FINANCIAL SERVICES AUTHORITY REGULATION

NUMBER 76 /POJK.07/2016
ON
THE ENHANCEMENT OF FINANCIAL LITERACY AND FINANCIAL INCLUSION IN THE FINANCIAL SERVICES SECTOR FOR CONSUMERS AND/OR THE PUBLIC

BY THE GRACE OF GOD THE ALMIGHTY
THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that the knowledge, understanding, and access of the Indonesian public to financial institutions, products, and financial services are still low and uneven across every financial services industry sector; b. that under the conditions referred to in letter a, financial education and the development of supporting infrastructure are necessary;
c. that the implementation of financial education and infrastructure development as referred to in letter b is carried out as one of the efforts to enhance knowledge and understanding of financial institutions, products, and financial services;
d. that in addition to the implementation of financial education and the development of supporting infrastructure, the availability of public access to financial institutions, products, and/or financial services that are appropriate to the needs and capabilities of the public is also required; e. that to support financial education and the availability of public access to financial institutions, products, and financial services, community empowerment and synergy from Financial Services Institutions are needed to enhance public welfare; and f. that based on the considerations referred to in letters a through e, it is necessary to establish a Financial Services Authority Regulation on the Enhancement of Financial Literacy and Financial Inclusion in the Financial Services Sector for Consumers and/or the Public;

Taking into account:
Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);

DECIDES:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION ON THE ENHANCEMENT OF FINANCIAL LITERACY AND FINANCIAL INCLUSION IN THE FINANCIAL SERVICES SECTOR FOR CONSUMERS AND/OR THE PUBLIC.

CHAPTER I

GENERAL PROVISIONS

Article 1

In this Financial Services Authority Regulation, the following definitions apply:

1. Financial Services Authority, hereinafter abbreviated as OJK, is an independent institution that has the functions, duties, and authorities for regulation, supervision, examination, and investigation as referred to in Law Number 21 of 2011 concerning the Financial Services Authority.

2. Financial Services Business Actor, hereinafter abbreviated as PUJK, is a Universal Bank, Rural Bank, Securities Broker, Investment Manager, Financial Institution Pension Fund, Insurance Company, Financing Company, Venture Capital Company, Pawning Company, and Guarantee Company, whether conducting business activities conventionally or sharia, based on regulations in the financial services sector.

3. Consumer is a party that places funds and/or utilizes available services at PUJK, including customers in Banking, investors in the Capital Market, policyholders in Insurance, participants in Pension Funds, based on regulations in the financial services sector.

4. Board of Commissioners for PUJK or an organ equivalent to the Board of Commissioners in a Limited Liability Company entity, hereinafter referred to as Board of Commissioners, is an organ in each PUJK that performs the function of general and/or specific supervision according to the articles of association and provides advice to the Board of Directors.

5. Board of Directors for PUJK or an organ equivalent to the Board of Directors in a Limited Liability Company entity, hereinafter referred to as Board of Directors, is an organ that performs the management functions of PUJK for the benefit of PUJK according to the purpose and objectives of each PUJK and represents PUJK both inside and outside the court according to the articles of association.

6. Financial Literacy is knowledge, skills, and confidence, which influence attitudes and behaviors to improve the quality of decision-making and financial management in order to achieve welfare.

7. Financial Inclusion is the availability of access to various financial institutions, products, and financial services according to the needs and capabilities of the public in order to enhance public welfare.

8. Financial Education is a series of processes or activities to enhance Financial Literacy.

9. Simple Financial Product and/or Service is a financial product and/or financial service with features and requirements that are easy and accessible to various groups of Consumers and/or the public.

10. Financial Conglomeration is a PUJK that is within one group or cluster due to ownership and/or control linkages.

CHAPTER II

FINANCIAL LITERACY

Article 2

(1) PUJK is obligated to carry out activities to enhance Financial Literacy.
(2) The implementation of activities to enhance Financial Literacy as referred to in paragraph (1) is carried out in accordance with guidelines in each respective PUJK.

Section One

Objective of Financial Literacy

Article 3

The objectives of Financial Literacy include:
a. improved quality of individual financial decision-making; and b. changes in individual attitudes and behaviors in financial management to be better, so as to be able to determine and utilize financial institutions, products, and financial services that are appropriate to the needs and capabilities of Consumers and/or the public in order to achieve welfare.

