Affordable Micro-credit
Affordable Micro-credit
Business Model Description
Invest in B2C and P2P financing companies offering affordable personal loans (small-size, low interest rates and collateral-free) to serve the needs of the underserved population segments, merely using ID proof and contact number of borrowers as a minimum requirement. (11) Examples of some companies active in this space are:
PT. Finansia Multi Finance (subsidiary of KB Kookmin Card Co., Ltd.) (KreditPlus), founded in 1994, provides finance solutions for automobiles, motorcycles, heavy equipment, personal computers, office tools, furniture, and video equipment. In 2020, it raised USD 50 mn from the International Finance Corporation (IFC) and USD 200 mn from SMBC, HSBC, KEB Hana, ANZ, SCB and DBS. (15)
Akulaku Inc., founded in 2016, operates in emerging markets with underserved consumers. It provides digital banking services, consumer credit, digital investments and insurance. Till 2019, it has raised USD 220 mn, including USD 100 mn in Series D round (at USD 450 mn post-money valuation) from Ant Financial Services Group and Alibaba’s financial services arm (USD 40 mn) (16).
Kredivo (product of FinAccel Pte Ltd.), founded in 2015, is a digital credit platform. It has >3mn customers and offers 2 types of lending products: 0-interest 30-day “‘buy now, pay later” financing for e-commerce and offline purchases, and 3-, 6- and 12-month installment loans with an interest of 2.6% a month (annual rate of 53.36%). It raised USD 200 mn in debt from Victory Park Capital. (17)
PT Julo Teknologi Perdana, founded in 2016, provides affordable unsecured personal loans, using machine learning technology to assign varying interest rates and credit limits to borrowers as per their credit worthiness. It offers digital credit, cashback bonus and lower interest rates. It raised USD 10 mn from Quona Capital and USD 5 mn from East Ventures, Skystar Capital in Series A round. (18)
Expected Impact
Provision of affordable loans to the lower income group and retail customers beyond urban areas to ensure financial inclusion and facilitate sustainable growth in the economy
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Indonesia: Countrywide
- Indonesia: Maluku Islands
- Indonesia: Sulawesi
- Indonesia: Kalimantan
Sector Classification
Financials
Development need
Since COVID-19, banks adopted a more conservative approach for lending to MSMEs, resulting in a decline in the number of MSME credit accounts (4.20%) with the sharpest decline in the number of Micro credit segment. (1) People in remote locations and those with low income (limited savings) mostly rely on informal sources for financial services. (2)
Policy
Financial Services Authority's (OJK) Structural Framework 2021-2025 focuses on development of financial services ecosystem by increasing the role of Financial services sector (FSS) in supporting priority economic sectors, MSMEs, job creation and regional development, including directing all Financial Service Institutions (FSI) to expand services to MSMEs (especially in remote areas). (3)
Gender inequalities and marginalization issues
Indonesia has >22 mn female entrepreneurs, and majority of them face significant difficulties in accessing financial services (particularly bank loans), which limits the expansion of their businesses. (4) 51.4% women (vs. 46.2% men) have bank accounts.
80% female labor force is employed in informal sectors and millions of women lack access to financial services to address their particular needs. (5) Limited access to capital makes people living in rural areas even more marginalized. (6)
Investment opportunities introduction
Indonesia is home to 20% of all fintech companies in Southeast Asia which are expected to generate USD 8.6 bn in revenue over the next 5 years (by 2026). (7)
Access to e-money encourages urbanization by reducing transaction costs for remitting. 26% urban and 22% rural population uses digital financial services for online shopping (8).
Key bottlenecks introduction
Major issue tends to be readiness of players to comply with licensing requirements with new and constantly changing regulatory frameworks. Various business models of FinTech lending players result in differing capabilities, infrastructure setup, and needs.
