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Luhut reports to the OJK boss about the rise of illegal loans in his hometown

JAKARTA, KOMPAS.com – Illegal online loans (pinjol) have been highlighted by many parties over the past few weeks, as there are still people who are victims of this harmful practice.

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said the practice of illegal borrowing is still mushrooming in North Sumatra.

He also asked the Chairman of the Board of Commissioners of the Financial Services Authority (OJK), Wimboh Santoso, to eradicate this harmful practice in his hometown.

Also read: The Right Way to Debt Debt Collector Pinjol

“Many in this village, Pak Wimboh, online loans are illegal. That needs to be resolved,” he said, at the opening of the Toba Vaganza UMKM, Friday (12/11/2021).

He also appreciated OJK’s steps in holding the Toba Vaganza MSME Festival, a program implemented to support the growth of MSMEs, one of which was through digitizing the business sector.

Digitalization is considered capable of supporting MSMEs in getting access to finance from official institutions.

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Thus, it is able to reduce the space for illegal loans and loans to offer their products to MSME actors.

“Let’s not just gather, but we take meaning from our gathering to advance our SMEs, and reduce or eliminate wild loans that stifle the hosts,” said Luhut.

Deputy for Tourism and Creative Economy Coordination of the Coordinating Ministry for Maritime Affairs and Investment Odo RM Manuhutu said the lack of access to finance was one of the reasons MSMEs were difficult to grow.

“One drawback of MSMEs, IKMs, and Indonesian artisans is access to credit. The hope is that from the OJK program, we can deal with the problems that are gnawing at us,” he said.

Also read: Amid the Spotlight on Illegal Loans, Fintech Financing Disbursement Keeps Speeding

Meanwhile, Chairman of the OJK Board of Commissioners, Wimboh Santoso, explained that the Toba Vaganza Festival took place to support strengthening and at the same time encourage Indonesia’s economic growth through the rise of MSMEs, especially in the Medan and Toba Samosir areas.

Through this event, OJK seeks to expand financial access, accelerate the digitization of MSMEs, and increase the capability and capacity of MSME actors in North Sumatra.

“The Toba Vaganza MSME Festival is held in two places, namely Simalungun Regency and Medan City. This activity involves 80 MSMEs fostered by OJK and TPAKD as well as 20 Clusters receiving KUR Clusters,” said Wimboh.

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