Key facts
- Indonesian ministers Airlangga Hartarto and Purbaya Yudhi Sadewa publicly disagreed over a plan to open bank accounts for all citizens aged 17 and over.
- The government is preparing approximately Rp11 trillion (US$600 million) for the initiative.
- Each recipient is slated to receive an initial deposit of Rp50,000.
- The program is a directive from President Prabowo Subianto to enhance financial inclusion and literacy.
- Data integration between the Directorate General of Population and Civil Registration (Dukcapil) and Bank Indonesia (BI) is a key technical hurdle.
- Bank Rakyat Indonesia (BRI) and Bank Syariah Indonesia (BSI) are designated to implement the program.
Indonesian ministers have publicly diverged on the scale and budget for a government initiative aimed at ensuring every citizen aged 17 and over possesses a bank account. The plan, a directive from President Prabowo Subianto, seeks to bolster financial inclusion and literacy across the archipelago.
Coordinating Minister for Economic Affairs Airlangga Hartarto announced that the government is earmarking approximately Rp11 trillion (US$600 million) from the state budget for the program, which would provide over 200 million people with an initial deposit of Rp50,000 in their new accounts. Hartarto indicated that the final budget allocation and scheme details are being finalized with Bank Indonesia and the Financial Services Authority (OJK), and the program could be rolled out before the end of 2026.
However, Finance Minister Purbaya Yudhi Sadewa countered that the Rp11 trillion figure is a preliminary calculation and the budget has not been officially determined. He suggested that the actual cost might be lower if individuals who already have accounts are not issued new ones. Purbaya also noted that the program's launch could be delayed to 2027 if budget and data preparations, particularly the integration of population data from the Directorate General of Population and Civil Registration (Dukcapil) with Bank Indonesia's systems, require more time.
According to a joint survey by OJK and Statistics Indonesia (BPS), Indonesia's financial inclusion rate stands at 93.62 percent, with financial literacy at 63.57 percent. The government aims to bridge the gap between these indicators through the mass account opening initiative. Bank Rakyat Indonesia (BRI) and Bank Syariah Indonesia (BSI) have been assigned to implement the program.