Lack of financial literacy has trapped many consumers into an ecosystem of illegal P2P lending. (9)
Corporate and Retail Banking
Development need
Middle to low expenditure per capita constitute majority of Indonesia’s working age population, with most of them lacking access to formal credit. Middle to lower expenditure segments and MSMEs are largely underserved by financial institutions. Fintech lending can tap into this issue to improve access to credit. (10)
Policy
The FSS Master Plan (MPSJKI) addresess Short-Term FSS Policy Direction (2020-2021): FSS Support for the National Economic Recovery Program (PEN) and the 2021-2025 Structural Framework which focuses on three areas: (1) Strengthening Resilience and Competitiveness; (2) Financial Services Ecosystem
Development; and (3) Digital Transformation Acceleration. (11)
Gender inequalities and marginalization issues
In 2016, 53% micro, 51% small and 34% medium enterprises were owned by women. 40% women compared to 28% men consider bank procedures to be complicated.
Women face constraints at the personal, household and social levels. Foremost, women feel handicapped by the pressure to balance their responsibilities at home and the need to focus on their business. Women generally devote a significant portion of their business income to household needs, which limits reinvestment in their business (12).
Based on data on the development of micro, small, medium and large enterprises by the Coordinating Ministry for Human Development and Culture in Indonesia in the 2014-2018 period, 99.99% of the 64 mn business units in Indonesia are Micro, Small and Medium Enterprises (MSMEs). Around 60% of the number of MSMEs are managed by women.
Majority users of FinTech are urban households, while FinTech’s penetration to rural households is still low. Compared with conventional financial services, digital financial services are faster, more efficient, and typically cheaper in reaching lower-income households and MSMEs.
FinTech companies are arguably more flexible than conventional financial institutions in providing financial services to households with little or no access to conventional financial services (12).
Investment opportunities introduction
66% consumers (Vs. 24% before Covid-19) rely on e-commerce for non-food item purchases.(13) The Buy Now Pay Later payment adoption (used for e-commerce purchases) is expected to grow steadily, recording a CAGR of 29.2% during 2021-2028. BNPL Gross Merchandise Value is expected to increase from USD 889.7 mn in 2020 to reach USD 9.22 bn by 2028. (12)
Key bottlenecks introduction
Financial literacy is on the rise, but is not commensurate and may lead to demand side challenges in acceptance of financial products. OJK's regulatory sandbox may discourage innovation in FinTech.
In 2019, financial inclusion index was 76.19% and financial literacy index was 38.03%. Sharia financial literacy index also up surged from 8.1% (2016) to 8.93% (2019). (14)
Consumer Finance
Pipeline Opportunity
Affordable Micro-credit
Invest in B2C and P2P financing companies offering affordable personal loans (small-size, low interest rates and collateral-free) to serve the needs of the underserved population segments, merely using ID proof and contact number of borrowers as a minimum requirement. (11) Examples of some companies active in this space are:
PT. Finansia Multi Finance (subsidiary of KB Kookmin Card Co., Ltd.) (KreditPlus), founded in 1994, provides finance solutions for automobiles, motorcycles, heavy equipment, personal computers, office tools, furniture, and video equipment. In 2020, it raised USD 50 mn from the International Finance Corporation (IFC) and USD 200 mn from SMBC, HSBC, KEB Hana, ANZ, SCB and DBS. (15)
Akulaku Inc., founded in 2016, operates in emerging markets with underserved consumers. It provides digital banking services, consumer credit, digital investments and insurance. Till 2019, it has raised USD 220 mn, including USD 100 mn in Series D round (at USD 450 mn post-money valuation) from Ant Financial Services Group and Alibaba’s financial services arm (USD 40 mn) (16).
