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December 14, 2024 | 11:36 pm
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has urged the public to act prudently when using online loans (pinjol) during the upcoming Christmas 2024 and New Year 2025 holiday season (Nataru).
Reflecting on trends from previous years, OJK does not anticipate a significant surge in activity within the peer-to-peer (P2P) lending sector during this year’s holiday period.
Agusman, Executive Head of Supervision for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions (PVML) at OJK, emphasized the importance of individuals assessing their financial capacity before borrowing.
OJK data shows that outstanding P2P lending transactions during December 2023 and January 2024 grew modestly, by 0.44 percent and 1.30 percent month-to-month (mtm), respectively. Agusman described the growth as not particularly significant during the previous Nataru period.
“Based on past experiences, we currently do not see any signs of a spike in P2P lending funding for the 2025 Nataru period,” he said during a virtual press conference following the OJK Board of Commissioners’ monthly meeting on Friday, December 13, 2024.
OJK reiterated its appeal for the public to use online loans responsibly and to consider their repayment ability carefully. “This will help ensure better financial health for individuals in the future,” he said.
Industry Performance Metrics
As of October 2024, the P2P lending industry reported annual growth in outstanding financing of 29.23 percent year-on-year (yoy), a decline from September 2024's 33.73 percent yoy growth, with outstanding financing totaling IDR 75.02 trillion.
The aggregate default risk rate (TWP90) stood at 2.37 percent in October, slightly down from 2.38 percent in September.
Meanwhile, buy-now-pay-later (BNPL) financing by multifinance companies grew by 63.89 percent yoy in October, reaching IDR 8.41 trillion. This was a slowdown compared to the 103.30 percent yoy growth recorded in September 2024.
Non-performing financing (NPF) in the multifinance sector saw an increase, with gross NPF recorded at 2.76 percent in October, up from 2.60 percent in September.
NABILA AZZAHRA
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