Bad Credit at Tanifund is Bad, OJK Reveals the Reason

Jakarta, CNBC Indonesia – The Financial Services Authority (OJK), stated that a financial technology (fintech) company, Tanifund, is under special supervision.

OJK asked for an action plan with a deadline given until the middle of this year. If until the time limit given by Tanifund cannot fulfill the action plan, strict action will be taken, namely revoking the permit.

“If you can’t fulfill the action plan, in the end, you will revoke your business license,” said OJK Director of Fintech Supervision, Tris Yulianta during Halalbihalal AFPI, in the Senayan area, Friday (5/5/2023).

Related to the action plan in question is to settle all bad debt obligations. And this process is still under OJK supervision. They said that they regularly communicate with Tanifund at least once every 2 weeks to ask about progress.

Until now, the progress Tanifund has made is collecting bills, but the process is not significant.

“So bad loans from lenders who were busy yesterday have been partially withdrawn. But yes, it’s not significant yet,” said Tris.

Tris also provided information about the problem of bad credit at Tanifund which according to him was very complex. Problems are not only in terms of management, but there are problems related to borrowers.

“But there is an impact on the borrower himself when he gets the loan, because he is in the agricultural sector, the success rate of his harvest may not meet expectations,” he said.

“So you can’t say this is just the borrower, this is just the management, but this is the impact of 2 things, yes the borrower doesn’t match the expected level of harvest, the risk management is also not good.” he concluded

Until now, the tanifund.com website is still inaccessible. This incident took place in the middle of last month, after the Tanihub Group subsidiary was sued at the KPPU and received sanctions from the OJK.

When opening it, there is only written notification if the system is under maintenance.

Since some time ago, Tanifund has been known to record high levels of bad loans. In March 2023, CNBC Indonesia’s record, TKB90 TaniFund, was only 36.07%.

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