Section Two

Scope of Efforts to Enhance Financial Literacy

Article 4

The scope of activities to enhance Financial Literacy is the planning and implementation of:
a. Financial Education; and b. the development of infrastructure supporting Financial Literacy for Consumers and/or the public.

Article 5

(1) The obligation of PUJK regarding the implementation of activities to enhance Financial Literacy as referred to in Article 2 paragraph (1) is carried out as an annual PUJK program. (2) The implementation of activities to enhance Financial Literacy as referred to in paragraph (1) must be carried out based on the principles:
a. planned and measurable; b. achievement-oriented;
c. continuous; and
d. collaboration.
(3) PUJK may cooperate with other parties in enhancing Financial Literacy as referred to in paragraph (1).
(4) Further provisions regarding the implementation of activities to enhance Financial Literacy will be regulated in an OJK circular letter.

Article 6

(1) The implementation of Financial Education as referred to in Article 4 letter a is carried out by delivering Financial Education material to Consumers and/or the public.
(2) The Financial Education material as referred to in paragraph (1) must at least include information regarding:
a. financial management; b. types of financial services industries;
c. financial products and services including their characteristics, consisting of:

1. benefits, costs, and risks of financial products and services;
2. rights and obligations of Consumers;
3. methods to access financial products and services; and
4. information related to transaction mechanisms for financial products and/or services; and
   d. taxation related to financial products and/or services.
   (3) The implementation of Financial Education as referred to in Article 4 letter a may be carried out in various forms and methods of Financial Education.

Article 7

(1) In the event that PUJK implements Financial Education in the form of mentoring to Consumers who have micro or small businesses, PUJK must at least:
a. ensure that Consumers use financial products and/or services obtained for their business activities; b. assist Consumers in improving their ability to manage their business activities; and
c. support the smoothness and continuity of Consumers' financial access.
(2) Further provisions regarding mentoring will be regulated in an OJK circular letter.

Article 8

In the event that PUJK implements Financial Education in the form of simulation, PUJK must include calculation formulas and disclaimers stating that the activity is only a simulation.

Article 9

(1) The implementation of infrastructure development as referred to in Article 4 letter b is carried out by building and developing facilities that can support Financial Literacy.
(2) The forms of infrastructure development as referred to in Article 4 letter b include the compilation and establishment of Financial Education material databases, the provision of human resources, and the construction or development of facilities and media to access Financial Education material, including the use of information and communication technology.

Section Three

Financial Literacy Plan

Article 10

(1) PUJK is obligated to compile activity plans to enhance Financial Literacy.
(2) The activity plans to enhance Financial Literacy as referred to in paragraph (1) must at least include:
a. activity name; b. activity objectives;
c. implementation forms;
d. implementation methods; e. materials; f. targets and number of participants; g. schedule and region; h. implementation frequency;
i. sources and amount of costs;
j. measurement methods and facilities; and k. parameters and forms of monitoring and/or evaluation.
(3) Activities listed in the activity plans to enhance Financial Literacy as referred to in paragraph (1) may become part of the PUJK's corporate social responsibility (CSR) activities.

CHAPTER III

FINANCIAL INCLUSION

Article 11

(1) PUJK is obligated to carry out activities to enhance Financial Inclusion.
(2) The implementation of activities to enhance Financial Inclusion as referred to in paragraph (1) is carried out in accordance with guidelines in each respective PUJK.

Section One

Objective of Financial Inclusion

Article 12

The objectives of Financial Inclusion include:
a. increased public access to PUJK financial institutions, products, and financial services; b. increased provision of financial products and/or services by PUJK that are appropriate to the needs and capabilities of the public;
c. increased use of financial products and/or services that are appropriate to the needs and capabilities of the public; and
d. improved quality of the use of financial products and services according to the needs and capabilities of the public.

Section Two

Scope of Efforts to Enhance Financial Inclusion

Article 13

The scope of activities to enhance Financial Inclusion consists of:
a. expanding access to financial institutions, products, and/or financial services to target Consumers; and/or b. providing financial products and/or services, including the creation of schemes or development of financial products and/or services that are appropriate to the needs and capabilities of Consumers and/or the public.

