Indonesia is preparing an allocation of Rp11 trillion, equivalent to approximately US$600 million, from the state budget to fund a mass bank account opening initiative for more than 200 million citizens, according to Coordinating Minister for Economic Affairs Airlangga Hartarto.
Budget and Implementation Plans for Mass Bank Accounts
According to statements made by Airlangga Hartarto at the Presidential Palace complex on Wednesday, the financial outlay is designed to bring millions of residents into the formal financial system. Each beneficiary will receive Rp50,000 as the first deposit in their newly established account. Hartarto stated that the final budget allocation and the operational account-opening scheme are currently being finalized in coordination with Bank Indonesia and the Financial Services Authority.
The government has not yet determined whether the funds will be drawn from the current state budget or next year’s fiscal plan, despite the scheduled rollout before the close of 2026. The initiative follows directives issued by President Prabowo Subianto during a limited cabinet meeting at the Presidential Palace in Jakarta. President Prabowo instructed his cabinet to guarantee that every Indonesian citizen holds a bank account to elevate national financial inclusion and financial literacy levels.
State Bank Involvement and Data Integration
To execute the mass rollout, President Prabowo directed state-owned financial institutions, specifically Bank Rakyat Indonesia and Bank Syariah Indonesia, to prepare the infrastructure required to onboard millions of new customers. Minister Hartarto announced that expanding account ownership will rely heavily on integrating population and civil registration data directly with Bank Indonesia’s system, leveraging its payment and gateway infrastructure.
Data from a joint survey conducted by the Financial Services Authority and Statistics Indonesia indicates that Indonesia’s financial inclusion rate has reached 93.62 percent. Meanwhile, the national financial literacy rate stands at 63.57 percent. Looking toward long-term developmental benchmarks, the Financial Services Authority has set a target to achieve a 98 percent financial inclusion rate nationwide by the year 2045.
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