Indonesia prepares Rp11T for mass bank accounts

 The Indonesian government is preparing around Rp11 trillion (US$600 million) from the state budget for the planned mass bank account opening for Indonesian citizens.

According to Coordinating Minister for Economic Affairs Airlangga Hartarto, the fund will be disbursed to over 200 million people, each receiving a Rp50 thousand as the first deposit in their newly opened bank account.

"The money will come from the state budget. With our target of 200 million people, we need to prepare at least US$600 million, or equal to Rp11 trillion," Hartarto told the press at the Presidential Palace complex

The final budget allocation and bank account opening scheme are being finalized together with Bank Indonesia (BI) and the Financial Services Authority (OJK), the minister stated.

Hartarto said the government had yet to decide whether to earmark the fund from the current or next year's state budget despite the program being planned to be rolled out before the end of 2026.

President Prabowo Subianto on Monday instructed his cabinet to ensure that every Indonesian citizen has a bank account as part of efforts to boost financial inclusion and financial literacy.

The directive was highlighted during a limited cabinet meeting at the Presidential Palace in Jakarta, which addressed various economic issues, including national financial inclusion and literacy.

As part of the initiative, the President instructed state-owned banks, particularly Bank Rakyat Indonesia (BRI) and Bank Syariah Indonesia (BSI), to prepare bank accounts for the public.

Meanwhile, Hartarto revealed that, to expand bank account ownership, population and civil registration data will be integrated with Bank Indonesia's system, particularly its payment and gateway infrastructure.

He also noted that a joint survey by OJK and Statistics Indonesia (BPS) shows that Indonesia's financial inclusion rate has reached 93.62 percent, while financial literacy stands at 63.57 percent.