Disbursement of Online Loans in Indonesia Increased to Rp22.76 Trillion in March 2024

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Nabilah Muhamad 14/05/2024 14:38 WIB

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According to the Financial Services Authority (OJK) report, the value of online loan disbursement in Indonesia increased by 8.89% month-on-month to Rp22.76 trillion in March 2024.

Value of Peer-to-Peer Lending Disbursements in Indonesia (March 2023-March 2024)

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Value of Peer-to-Peer Lending Disbursements in Indonesia (March 2023-March 2024)

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Based on a report by the Financial Services Authority (OJK), the disbursement value of fintech lending or online loans (pinjol) in Indonesia reached Rp22.76 trillion (approximately US$1.5 billion) as of March 2024.

This figure represents an 8.89% month-on-month (mom) increase from Rp20.90 trillion in the previous month. The March 2024 figure also surged approximately 15.35% year-on-year (yoy) compared to Rp19.73 trillion in March 2023.

In March 2024, online loans were disbursed to 9.78 million borrowers. This number of borrowers increased by 6.36% month-on-month (mom).

7.3 million borrowers, or 75% of the national total, were from Java Island.

Of the total loans disbursed in March 2024, Rp7.65 trillion (approximately US$500 million), or 33.61%, went to the productive sector.

The largest recipient within the productive sector was the wholesale and retail trade sector, receiving Rp3.68 trillion (approximately US$240 million).

Furthermore, Rp410.67 billion (approximately US$27 million) went to the agriculture, forestry, and fisheries sector; Rp77.26 billion (approximately US$5 million) to the manufacturing industry sector; and Rp1.12 trillion (approximately US$73 million) to the accommodation and food service sector.

In March 2024, cooperation in loan disbursement by institutional lenders (super lenders) involved 103 conventional financial institutions, with a total value of Rp8.15 trillion (approximately US$535 million).

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Disbursement of Online Loans in Indonesia Increased to Rp22.76 Trillion in March 2024

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