Article 14

(1) The obligation of PUJK regarding the implementation of activities to enhance Financial Inclusion as referred to in Article 11 paragraph (1) is carried out as an annual PUJK program. (2) The implementation of activities to enhance Financial Inclusion as referred to in paragraph (1) must be carried out based on the principles:
a. measurable; b. affordable;
c. targeted; and
d. continuous.
(3) PUJK may cooperate with other parties in enhancing Financial Inclusion as referred to in paragraph (1).
(4) Further provisions regarding the implementation of activities to enhance Financial Inclusion will be regulated in an OJK circular letter.

Article 15

The expansion of access to financial products and/or services as referred to in Article 13 letter a includes the provision of various facilities for special needs community groups to access financial products and/or services.

Article 16

The creation of schemes or development of financial products and/or services as referred to in Article 13 letter b is carried out in accordance with the characteristics of each respective financial product and/or service and the PUJK industry.

Article 17

The implementation of activities to enhance Financial Inclusion as referred to in Article 13 is carried out in the forms of:
a. expanding access to financial institutions, products, and/or financial services to target Consumers; b. providing financial products and/or services, including the creation of schemes or development of financial products and/or services that are appropriate to the needs and capabilities of Consumers and/or the public; and/or
c. maintaining the continuity of access expansion as referred to in letter a and the provision of financial products and/or services as referred to in letter b.

Article 18

In the event that PUJK has Simple Financial Products and/or Services, PUJK must:
a. provide information regarding such financial products and/or services to prospective Consumers; and b. accept prospective Consumers who will utilize such financial products and/or services, taking into account applicable regulations.

Section Three

Financial Inclusion Plan

Article 19

(1) PUJK is obligated to compile activity plans to enhance Financial Inclusion.
(2) The activity plans to enhance Financial Inclusion as referred to in paragraph (1) must at least include:
a. the scope of activities to be carried out as referred to in Article 13; b. activity targets to enhance Financial Inclusion;
c. target users of financial products and/or services;
d. schedules and regions for the implementation of activities to enhance Financial Inclusion; and e. parameters and forms of monitoring and/or evaluation of activities to enhance Financial Inclusion.

CHAPTER IV

ROLES OF THE BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS OF PUJK

Article 20

The Board of Directors of PUJK is obligated to compile and implement activity plans to enhance Financial Literacy and Financial Inclusion.

Article 21

The Board of Commissioners of PUJK ensures that the Board of Directors of PUJK has and implements activity plans to enhance Financial Literacy and Financial Inclusion.

CHAPTER V

FUNCTIONS OR UNITS FOR FINANCIAL LITERACY AND FINANCIAL INCLUSION

Article 22

(1) PUJK is obligated to establish functions or units for the implementation of activities to enhance Financial Literacy and Financial Inclusion.
(2) The establishment of functions or units as referred to in paragraph (1) may be located in:
a. different functions or units; or b. the same function or unit.
(3) The establishment of functions or units as referred to in paragraph (1) may be attached to other functions or units except for risk management, internal audit, legal, and compliance functions or units. (4) In establishing functions or units as referred to in paragraph (1), PUJK considers:
a. the amount of PUJK assets; b. the number of PUJK offices;
c. the number of PUJK financial products and/or services;
d. the number of Consumers; and/or e. the number of PUJK human resources.
(5) In the event that PUJK is a Financial Conglomeration, the establishment of Financial Literacy and Financial Inclusion functions or units may be carried out in an integrated manner at the main entity.

Article 23

(1) The Financial Literacy function or unit has duties, at least:
a. planning and implementing activities to enhance Financial Literacy; b. monitoring and evaluating the implementation of Financial Literacy activities already carried out by PUJK; and
c. providing input to business units conducting research and development of financial products and/or services to develop financial products and/or services that are appropriate to the needs and capabilities of Consumers and/or the public based on the results of monitoring and evaluating activities to enhance Financial Literacy.
(2) The Financial Inclusion function or unit has duties, at least:
a. planning and implementing activities to enhance Financial Inclusion; b. monitoring and evaluating activities to enhance Financial Inclusion already carried out by PUJK;
c. providing input to business units conducting research and development of financial products and/or services to develop financial products and/or services that are appropriate to the needs and capabilities of Consumers and/or the public; and
d. providing input to the Financial Literacy function or unit in compiling Financial Education material related to financial products and/or services developed.

