DanaBijak Focus After Obtaining License and External Funding
The Financial Services Authority (OJK) once said that fintech lending is an industry that is relatively fast recovering during this pandemic.
A study conducted by the World Bank in 2020 showed growth in transaction volume of 11% and the number of transactions by 13% in aggregate global fintech companies.
In a release issued by the Ministry of Communication and Information regarding the fintech lending industry in Indonesia last August, it was stated that the distribution of loans granted until June 2021 had reached 25.3 million people with a total disbursement of IDR 14,793 trillion.
On the other hand, there are still many people who have not received funding from banks (unbanked) and have the potential to be worked on by fintech companies. One of them, micro, small and medium enterprises (MSMEs) that have not been integrated with the digital ecosystem.
In Indonesia, there are already several players targeting micro markets like this, for example, Modalku, Investree, Akseleran, also DanaBijak which on September 8, 2021 officially pocketed a license from the OJK.
Has Obtained a License from OJK
According to DanaBijak, OJK is working hard to build a scalable and sustainable financial services industry.
In their recent effort, the OJK put more pressure on shutting down illegal fintech lending platforms that were causing a lot of problems for users and the industry, and they continued to set an interest rate cap to offer users a better service.
Throughout 2021, there have been 42 fintech lenders that have returned their registration marks to the Financial Services Authority (OJK). This brings the number of fintech players in the country to 107 players as of September 8, 2021.
DanaBijak CEO Markus Prommik said, “With the rise of illegal online loans, the official license from the OJK that has been obtained will certainly strengthen DanaBijak’s position as a legal, credible and trustworthy fintech company by the public.”
With this, the company sees that the fintech market is undergoing changes and will adjust the business to continue to meet user needs such as building digital financial products that are tailored to each user segment as a form of commitment to financial inclusion in Indonesia.
Business Growth After 3 Years
After three years of operation, this lending startup that focuses on microloans has managed to record a growth of 4.5 times for the monthly disbursement rate in less than a year during the pandemic.
Overall, the company has disbursed more than 300,000 loans to approximately 100,000 consumptive and productive borrowers in Indonesia and maintained TKB90 at 95.55%.
The company admits that the sources of funds used mostly come from institutional lenders both from Indonesia and abroad. However, the company has not been able to publish information regarding the number and what institutions have channeled funds through its platform.
Regarding monthly disbursements, currently DanaBijak has disbursed more than US$ 2,000,000 every month. “Our next target is to reach US$ 10,000,000 monthly disbursements by 2022.” added Mark
There are various methods of disbursing and repaying loans in the fintech lending business model. DanaBijak allows its users to make early repayments without penalty fees to offer flexibility and make loans according to each user’s needs.
All of these processes are carried out safely in accordance with industry standards and strict user data security guarantees following applicable regulations.
DanaBijak also provides various options such as extension, restructuring or changes to the installment schedule so that people can understand their ability to pay installments, manage their monthly expenses and implement good financial literacy.
In addition, one of the value propositions offered by DanaBijak that distinguishes it from other P2P companies is its focus on the financial well-being of all customers. The company is currently still focusing on working on the underbanked group and MSME players.
Markus also said, “We also always share financial knowledge and provide education to every borrower about good financial management. Through DanaBijak’s digital finance product, we accompany customers to build a good credit history so they can improve their lives.”