Indonesia reduces free bank account rollout to 25 million eligible citizens

Indonesia’s government plans to provide free bank accounts to 25 million citizens, a significant reduction from the original 200 million-person goal, Coordinating Minister for Economic Affairs Airlangga Hartarto said. The adjustment came after the Population and Civil Registration Agency re-verified eligibility, targeting individuals aged 17 and above in the poorest four deciles. The budget for the initiative was trimmed to Rp1.28 trillion, matching the smaller beneficiary pool, and each account will start with a balance of Rp50,000.

Two state-owned banks, PT Bank Rakyat Indonesia (Persero) Tbk. and PT Bank Syariah Indonesia (Persero) Tbk., have been tasked with opening the accounts. Home Affairs Minister Tito Karnavian emphasized that the scheme will help streamline aid distribution and prevent duplicate accounts. The program aims to broaden financial inclusion and support government assistance programs.