CHAPTER VI

REPORTS ON FINANCIAL LITERACY AND FINANCIAL INCLUSION

Article 24

(1) PUJK is obligated to compile and submit plan reports as referred to in Article 10 and Article 19, as well as realization reports regarding such activities to OJK concerning:
a. activities to enhance Financial Literacy; and b. activities to enhance Financial Inclusion.
(2) In the event that PUJK is a Financial Conglomeration as referred to in Article 22 paragraph (5), each respective PUJK is obligated to submit plan reports and realization reports to OJK regarding activities as referred to in paragraph (1).

Article 25

(1) Plan reports as referred to in Article 24 must be included in the PUJK business plan and submitted to OJK in accordance with regulations governing the reporting of business plans for each respective PUJK. (2) In the event that PUJK does not have a business plan, the plan reports as referred to in Article 24 must be submitted to OJK no later than November 30 of the year prior to the implementation of the activities. (3) In the event that November 30 falls on a holiday, the plan reports as referred to in paragraph (2) must be submitted on 1 (one) working day following the holiday. (4) Further provisions regarding the compilation and submission of plan reports as referred to in paragraph (1) and paragraph (2) will be regulated in an OJK circular letter.

Article 26

(1) Realization reports as referred to in Article 24 must be included in the PUJK business plan realization reports and submitted to OJK in accordance with regulations governing the reporting of business plan realizations for each respective PUJK. (2) In the event that PUJK does not have PUJK business plan realization reports, the realization reports as referred to in Article 24 must be submitted to OJK no later than January 30 of the following year. (3) In the event that January 30 falls on a holiday, the plan reports as referred to in paragraph (2) must be submitted on 1 (one) working day following the holiday. (4) Further provisions regarding the compilation and submission of realization reports as referred to in paragraph (1) and paragraph (2) will be regulated in an OJK circular letter.

Article 27

In the event that PUJK cooperates with other parties as referred to in Article 5 paragraph (3) and Article 14 paragraph (3), PUJK is obligated to include the role of such other parties in the activity plan reports and realization reports regarding activities to enhance Financial Literacy and Financial Inclusion.

CHAPTER VII

ADMINISTRATIVE SANCTIONS

Article 28

(1) OJK may impose administrative sanctions for violations of provisions as regulated in Article 2, Article 5, Article 7, Article 8, Article 10, Article 11, Article 14, Article 18, Article 19, Article 20, Article 22, Article 24, Article 25, Article 26, and Article 27 in this Financial Services Authority Regulation carried out by PUJK. (2) Administrative sanctions as referred to in paragraph (1) consist of:
a. oral warnings; and b. written warnings.

Article 29

(1) In the event that PUJK has obligations to report business plans and business plan realizations, violations of provisions as listed in Article 24 follow the sanction provisions in the respective PUJK's business plan and business plan realization regulations. (2) In the event that PUJK does not have obligations to report business plans and business plan realizations, violations of provisions as listed in Article 24 apply the sanction provisions as referred to in Article 28 paragraph (2).

CHAPTER VIII

TRANSITIONAL PROVISIONS

Article 30

The implementation of Financial Education carried out by PUJK before the issuance of implementing regulations for this Financial Services Authority Regulation remains based on OJK Circular Letter Number 1/SEOJK.07/2014 concerning the Implementation of Education in the Framework of Enhancing Financial Literacy to Consumers and/or the Public.

CHAPTER IX

CLOSING PROVISIONS

Article 31

Further provisions regarding the implementation of activities to enhance Financial Literacy and Financial Inclusion in the Financial Services Sector will be regulated in OJK circular letters.

Article 32

This Financial Services Authority Regulation is exempted for Private Pawning Companies.

Article 33

Upon the commencement of this Financial Services Authority Regulation, Article 14 of Financial Services Authority Regulation Number 1/POJK.07/2013 concerning Consumer Protection in the Financial Services Sector regarding the obligation to conduct education and implementing regulations regarding such provisions, are repealed and declared invalid.

Article 34

This Financial Services Authority Regulation takes effect 1 (one) year after the date of enactment.

To ensure that everyone knows it, the enactment of this regulation is ordered by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on December 23, 2016
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY, signed
MULIAMAN D. HADAD

Enacted in Jakarta on December 28, 2016
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2016 NUMBER 315

A copy in accordance with the original
Director of Law 1
Legal Department
Yuliana

EXPLANATION

OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 76 /POJK.07/2016
ON
THE ENHANCEMENT OF FINANCIAL LITERACY AND FINANCIAL INCLUSION IN THE FINANCIAL SERVICES SECTOR FOR CONSUMERS AND/OR THE PUBLIC

I. GENERAL

Currently, the knowledge and understanding of the Indonesian public regarding financial institutions, products, and financial services are still relatively low and uneven across every financial services industry sector. This affects the low utilization of financial institutions, products, and financial services.

