Collaboration of JULO and eFishery Enhances Financial Literacy - Financial Inclusion in West Bandung Regency

Kapanlagi.com - PT JULO Financial Technology (JULO) and PT Technology for Farmers (eFishery) collaborate to support the enhancement of financial literacy and financial inclusion. This collaboration took place in Cililin, West Bandung Regency. The activity was carried out through the Sarasehan Kabayan (Love, Pay Later) with the theme "Spirit of Growing Together." The goal is to help business actors and fish farmers in the region to better understand financial aspects and access financial services.

The activities conducted jointly by JULO and eFishery are based on the results of the 2024 National Survey of Financial Literacy and Inclusion (SNLIK), where the literacy index reached 65.43 percent and financial inclusion reached 85.1 percent. Although there was an increase compared to the previous year, OJK explained that farmers, breeders, planters, and fishermen are groups that require attention and enhancement of financial literacy, as the financial inclusion index in these groups is among the lowest, at 62.26 percent. This provides an opportunity for JULO and eFishery to contribute to supporting OJK in achieving the target of increasing the financial literacy and inclusion index by 2027.

1. Helping Fish Farmers

Ir. Hermansyah, as the Head of the Marine and Fisheries Office of West Java Province, in his speech expressed appreciation for the discussion and financial literacy activities organized by JULO and eFishery in West Bandung, with special attention to business actors and fish farmers. He explained that this event not only provides a better understanding of access to productive financing for business actors and fish farmers but also highlights the potential of West Bandung Regency as a major producer of Goldfish and Tilapia, which are the region's leading commodities. The presence of eFishery, according to him, has a positive impact by increasing productivity during the harvest season, so that the results can meet market demand and fish consumption throughout Java Island.

"We greatly appreciate the synergy between JULO and eFishery to assist farmers in West Bandung, especially through the Kabayan (Love, Pay Later) program facilitated by eFishery. In line with the theme of the discussion 'Spirit of Growing Together', we hope this program can help fish farmers continue to grow, and this program will expand its reach to be accessed by business actors and fish farmers, especially in terms of providing opportunities and ease of access to productive financing to support goldfish and tilapia farming," said Ir. Hermansyah.

2. Partnership Continues to Grow

The strategic partnership between JULO and eFishery related to productive financing has been established since January 2022 in the form of a partnership lending cooperation with a Supply Chain Financing scheme. This allows business actors and fish farmers in the aquaculture industry within the eFishery ecosystem to receive the financial support and funding access they need to continue growing and support their business operations in fulfilling production needs (saprodi) for fish farming through the eFishery platform.

As of July 2024, these two homegrown technology companies have channeled financing through the Kabayan program to more than 6,000 fish farmers in Indonesia, with total funding reaching over IDR 180 billion.

3. Funding for the Productive Sector and MSMEs

Harri Suhendra, as the CEO of JULO, explained that JULO continuously conducts financial literacy education activities and encourages the community to utilize fintech lending services for consumer and productive funding, particularly in line with the mandate of SEOJK 19 of 2023 regarding funding for the productive sector and MSMEs, including what is done together with eFishery for the community and fish farmers in West Bandung Regency.

"The collaboration between JULO and eFishery emphasizes our contribution to financial inclusion and supports the sustainability and enhancement of productive economic activities for micro, small, and medium enterprises in Indonesia. We hope that in the future, JULO can continue to support eFishery in channeling productive financing to all fish farmers in Indonesia within the eFishery ecosystem, amounting to a total of over IDR 160 billion in 2024," said Harri.

4. Advancing the Fisheries Sector

Gibran Huzaifah, as the CEO & Co-Founder of eFishery, revealed that the potential of the aquaculture sector in Indonesia is still very large, so the collaboration between eFishery and JULO is not just a business partnership, but also a mutual commitment to improve the welfare of fish farmers. By providing the right funding access, both parties hope to contribute maximally to advancing the fisheries sector in Indonesia.

"We at eFishery greatly appreciate the collaboration that has been established with JULO. This partnership is a strategic step in realizing our vision to empower fish farmers in Indonesia. The combination of the aquaculture technology that we develop with the financial solutions from JULO has created a strong synergy. This allows us to provide more comprehensive services to our partners, thus forming an ecosystem that has a positive impact on all elements involved, as well as contributing to national food security," said Gibran Huzaifah.

5. Testimony of Fish Farmers

One of the goldfish farmers who attended the discussion event, Joni, stated that since 2012 he has been running a goldfish farming business. He feels that his business has been growing after getting to know the Kabayan program initiated by eFishery. This program has had an impact on his fish farming business, which previously had 24 plots and has now grown to 40 pond plots. Joni also explained that since joining the Kabayan Program, he has experienced easier access to funding that is useful for purchasing fish feed.

"In the past, I found it difficult when I needed capital to develop my personal fish farming business. There were several options to obtain capital, but the interest I had to pay was very high, which significantly reduced the profits I earned. With Kabayan, everything has become easier. My needs can be met upfront, and the payments are more flexible. They can be paid after the harvest with a term of four to six months. With the help of capital access from JULO, I have successfully increased my ponds and met my fish feed needs," said Joni.

(kpl/rsp)