Kredivo (product of FinAccel Pte Ltd.), founded in 2015, is a digital credit platform. It has >3mn customers and offers 2 types of lending products: 0-interest 30-day “‘buy now, pay later” financing for e-commerce and offline purchases, and 3-, 6- and 12-month installment loans with an interest of 2.6% a month (annual rate of 53.36%). It raised USD 200 mn in debt from Victory Park Capital. (17)
PT Julo Teknologi Perdana, founded in 2016, provides affordable unsecured personal loans, using machine learning technology to assign varying interest rates and credit limits to borrowers as per their credit worthiness. It offers digital credit, cashback bonus and lower interest rates. It raised USD 10 mn from Quona Capital and USD 5 mn from East Ventures, Skystar Capital in Series A round. (18)
Business Case
Market Size and Environment
Assets of Indonesian banks 2002: USD 81 bn 2019: USD 628 bn (19)
> 25%
> Unbanked - 60% (21 and 22) > 60% own a mobile phone (23) > Financially literate - 40% (24)
By 2020, 149 P2P lenders (139 conventional P2P lenders; 10 sharia-compliant P2P lenders) were registered with the OJK. - Total loans disbursed = USD 10.7 bn; Monthly loan disbursements = Average USD 400-500 mn - Outstanding portfolio = USD 1 Bn in current loans (25) As of June 2020, there were ~1530 rural banks and 110 commercial banks. (26)
Rapid growth in population of digital consumers, high penetration of mobile internet users and >150 fintech firms are the key drivers for Indonesia becoming one of the biggest digital economies in Asia. (25) Kredivo targets to address the lending needs of 10 mn customers. (17)
Average transaction value per user in Alternative Financing segment is projected to be USD 4,535 in 2022. (20) In 2018, fintech lending provided financing access to >600,000 individuals, creating >200,000 jobs. Total disbursed loans increased by 606% from March 2018 to March 2019, distributed to 13 mn entities across indonesia (10.6 mn entities in Java; 2.8 mn entities outside Java). (27)
Indicative Return
Akulaku: ROI - 50% higher CPI - 40% lower Cost-per-new-credit - 50% lower (28)
The Neobanking segment is expected to show a revenue growth of 41.0% in 2023. (20)
Kreditplus's revenue in 2019 was USD 95 mn, with USD 3.1 mn in profit (29) In 2020, Kredivo generated USD 74 mn in annual revenue, with transaction volumes of USD 574 mn from 2.2 mn cumulative users on its platform. (30)
Akulaku's revenue more than doubled to USD 274 mn in H1-2021 (31) It targeted to report a net profit of USD 26 mn in 2021. (32)
Private Equity firms target 20-25% IRRs on their investment. Returns depend on stage of investment and the valuation at the time of exit. Example: Seed fund investors will earn a better return if they hold their investment, than the investors who enter at a later stage.
Investment Timeframe
Medium Term (5–10 years)
Older players in this segment have evolved their models over a long period of time to adjust to the changing regulatory requirements. With such evolution of the market new entrants may enjoy a shorter gestation period in comparison to their existing counterparts.
Kredivo which launched in 2015, plans to merge with Victory Park's Special Purpose Acquisition Company (SPAC) at USD 2.5 mn, thereby becoming a public listed entity. (30)
Akulaku, started in 2016 and targets to break-even in 2021, with a net profit of USD 26 mn, with plans to launching an Initial Public Offering (IPO) in 2022. (32)
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Market - Volatile
Impact Case
Sustainable Development Need
Promote economic growth and productivity through improved access to the formal financial system and formal credit which can potentially facilitate investments in education and business opportunities. (24)
Achieve economic growth by utilising credit to boost spending and accelerate production capability. As of 2017, Indonesia had a low loan disbursement per GDP compared to other countries, indicating that its financing capacity is not yet fully utilised. (10)
Gender & Marginalisation
Provide fair borrowing opportunities without any gender based disparity. In terms of gender distribution, 47.2% of borrowers are women and 52.7% are men. Most borrowers are individuals or smaller MSMEs, with big companies comprising only 0.10%. (25)