On the other hand, Indonesia's per capita Gross Domestic Product (GDP) has experienced growth. This growth is expected to be accompanied by the public's ability to utilize financial products and/or services appropriate to their needs and capabilities. Therefore, to enhance the public's knowledge and understanding of financial institutions, products, and financial services, activities are required to enhance Financial Literacy.

Efforts to enhance Financial Literacy are carried out by the Financial Services Authority, including by issuing the National Strategy for Indonesian Financial Literacy on November 19, 2013, which subsequently serves as a reference for various parties, not only in the implementation of Financial Education but also in efforts to develop schemes for financial products and/or services. This strategy was formulated in response to the results of a national survey covering the levels of Financial Literacy and Financial Inclusion of the Indonesian public. The survey

This is conducted against 8,000 (eight thousand) respondents distributed across various regions of Indonesia.

Efforts to enhance Financial Literacy are carried out through the implementation of Financial Education, which begins with a fundamental introduction to Financial Service Institutions, and the characteristics, benefits, costs, and risks of financial service products and services, as well as personal financial management. Ultimately, this is expected to bring about positive changes in public financial behavior. The aforementioned Financial Education needs to be supported by adequate infrastructure and implemented with attention to principles that are planned and measurable, oriented towards achievement, sustainable, and collaborative.

Furthermore, the enhancement of public Financial Literacy will guide the public to better understand social and economic policies and to be aware of their rights and obligations as Consumers. With a good understanding and awareness of the importance of financial institutions, products, and financial service offerings, the public can select and utilize financial institutions, products, and financial service offerings that are appropriate to their needs and capabilities in order to improve welfare.

Thus, it is evident that the enhancement of Financial Literacy must also be balanced with the enhancement of Financial Inclusion, which is manifested through (1) the availability of public access to Institutions, products, and/or financial service offerings; and (2) the availability of products and/or financial service offerings that are appropriate to the needs and capabilities of Consumers and/or the public. The availability of the aforementioned products and/or financial service offerings can be obtained through the creation of schemes or the development of products and/or financial service offerings, so that ultimately they can be utilized by the entire public, especially the middle and lower-income segments.

Formal financial service products and offerings accessible and utilizable by the public must have quality that can be measured, affordable, and targeted in their operations. In addition, the sustainability of the provision of such access must also be considered.

The enhancement of Financial Literacy and Financial Inclusion in its implementation needs to consider consumer protection aspects, which indirectly play an important role in the financial stability and economic growth of a country. The three aforementioned aspects as a trilogy of Consumer empowerment have a close relationship in achieving financial well-being. Financial well-being is a state characterized by the public's ability to withstand financial crises.

This is in line with the National Financial Inclusion Strategy launched by the government and stipulated in Presidential Regulation Number 82 of 2016, wherein the National Financial Inclusion Strategy specifically contains pillars regarding Financial Education, intermediation facilities and financial distribution channels, and consumer protection.

In efforts to enhance Financial Literacy and Financial Inclusion, OJK needs to synergize with various parties, including Financial Service Business Actors (PUJK) that have financial service products and offerings and interact directly with Consumers and/or the public. This synergy is deemed necessary to encourage the Indonesian public to enhance their knowledge regarding financial service institutions, products, and/or financial service offerings, possess skills in evaluating the benefits, costs, and risks of financial service products and/or offerings, and have confidence in institutions and/or financial service products and offerings. Thus, it is hoped that all Indonesian citizens can use financial service products and/or offerings according to their needs and capabilities.

II. ARTICLE BY ARTICLE

Article 1
Clear enough.

Article 2
Paragraph (1)
Financial Literacy implemented by PUJK is Financial Literacy directed at Consumers and/or the public, not at the employees of the respective PUJK or other parties as an effort to increase sales capacity.

Paragraph (2)
Clear enough.

Article 3
Clear enough.

Article 4
Clear enough.

