indonesia. (2019). Daftar Penyelenggara Uang Elektronik yang

Bank Indonesia. 2014. Booklet Keuangan Inklusif. Jakarta (ID): Bank

Basrowi, et.al. 2019. Fintech development in indonesia: Distrupsion

Chrismastianto, I. A. W. (2017). Analisis SWOT Implementasi Tekonologi

Clusters, C. (2016). FINANCIAL. Retrieved from

Finansialku-com. (2018). Pengertian Fintech, 1–18. Retrieved from

Ghazali, Imam. 2017. Struktur Equation Modeling. Semarang: Program

Kolesova, & Girzheva, &. (2018). Impact of Financial Technologies on the

Lembaga penjamin simpanan. 2019. Distribusi Simpanan Bank Umum.

Micu, A. (2016). FINTECH AND ITS IMPLEMENTATION ON THE

Muchlis, R. (2018). Analisis SWOT Financial Technology (Fintech)

Muzdalifa, I., Rahma, I. A., & Novalia, B. G. (2018). FinTech’s Role in

OJK. (2016). Tren fintech dan perbankan, (November). Retrieved from

OJK. (2018). IKHTISAR DATA KEUANGAN FINTECH (Peer To Peer

Otoritas Jasa Keuangan. 2016. Survei Nasional Literasi dan Keuangan

Ozili. (2018). Impact of digital finance on financial inclusion and stability.

Sekaran, U. & R. B. (2016). Research Methods for Business: a skill-

Xu L, Bilal Z. 2012. Financial literacy around the world – an overview of

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