Entrepreneurial growth in Indonesia, according to the Minister of Cooperatives and SMEs Teten Masduki is currently in the range of 3.47%. This ratio has far exceeded the international standard at 2% (source: website of the Ministry of Industry of the Republic of Indonesia). However, realizing Indonesia's goal of becoming a developed country in 2045 requires increasing the entrepreneurial ratio to a minimum of 4% of the total population (source: website of MPR RI).
Capital plays an important role in realizing entrepreneurship in Indonesia. Jago as a tech-based bank that is embedded in Indonesia’s digital ecosystem increases opportunities for entrepreneurs or business players to grow by providing loans and innovative financial solutions.
Digital Banking and Entrepreneurship in Indonesia
How does Bank Jago participate in supporting small and medium businesses in Indonesia so that these entrepreneurs don't get discouraged and continue to achieve their dreams?
1. Providing easier access to loans to start and grow a business
Many entrepreneurs in Indonesia may have great ideas but unfortunately, they don’t have the required capital. Providing loans or funding and providing banking services can greatly help entrepeneurs.
One customer who feels that getting loans is very helpful is Desi Anggreyani, a cimol seller. Jago's presence can be felt by Desi in her cimol business venture. At first, Desi found it difficult to get a loan from a local bank because her ID card was still the ID card for the domicile where she came from.
Desi was very happy when she got the loan she needed from Bank Jago. The loan became capital because Desi was able to invest in her business by buying new carts and opening her business in a new location. Desi was able to also allocate some of the loan to pay the salaries of employees helping her sell cimol.
The hope is that in the future, Desi can expand her business by extending to new locations. She also hopes that by doing so she can contribute to opening employment opportunities for others.
Jago juga ya, Desi has taken the right steps to bring change to herself and those around her.
Watch the full video of Desi telling how the loan she obtained from Bank Jago became the capital for her cimol business at How digital banking is breaking barriers in Indonesia for rural entrepreneurs.
2. Providing easier access to banking services as well as business finance and personal finance management
Apart from facilitating access to loans, Jago also makes it easier for each of its customers to take advantage of banking services directly from a smartphone so they don't have to go to a bank branch.
Satria Shahirul Alim, owner of Ratu Degan's business, which sells young coconut and coconut ice from various coconut types, has enjoyed this convenience. In addition to free transfers between banks, Satria feels that his financial management is greatly assisted through the Pocket feature.
The Pocket feature helps Satria better plan finances for his future and that of his family and separates funds for various needs in the Jago application. He just needs to use 1 application to create multiple Pockets (accounts).
The complete video of Satria Shahirul Alim, who never gives up on achieving his dreams and how he makes use of Jago's features, can be watched at The rise of Indonesia’s entrepreneurs.
Jago believes that all dreams have the same opportunity. Even though there are obstacles and challenges along the way, Jago is ready to assist you by providing a financial solution that is easy and accessible to anyone.
How about you, Jagoans? Ready to grow with perseverance to keep getting up and walking towards your dreams?
The Jago application can be downloaded here to access digital banking services from anywhere and at any time and manage finances in a smarter, easier and more practical way.
