Organized by PAKINDO (Indonesian Access to Finance Association) in partnership with SECO (Swiss State Secretariat for Economic Affairs in Jakarta) and the International Finance Corporation (IFC- part of the World Bank Group), the event brought together around 100 attendees coming from local microfinance institutions, cooperatives, and rural banks, providing an open forum to discuss key factors affecting the industry, its development and how to strategize for the future.
The founders of PAKINDO, an inclusive association of the Indonesian microfinance industry with members from cross-legal entities of financial institutions focusing on access to finance, presented a survey on over-indebtedness in the microfinance sector in several Indonesian provinces, and highlighted the principles of responsible and sustainable lending, particularly in the implementation of consumer protection regulations, financial education, and self-regulation. In addition, the local branch of the Financial Services Authority of Indonesia, OJK Daerah Istimewa Yogyakarta (DIY), focused on how to increase financial inclusion for microfinance organizations by applying responsible access to finance.
To conclude, CRIF added its view and experience on Indonesia's credit sharing landscape and presented the business case of the CRIF High Mark credit bureau in India to show how a credit bureau system can facilitate access to credit and positively impact on the economy as a whole. A credit bureau is not only related to risk management, but it also represents an asset to facilitate access to credit and promote responsible lending.