Article 5
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
What is meant by "planned and measurable" is activities that have concepts appropriate to the objectives, strategies, authority policies, and PUJK policies, and have indicators to obtain information on the enhancement of Financial Literacy.

Letter b
What is meant by "oriented towards achievement" is activities that are able to achieve the objectives of enhancing Financial Literacy by optimizing existing resources.

Letter c
What is meant by "sustainable" is activities conducted continuously to achieve planned objectives and have long-term aspects. In applying the principle of sustainability, PUJK needs to prioritize understanding regarding financial management, institutions, products, and/or financial service offerings.

Letter d
What is meant by "collaboration" is activities involving all stakeholders in the implementation of activities together.

Paragraph (3)
What is meant by "other parties in the context of enhancing Financial Literacy" includes, among others, authorities, other PUJK, PUJK associations, government agencies, researchers, academics, business entities, organizations, non-governmental organizations, and/or communities, both from within and outside the country.

Paragraph (4)
Clear enough.

Article 6
Paragraph (1)
Financial Education materials are drafted with reference to the Financial Education material standards, considering the financial literacy and inclusion strategy in the Indonesian financial services sector issued by OJK.

Paragraph (2)
Letter a
Financial management materials are adjusted to the targets of Financial Education.

Letter b
What is meant by "type of financial service industry" includes, among others, banking, capital markets, insurance, pension funds, financing institutions, guarantee institutions, and pawnshops, both operating conventionally and Sharia.

Letter c
Clear enough.

Letter d
Clear enough.

Paragraph (3)
Financial Education can be conducted in various forms such as socialization, seminars, workshops, discussions, consultations, mentoring, simulations, Training of Community (ToC), outreach programs, or other activities.

Socialization is an activity to disseminate information so that it can be known and understood by Consumers and/or the public.

Workshop is an activity to provide understanding in the form of training.

Consultation is an activity of exchanging ideas between PUJK and Consumers and/or the public that is free of charge to obtain advice and recommendations. Consultation in this context can include financial management and products and/or financial service offerings suitable for Consumer needs and capabilities.

Mentoring is a process, manner, and act of accompanying Consumers to enhance skills. Mentoring in this context relates to financial management and the use of products and/or financial service offerings.

Simulation is a demonstration method in the form of an imitation similar to actual conditions. Simulation in this context relates to products and/or financial service offerings, which include calculation formulas and disclaimers stating that this activity is only a simulation and that interest rates or profit-sharing percentages may differ from the actual conditions of the targeted PUJK. Simulations can be conducted by providing facilities to give an overview of the practical use of products and/or financial service offerings, thereby enhancing the knowledge and skills of Consumers and/or the public in understanding financial needs and capabilities.

Training of Community (ToC) is an activity to enhance public understanding within a specific community regarding financial management, financial products and services, and Financial Service Institutions.

Outreach program is a series of activities with various combinations of forms of Financial Education conducted continuously over a specific period from the time the public has not yet received access to information or financial institutions, products, and financial service offerings until the public becomes Consumers in the Financial Services Sector.

Financial Education methods can be conducted directly (face-to-face) or indirectly using specific media (electronic, print, and/or others).

Article 7
Paragraph (1)
What is meant by "micro or small business" is based on applicable laws and regulations.
Mentoring can be conducted by implementing Financial Education appropriate to Consumer needs.

Paragraph (2)
Clear enough.

Article 8
Clear enough.

Article 9
Paragraph (1)
Infrastructure development is conducted considering the needs and capabilities of PUJK.

Paragraph (2)
Examples of infrastructure development related to human resource provision include the provision of internal and external PUJK parties for the implementation of Training of Trainer (ToT) and Training of Facilitator (ToF).

Training of Trainer (ToT) is an activity for prospective trainers to be able to present the material obtained during training to their community or the general public.

Training of Facilitator (ToF) is an activity for prospective facilitators to be able to present the material obtained during training to their community or the general public.

Examples of infrastructure development related to information and communication technology facilities include e-learning, websites, and mobile applications.

Article 10
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Clear enough.

Letter d
Clear enough.

Letter e
Clear enough.

Letter f
Clear enough.

Letter g
Clear enough.

Letter h
Clear enough.

Letter i
Clear enough.

