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Home Feature News

OJK: Online loans of Indonesian society swells 25.44% per May this year

"The bad credit in the P2P lending sector is aggregately below 5%, at 2.91% (May 2024, compared to last month's 2.79%." said OJK

Syifa by Syifa
July 9, 2024
in Feature News, News
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online loan

illustration of online loans (image by freepik)

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Heaptalk, Jakarta — Indonesia’s Financial Service Authority (OJK) noted the fantastic increase in online loans in the peer-to-peer (P2P) lending industry which touched 25.44% YoY, around US$3.9 billion as of May 2024, compared to last month of 24.16%. However, the aggregate bad credit risk level (TWP90) is 2.91%, demonstrating well-maintained conditions.

“The bad credit in the P2P lending sector is aggregately below 5%, at 2.91% (May 2024, compared to last month’s 2.79%.” Chief Executive Supervisor of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions at OJK, Agusman, said.

Previously, OJK also recorded the financing receivables in the Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) sector had strengthened again by 11.21% in May 2024, compared to last month’s 10.82% YoY.

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Several factors contributed to this sector, such as increased investment financing (11.08% YoY), working capital (8.81% YoY), and multipurpose (9.92%). Furthermore, the finance company’s profile (PP) was maintained with a gross Non-Performing Financing (NPF) ratio recorded at 2.77% and a net NPF of 0.84% ​​in May 2024. This gearing ratio also increased to 2.37 times, far below the maximum limit of 10 times.

An enhancement in venture capital financing also contracted by 11.96%, with financing value recorded at US$994 million, around Rp16.21 trillion as of May 2024, compared to April of US$1 billion (around Rp16.32 trillion). In his further statement, Agusman said that Indonesian people’s lousy credit for online loans also reached US$114 million, around Rp1.87 trillion, as of May 2024, an increase of US$107 million (around Rp1.75 trillion) compared to April.

According to him, around 1 in 100 P2P Lending Providers still need to fulfill the minimum equity obligation of US$153,515 (around Rp2.5 billion). Consequently, OJK has also imposed administrative sanctions on around 28 finance companies, 13 venture capital companies, and 16 P2P lending providers regarding violations committed in June 2024. These sanctions consist of 34 fines and 53 written warning letters.

“OJK continues to hold the necessary steps regarding the progress of the action plan related to fulfilling equity obligations in the form of capital injection from shareholders, strategic investors, and alternatives for returning business license,” Agusman said.

Tags: OJKonline loans

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