Online Loans Disbursed by Licensed Fintech Companies Hit Rp978tn
Cumulative online loan disbursements by licensed P2P lending companies have reportedly reached nearly Rp1,000 trillion.
TEMPO.CO, Bandung - The Indonesian Fintech Lenders Association (AFPI) reported that cumulative disbursements by licensed peer-to-peer (P2P) lending companies, also known as online lenders (pindar), have reached nearly Rp1,000 trillion.
Tofan Saban, Chair of the AFPI Productive Funding Cluster, said that the total loans disbursed by 97 licensed companies since the industry's inception in 2017 until November 2024 amounted to Rp978 trillion.
“This is a cumulative figure. Currently, outstanding loans totaling Rp74 trillion are still circulating within the community,” Tofan explained during a media gathering in Kota Baru Parahyangan, West Bandung Regency, West Java, on Wednesday, January 22, 2025.
He further revealed that these loans were disbursed to two million lenders, comprising both individuals and entities, including some from overseas.
Since the establishment of this sector, the number of borrowers has reached an impressive 137 million, both individuals and businesses. “We have served the needs of approximately 137 million individuals or entities by facilitating the distribution of funds through our industry,” Tofan emphasized.
Furthermore, AFPI reported a TKB90 figure of 97.62 percent as of November 2024. As outlined on the (Financial Services Authority) website, TKB90 measures the success rate of P2P lending companies in facilitating the settlement of loan obligations within 90 days of the due date.
Previously, AFPI stressed the distinction between licensed online loans (pindar) and illegal online loans (pinjol). The term "pinjol" has now been replaced with "pindar", which has officially referred to Information Technology-Based Joint Funding Services (LPBBTI) or P2P lending companies.
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