Letter j
What is meant by "measurement method" is a way to determine the output and/or outcome of activities in the context of enhancing Financial Literacy, including:

1. pre-tests and post-tests, which are measurement methods comparing results before and after the implementation of activities to enhance Financial Literacy;
2. polls, which are measurement methods for specific segments, particularly internet users, which can be conducted online via websites or other electronic media;
3. surveys, which are measurement methods to determine the level of Financial Literacy in specific groups.

What is meant by "measurement facility" is the tool used to determine the output and/or outcome of activities in the context of enhancing Financial Literacy.

Letter k
What is meant by "monitoring" is the process of observing and ensuring that the implementation of activities to enhance Financial Literacy currently underway is in accordance with the plans that have been formulated.

What is meant by "evaluation" is the process to determine and assess the level of success of activities in the context of enhancing Financial Literacy, both in terms of materials, infrastructure, and implementation in providing the expected impact and being executed efficiently.

Monitoring and evaluation are conducted on the process and/or impact of activities to enhance Financial Literacy that are implemented.

The results of such monitoring and/or evaluation can be used as a reference in planning and implementing activities to enhance Financial Literacy in the following year.

Paragraph (3)
Implementation of activities that can be part of the Corporate Social Responsibility (CSR) of PUJK are activities directed at parties external to the PUJK.

Article 11
Clear enough.

Article 12
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Clear enough.

Letter d
What is meant by the quality of using products and financial service offerings can be:

1. Consumers not only use similar products and/or financial service offerings, but have also used other products and/or financial service offerings; and/or
   Example: Consumers not only use savings products but also use other products and/or financial service offerings, such as credit products or the purchase of Indonesian Retail Bonds (ORI).
2. Consumers can measure and analyze products and/or financial service offerings that are appropriate to the desired or achieved financial management needs.
   Example: Consumers can analyze one product and/or financial service offering against other products and/or financial service offerings that suit their current needs with the aim for the future.

Article 13
Letter a
What is meant by "access" is the infrastructure provided by PUJK so that the public can reach both financial service institutions and formal products and/or financial service offerings. This can be done, among others, by:

1. adding office networks;
2. adding cooperation with other parties;
3. preparing infrastructure in the form of financial service facilities without offices or other forms, which can expand public financial access to products and/or financial service offerings to be used; and/or
4. developing delivery channels or distribution channels for products and/or financial service offerings.

Letter b
What is meant by "scheme creation" is PUJK creating schemes for products and/or financial service offerings that can be reached by Consumers and/or the public.

What is meant by "development of products and/or financial service offerings" is PUJK conducting development of products and/or financial service offerings that have been issued. Development is conducted so that Consumers and/or the public can more easily utilize products and/or financial service offerings.

Article 14
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
What is meant by "measurable" is that the planning and implementation of activities to enhance Financial Inclusion consider the coverage area, costs, time, technology systems, and have mitigation against potential risks arising from transactions of products and/or financial service offerings, so that the provided access and developed products and/or financial service offerings have characteristics appropriate to the objectives of activities to enhance Financial Inclusion.

Letter b
What is meant by "affordable" is that the implementation of activities to enhance Financial Inclusion can be accessed by all segments of society with low or no costs, as well as the utilization of technology.

Letter c
What is meant by "targeted" is that the implementation of activities to enhance Financial Inclusion is in accordance with the needs and capabilities of Consumers and/or the public who are the targets.

Letter d
What is meant by "sustainable" is that the implementation of activities to enhance Financial Inclusion is conducted continuously to achieve planned targets and has long-term aspects that prioritize the needs and capabilities of Consumers and/or the public.

Paragraph (3)
What is meant by "other parties in the context of enhancing Financial Inclusion" includes, among others, authorities, other PUJK, government agencies, academics, business entities, organizations, individual agents, both from within and outside the country.

Paragraph (4)
Clear enough.

Article 15
What is meant by "persons with special needs" includes, among others, the visually impaired, the hearing impaired, and the elderly aged 60 (sixty) years or more.

Examples of providing various facilities for persons with special needs groups to access products and/or financial service offerings include providing brochures and Automated Teller Machines (ATM) with Braille that can be used by the visually impaired, and human resources capable of serving such groups of persons with special needs.

Article 16
Clear enough.

Article 17
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
Examples of maintaining the sustainability of expanding access and providing products and/or financial service offerings include PUJK ensuring the continuity of access, products, and/or financial service offerings already owned so that they can continue to be utilized by Consumers and/or the public.

