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Government encourages Micro Waqf Bank to play role in increasing financial inclusion

11 December 2019 14:16

JAKARTA - The Coordinating Ministry for Economic Affairs has stressed the important role of the Micro Waqf Bank (BWM) in increasing financial inclusion to drive economic growth.

According to the 2018 National Financial Inclusion Survey carried out by the National Board for Financial Inclusion (DNKI), 70.3% of Indonesian adults had experience using formal financial services, although only 55.7% owned a bank account. This, said Coordinating Minister for Economic Affairs Airlangga Hartarto, shows the inequality of financial service access.

“One of the programmes that can reach low-income groups and MSMEs is the Micro Waqf Bank,” said Mr Hartarto in an official statement, Tuesday (10/12). The programme is aimed at low-income groups, MSMEs, migrant workers, women, people with disabilities, and residents of disadvantaged areas, border regions, and outer islands.

As of October 2019, there are 54 branches of BWM across 117 cities and regencies with financing amounting to Rp 31.5 billion and 24,000 customers.

“We hope that through the BWM programme more people will be included financially, particularly those who live around pesantrens,” said Mr Hartarto. (MS)

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