Bank Accounts for 200 Million Indonesian People
Indonesia plans 200 million new bank accounts for citizens aged 17 and older, but experts warn of financial literacy gaps, costs and dormant accounts.
Indonesia has committed to opening bank accounts for 200 million of its citizens aged 17 and above, a policy unveiled by President Prabowo Subianto on September 7, 2026. This initiative, backed by the Financial Services Authority (OJK) and Statistics Indonesia (BPS), aims to improve financial inclusion and literacy rates. To achieve this, state-owned banks PT Bank Rakyat Indonesia (Persero) Tbk (BRI) and PT Bank Syariah Indonesia (Persero) Tbk (BSI) are preparing the program, with Rp11 trillion allocated from the state budget.
The President's plan is supported by Coordinating Minister for Economic Affairs Airlangga Hartarto, who anticipates the program to be financially viable for the involved banks. Haryo Limasento, spokesperson for the Coordinating Ministry for Economic Affairs, emphasized the policy's goals of expanding banking access, facilitating cashless transactions, and ensuring social assistance reaches the right recipients.
BRI's President Director Hery Gunardi stressed the importance of education alongside account opening to encourage customers to actively engage with the formal financial ecosystem and utilize digital services. However, potential risks have been identified by Josua Pardede, Chief Economist at Bank Permata, including disparities in financial literacy, duplicate accounts, operational costs, and the misuse of accounts for illegal activities.
Senior Vice President Trioksa Siahaan of the Indonesian Banking Development Institute (LPPI) suggested that the program's success should be measured by transaction activity and funds remaining in savings accounts, rather than just the number of new accounts. The policy's impact on both the banking sector and the general public will be closely monitored.
Written by urgent.news from Tempo.co English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
