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Business & Finance

G20 SOE Conference: Successfully Accelerating Financial Inclusion, BRI Receive Acknowledgement from Harvard Kennedy Professor

BALI, Indonesia
Professor Jay K. Rosengard, Adjunct Lecturer of Harvard Kennedy School.

PT Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) received an appreciation from an Adjunct Lecturer of Harvard Kennedy School, Professor Jay K. Rosengard for their contribution in promoting the acceleration of financial inclusion and ESG implementation in Indonesia. Rosengard conveyed the statement during The Role of SOEs in Broadening Financial Inclusion on ‘Trade Investment & Industry Working Group (TIIWG) Road to G20: SOE International Conference’ in Bali, October 17th, 2022.

BRI is considered to successfully execute a commitment to financial inclusivity and encourage MSMEs growth in Indonesia through financial disbursement. Rosengard stated, “When agricultural technology began to penetrate, BRI played an important role in enabling financial aid. The farmers then could adopt the innovation and create a green revolution perspective, shifting Indonesia from the world’s largest rice importer to a net exporter in 20 years.” Rosengard also praised BRI for excellently implementing ESG principles which have contributed significantly to MSMEs sustainable growth. “BRI is a successful phenomenon of Green Revolution and is the world’s biggest and most successful profitable micro banking. It’s a great untold story,” said Rosengard.

BRI also created numerous innovations. Including AgenBRILink, a branchless banking service that managed to cover 77% of rural areas in Indonesia per September 2022, also Agen Laku Pandai and Holding Ultra Mikro (UMi). Kartika Wirjoatmodjo, Vice Minister II State-Owned Enterprises of Indonesia, considered those innovations to potentially escalate financial inclusivity up to 83-84%. Wirjoatmodjo also stated that 30 million potential customers could not access the formal financial system. “To address this unbanked population, we have integrated three entities: BRI, Pegadaian, and PNM, into a UMi holding. We have established an integrated one-stop service (co-location SENYUM) where customers can receive various financing products and services from one place,” said Wirjoatmodjo.

Within the first half of 2022, BRI effectively recorded a profit of Rp24.88 trillion and partially contributing to the government through dividends and taxes. After more than twenty years, BRI has grown into the largest bank by assets and the major credit distribution for MSMEs in Indonesia, demonstrated by the MSMEs lending portion in BRI that reached 83% of the total lending, or equal to Rp920 trillion in Q2 of 2022.

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Source: PT Bank Rakyat Indonesia Tbk (BRI)