Increase financial inclusion across Indonesia. Koinworks realizes the market potential beyond Java (70% portfolio), and has made concerted efforts to shift at least a third of its portfolio (30%) into underserved islands, such as Sumatra, Bali, Kalimantan and East Indonesia. (34)
Expected Development Outcome
Covid-19 has highlighted the need for promoting the growth of FinTech platforms offering digital lending programs to maintain and support the recovery of low-income households in Indonesia (15)
Offering convenient access to funds and improving credit card penetration rate, which is low (only 8 mn out of 270.6 mn population) due to banks' reluctance in issuing unsecured loans, especially to younger customers will help in improving the proportion of banked population. (17)
Ensure rapid growth of the digital economy by providing financial access through a wide range of innovative and interconnected financial service products, especially in digital marketplaces and peer-to-peer (P2P) lending. (25)
Gender & Marginalisation
Promote financial inclusion by mandating ease of access to formal financial services for every level of society (underserved, MSMEs, and women) by ensuring that credit is accessible for unbanked and underbanked individuals. (25, 24 and 6)
Increasing speed and transparency and reduce costs associated with providing access to financially underserved communities through the use of tech-enabled lending platforms. (25)
Encourage the presence of more female talent for careers in the fintech industry by collaborating with industry players and offering funding support for female entrepreneurs. 77% FinTech companies claim it is easier to find male talent than women talent. (23)
Primary SDGs addressed
8.10.1 (a) Number of commercial bank branches per 100,000 adults and (b) number of automated teller machines (ATMs) per 100,000 adults
8.10.2 Proportion of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider
Number of commercial bank branches per 100.000 adults: 14.16 in 2012; 17.67 in 2020 Number of ATM per 100.000 adults: 35.73 2012; 52.95 in 2020 (35)
Not available as on January-2022
ATM (per 100k people, in units): 56.3 units in 2021, 56.7 units in 2022, 57.1 units in 2023, 57.5 units in 2024 Branch (per 100k people, in units): 15.4 units in 2021, 15.3 units in 2022, 15.3 units in 2023, 15.3 units in 2024 (36)
Not available as on January-2022
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
Threat to traditional banks as limited technological know-how and slow implementation / enforcement of digital actions would allow competitors to grow stronger. (26)
Potential cyber attack (system's vulnerability to customer data theft and abuse) can impact the economy adversely with leakage of private customer information and confidential financial data (6)
Most people who rely on FinTech platforms for borrowing are first-time borrowers with no credit history. Risk of non-performing assets (NPAs) is high with an absence of credit history. (37)
Risk of default (failure to repay) or over-indebtedness arising from debt refinancing may impact the efficiency of the system and result in a potential loss for investors or lenders. (6)
Gender inequality and/or marginalization risk: Spending on things which may not be necessities can result in additional financial burden on the population.
Impact Risks
Absence of accessible financing solutions can limit improvement in quality of life of the underserved / unbanked population, and also hinder economic growth.
FinTech solutions call for a reasonable degree of digital awareness and literacy, and may leave less digitally savvy groups out of the fold of such services, thereby limiting inclusiveness of population.
Capital markets do not provide sufficient funding, nor do they represent a competitive alternative to banks. Digital financing solutions can offer an efficient alternative. (38)
Agent networks of banks are difficult to access (travel costs and commuting time) for the population residing in remote areas. (8)
Gender inequality and/or marginalization risk: Lack of regulation and control may result in exploitation of underserved population.
Impact Classification
What
Provision of accessible and affordable financing solutions to expand purchasing capacity of underserved / unbanked communities and contribute to economic growth.