Article 18
Examples of Simple Products and/or Financial Service Offerings include savings, credit/financing, insurance, fund transfer services, and payment transactions with easy, fast, and affordable requirements.

Letter a
The dissemination of information regarding Simple Products and/or Financial Service Offerings is adjusted to the needs and capabilities of such Consumers.

The dissemination of such information can also be conducted, among others, by affixing stickers containing information regarding Simple Products and/or Financial Service Offerings at PUJK offices that provide such products and/or financial service offerings.

Letter b
Clear enough.

Article 19
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
In the event that PUJK expands access as contained in the activity plan, PUJK must specify the forms and facilities for expanding access.
In the event that PUJK develops products and/or financial service offerings as contained in the activity plan, PUJK must specify the products and/or financial service offerings to be developed or managed.

Letter b
What is meant by "activity targets" is specific groups or segments of the public who are the objectives of implementing activities to enhance Financial Inclusion.

Letter c
What is meant by "target users" is the number of users of products and/or financial service offerings that are established to be achieved through the implementation of activities to enhance Financial Inclusion.

Letter d
What is meant by "schedule" is the time or period of implementation of activities to enhance Financial Inclusion.

What is meant by "region" is the location of implementation of activities to enhance Financial Inclusion.

Letter f
What is meant by "monitoring" is the process of observing and ensuring that the implementation of activities to enhance Financial Inclusion currently underway is in accordance with the plans that have been formulated.

What is meant by "evaluation" is the process to determine and assess the level of success of activities to enhance Financial Inclusion that have been implemented in accordance with target users of products and/or financial service offerings, and are of quality.

Article 20
Clear enough.

Article 21
Reports on plans and realization of activities to enhance Financial Literacy and Financial Inclusion can be used as one of the control tools for the Board of Commissioners of PUJK to ensure that the Board of Directors of PUJK has plans and has implemented plans for activities to enhance Financial Literacy and Financial Inclusion.

Article 22
Paragraph (1)
Clear enough.

Paragraph (2)
Clear enough.

Paragraph (3)
The restriction on attaching functions or units other than on the risk management, internal audit, legal, and compliance functions is intended to avoid conflicts of interest.

Paragraph (4)
The formation of a Financial Inclusion Unit is conducted based on the self-assessment of PUJK, including the formation of integrated units for Financial Conglomerates.

As an example regarding the formation of Financial Inclusion functions, it can be carried out by several different existing units within PUJK, such as infrastructure development units, product development units, and others, but there is still a coordinator responsible for coordinating these units and responsible for reporting obligations.

Paragraph (5)
What is meant by "integrated" is the merger in the formation of Financial Literacy and Financial Inclusion units. For example, PT Bank ABC as a Financial Conglomerate, has subsidiary companies operating in the insurance and capital markets sectors, so that Financial Conglomerate can form 1 (one) Financial Literacy and Financial Inclusion unit at the main entity for all PUJK within the Financial Conglomerate.

What is meant by "main entity" is the parent Financial Service Institution of the Financial Conglomerate or the Financial Service Institution designated by the controlling shareholders of the Financial Conglomerate, as regulated in regulations governing the application of integrated governance for Financial Conglomerates.

In the event that the parent Financial Service Institution is not a PUJK as referred to in this OJK regulation, then the main entity of the Financial Conglomerate is the PUJK designated according to the agreement of the Financial Conglomerate.

Article 23
Paragraph (1)
Clear enough.

Paragraph (2)
Letter a
Clear enough.

Letter b
Clear enough.

Letter c
In the event that the Financial Inclusion function or unit is separated from the business unit that conducts research and development of products and/or financial service offerings, then the task of providing input to the business unit conducting research and development of products and/or financial service offerings is carried out by the Financial Inclusion function or unit.

Letter d
Clear enough.

Article 24
Paragraph (1)
Reports on the realization of activities to enhance Financial Literacy and Financial Inclusion have the same report components as reports on plans for activities to enhance Financial Literacy and Financial Inclusion, accompanied by an evaluation of the implementation of activities.

Paragraph (2)
Clear enough.

Article 25
Clear enough.

Article 26
Clear enough.

Article 27
Clear enough.

Article 28
Clear enough.

Article 29
Clear enough.

Article 30
Clear enough.

Article 31
Clear enough.

Article 32
Clear enough.

Article 33
Clear enough.

Article 34
Clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6003