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President to Kickstart Inclusive Finance Program, Educate Public on Financial Literacy

by April 27, 2016 General

“The UN will offer full support for the program,” Joko said.

According to World Bank data, the rate of account ownership at a financial institution in Indonesia stood at 36 percent in 2014, lagging way behind neighboring countries Singapore (96 percent), Malaysia (81 percent) and Thailand (78 percent).

The government plans to roll out more innovative banking services—mainly through state-owned bank BRI—such as the existing banks-on-boats services for citizens in Indonesia’s more remote islands.