Who
Underserved; Unbanked population benefits from obtaining loans at affordable rates; Banks benefit from increasing their coverage and building their loan book
Risk
Risk of default (failure to repay) or over-indebtedness arising from debt refinancing can result in a potential loss for investors or lenders, hamper economic growth. (6)
Contribution
Accumulation of FinTech financing to the productive sector until October 2021 reached USD 8.01 bn (43.65% of total accumulated financing distribution). (39)
How Much
60% of Indonesia's population is unbanked (21); 60% of population owns a mobile phone (40); and 40% population is financially literate. (24)
Impact Thesis
Provision of affordable loans to the lower income group and retail customers beyond urban areas to ensure financial inclusion and facilitate sustainable growth in the economy
Enabling Environment
Policy Environment
2020-2021 MPSJKI: is directed at enhancement of the FSS resilience and competitiveness through strengthening resilience and competitiveness, financial services ecosystem development, and digital transformation acceleration. (3)
Indonesian Financial Services Sector Master Plan 2021-2025: reflects FSS resilience/competitiveness through strengthening capital and accelerating consolidation of FSI; strengthening governance, risk management, market conduct; aligning regulations to international standards.(3)
GoI Financial Service Sector Master Plan 2021-2025 mention the FSS ecosystem development through increasing FSS role in supporting priority economic sectors, MSMEs, job creation, and regional development; development of sharia finance; expanding financial access and literacy; strengthening consumer protection. (3)
MoF's Strategic Plan (2020-24): states a development agenda to strengthen economic resilience. The policy direction is to develop sustainable economic businesses with access to finance and markets and create environmentally friendly jobs with ultra-micro credit facilitation.(41)
Indonesian Financial Services Sector Master Plan 2021-202: OJK plans mention strategies to improve financing in areas with low financial inclusion. It plans to collaborate with stakeholders through programs such as KEJAR program; Regional Financial Access Acceleration Team program; Sharia Financial Inclusion program. (3)
Financial Environment
Financial incentives: Ultra Micro Financing (UMi) provides a maximum financing facility of USD 697 per customer and is distributed by Non-Bank Financial Institutions (LKBB) for Ultra Micro Businesses, both in the form of conventional financing and financing based on sharia principles. (44)
Fiscal incentives: In the Value Added Tax (VAT) Law (UU PPN) Law Number 42 Year 2009, financial services are not subject to VAT. Fintech P2P lending includes financial services that place funds, borrow funds, or lend funds to other parties by means of telecommunication or other means. (45)
Other incentives: The economic stimulus for banking debtors affected by Covid-19 is extended until March 31, 2023. The policy includes asset quality based assessment on the credit payments accuracy (max. USD 698,000), determination of the restructured credit quality and the new one (46).
Regulatory Environment
Microfinance Institutions are categorized under Indonesia Standard Industrial Classification subcategory no.6415, including Conventional Microfinance Institutions and Syariah Microfinance Institutions. (35)
Business of microfinance institutions is carried out by conventional microfinance institutions and sharia microfinance institutions which are regulated and supervised by the Financial Services Authority. (3)
POJK No. 77/2016 on Information Technology Based Credit Services (LPMUBTI): supports FinTech P2P lending platforms and protects consumers. Maximum amount of loans to a single borrower is USD 140,000. This encourages the development of Fintech 2.0 and 3.0 (big data, blockchain) (42).
BI Regulation No. 19/12/PBI/2017 on Financial Technology Organization on Payment System Supporting Market Investment and Risk Management Lending, Financing or Funding, and Capital Rising Other Financial Services: regulates Risk management on fintech lending. (43)
Fintech loan are categorized KBLI subcategory 64951 (Information Technology-Based Lending and Borrowing Services (Fintech P2P Lending) Conventional). (44)
Marketplace Participants
Private Sector
Corporates: PT. Finansia Multi Finance (KreditPlus), Akulaku Inc., PT FinAccel Finance Indonesia (Kredivo), Julo Investors: KB Kookmin Card Co., Ltd., International Finance Corporation (IFC), SMBC, HSBC, KEB Hana, ANZ, SCB dan DBS, Ant Group Co., Ltd., Victory Park Capital
Government
OJK, Ministry of Cooperatives and MSMEs, Ministry of Finance, The Center for Reporting and Analysis of Financial Transaction (PPATK), Ministry of Cooperatives and Small & Medium Enterprises, Indonesia Investment Coordinating Board
Multilaterals
United Nations Development Programme (UNDP), Asian Development Bank (ADB), World Bank (WB)
Non-Profit
Cooperative, Akumindo (MSME association), Asosiasi Fintech Indonesia (AFTECH)
Target Locations
Indonesia: Countrywide
Indonesia: Maluku Islands
Indonesia: Sulawesi
Indonesia: Kalimantan
References
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