Antara News·Indonesia·Saturday, September 12, 2026 at 09:38 AM

Mass bank account opening can strengthen financial literacy: OJK

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Jakarta (ANTARA) - The Financial Services Authority (OJK) has said the government's mass bank account opening program holds strategic value for sustaining financial literacy, even though account ownership in Indonesia is already high and continues to grow.

OJK Chief Executive of Banking Supervision Dian Ediana Rae said formal bank account ownership among young people starting at age 17 serves as an important entry point for building early habits of safe saving and various financial transactions.

"OJK welcomes and supports the basic principle of the government's program to open bank accounts en masse for the public, especially young people who have just turned 17, as well as social assistance recipients," Rae said in a written response to ANTARA here on Saturday.

He added that the move aligns with the national agenda to expand financial inclusion and ensure social assistance is distributed effectively, efficiently, transparently, and accurately through direct-to-account disbursement.

However, he cautioned that account opening must not disregard prudential banking principles, with banks still required to carry out know-your-customer (KYC) procedures in accordance with applicable regulations.

The process can also be optimized through secure, validated digital integration with population data from the Population and Civil Registry (Dukcapil) and electronic identity cards (e-KTP).

According to Rae, coordination among the government, Bank Indonesia (BI), OJK, and the banking industry is needed to draft technical guidelines and a regulatory framework so that implementation runs smoothly without creating obstacles for the banking industry.

According to Indonesia Deposit Insurance Corporation (LPS) data, the number of savings accounts reached 701.48 million as of July 2026, up 8.9 percent year to date. On an annual basis, the figure rose by about 10.10 percent from 637.15 million accounts in the same period last year.

Earlier, Coordinating Minister for Economic Affairs Airlangga Hartarto said the government was preparing a mechanism to provide or open bank accounts en masse for the entire public.

The move follows an instruction from President Prabowo Subianto to ensure that every Indonesian citizen has a bank account in an effort to strengthen financial inclusion and financial literacy in the country.

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