The Financial Services Authority (OJK) recorded that Aceh Province’s financial inclusion rate stood at 88.3 percent in 2022, higher than the national rate of 83.5 percent.

“It means that residents in Aceh Province have used financial services to meet their needs and businesses by using various products in the financial services industry,” Head of the Aceh Province OJK, Yusri, stated here on Tuesday.

He noted that the higher the people’s literacy or understanding of the financial industry, the greater is the use of various bank products.

Financial inclusion is access to useful and affordable financial products and services to meet the needs of society and businesses, in this case, in the form of transactions, payments, savings, credit, and insurance that are used responsibly and sustainably.

According to Yusri, financial inclusion in Aceh Province also increased from year to year, from earlier at 86 percent in 2019 to 88.3 percent in 2022.

He said that to increase financial literacy and inclusion in Aceh, his side also proposed four programs that could be implemented in districts and cities of Aceh Province, specifically optimizing financial products and services by increasing student savings and increasing young investors in the capital market and channeling financing through the Credit or Financing Against Moneylenders (K/PMR) Program.

The next program is strengthening financial infrastructure, for instance, the formation of the sharia microfinance institution (LKMS) in districts and cities, establishment and development of tourism villages in Aceh Province, establishment of the Village Investment Gallery, provision of assistance in the form of training of trainers program for lecturers, and MSME assistance through business matching.

Lastly, the fourth program is increasing financial literacy, for instance, by carrying out the “Sharia Finance Movement” dissemination and education program.

Source: Antara News