ADB Approves USD500 Million Loan to Advance Financial Inclusion in Indonesia

The Asian Development Bank (ADB) has approved a USD500 million loan to foster financial inclusion in Indonesia.

IDXChannel - The Asian Development Bank (ADB) has approved a USD500 million loan to foster financial inclusion in Indonesia.

The new loan marks the third subprogram of the Promoting Innovative Financial Inclusion Program, which supports Indonesia's ongoing reforms for a more inclusive financial sector. 

The program focuses on three key reform areas: enhancing financial inclusion infrastructure, improving access to financial services for marginalized groups, and leveraging technology to strengthen consumer protection frameworks.

"ADB is proud to support Indonesia's commitment to increase financial inclusion through this program," ADB Country Director for Indonesia Jiro Tominaga said in a statement on Thursday (5/12/2024). 

"By combining digital innovation with targeted support for vulnerable groups, this initiative will help create a more resilient and inclusive financial sector," Tominaga said.

The program is advancing financial inclusion through key initiatives like digital finance ecosystem expansion, Bank Indonesia's Payment System Blueprint 2025 implementation, regional  access to finance, MSMEs support in eastern Indonesia, including for youth, and expanding women’s access to digital finance. 

Building on ADB’s support since 2020, the third subprogram tackles new challenges, including climate change impacts on excluded populations to enhance financial health and resiliency.

"ADB is committed to supporting Indonesia's journey toward universal financial access," Tominaga concluded. (Wahyu Dwi Anggoro)