Heaptalk, Jakarta — Bank Indonesia announced its partnership with the Indonesian Migrant Workers Protection Agency (BP2MI) to enhance the economic and financial empowerment of Indonesian migrant workers (05/31). The Deputy Governor of Bank Indonesia, Juda Agung, and the Head of BP2MI, Benny Rhamdani, signed the memorandum of understanding for this cooperation in Jakarta (31/5).
This partnership includes several initiatives, spanning the economic and financial empowerment of migrant workers, improving education and consumer protection literacy, and developing data and statistics on Indonesian migrant workers to support policy formulation. The agreement also includes other coordination activities for the implementation of BI and BP2MI’s duties and authorities, which is effective until May 31, 2029.
According to Bank Indonesia Deputy Governor Juda Agung, there are three essential aspects in enhancing the economic and financial empowerment of Indonesian migrant workers. First, before departure, migrant workers need to be equipped with financial literacy so they can manage their finances wisely and safely, and use remittances for productive purposes.
Addressing the financial access challenges
Second, while being placed abroad, workers need reliable and trustworthy remittance services to send money to their families back home quickly and safely. In this regard, they need to be supported with increased literacy in payment systems services and consumer protection. Third, upon returning home, the economic empowerment of migrant workers needs to be promoted through increased access to formal financial institution financing, as well as entrepreneurial skills training programs.
Thus, returning workers will have sufficient resources to start their own businesses and contribute to the economy. “The good cooperation between BP2MI and BI is expected to grow stronger and closer, thereby providing positive impacts for migrant workers,” said Juda in his official statement (05/31).
In agreement with Juda, BP2MI Head Benny Rhamdani stated that the cooperation between BP2MI and BI is a strategic step in addressing the financial access challenges often faced by migrant workers. This collaboration is expected to improve the financial management skills of migrant workers, ultimately realizing independent, empowered, and prosperous Indonesian migrant workers.
