JULO and eFishery Collaborate to Enhance Financial Literacy for MSMEs in West Bandung

Kapanlagi.com - Recently, the homegrown fintech company licensed and supervised by the Financial Services Authority (OJK), PT JULO Teknologi Finansial (JULO) collaborated with the Indonesian aquaculture technology company, PT Teknologi Untuk Pembudidaya (eFishery). This collaboration was made to support the government in enhancing financial literacy and financial inclusion, especially for business actors and fish farmers in West Bandung Regency, West Java.

The collaboration between JULO and eFishery was held through the Sarasehan Kabayan (Give, Pay Later) event themed 'Spirit of Growing Together' which took place in Cililin, West Bandung. So, what were the results of this collaboration? Here is a summary of the activities!

1. According to the Results of the National Financial Literacy and Inclusion Survey (SNLIK) Year 2024

The activities conducted together by JULO and eFishery are based on the results of the National Financial Literacy and Inclusion Survey (SNLIK) Year 2024, where the literacy index reached 65.43% and financial inclusion reached 85.1%. Although there was an increase compared to the previous year, OJK explained that farmers, ranchers, planters, and fishermen are groups of people that require attention and improvement in financial literacy, as the financial inclusion index in these groups is among the lowest at 62.26%.

This situation ultimately provides an opportunity for JULO and eFishery to contribute in supporting OJK to achieve the target of increasing the financial literacy and inclusion index by 2027. In his speech, Ir. Hermansyah, Head of the Marine and Fisheries Office of West Java Province, expressed appreciation for the financial literacy and discussion event organized by JULO and eFishery in West Bandung, with special attention to business actors and fish cultivators.

He explained that this event not only provides a better understanding of access to productive funding for business actors and fish cultivators but also highlights the potential of West Bandung Regency as a major producer of Carp 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 needs and fish consumption throughout Java Island.

“We highly appreciate the initiative and synergy of JULO and eFishery to assist cultivators in West Bandung, especially through the Kabayan (Give, 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 cultivators continue to grow and that this program will expand its reach to be accessed by business actors and fish cultivators, especially in terms of providing opportunities and ease of access to productive funding to support the cultivation of Carp and Tilapia,” said Hermansyah.

2. Established Since January 2022

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

As of July 2024, these two homegrown technology companies have disbursed financing through the Kabayan program to more than 6000 fish farmers in Indonesia, with total funding reaching over Rp180 billion.

Harri Suhendra, the President Director of JULO, explained that JULO continuously conducts financial literacy activities and encourages the community to utilize fintech lending services for consumer and productive financing, particularly in line with the mandate of SEOJK 19 of 2023 regarding financing for the productive sector and MSMEs, including those conducted 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 providing productive financing to all fish farmers in Indonesia who are part of the eFishery ecosystem, with a total value of over Rp 160 billion in 2024,” said Harri.

3. The Potential of the Aquaculture Sector in Indonesia is Still Very Large

Gibran Huzaifah, CEO & Co-Founder of eFishery, stated 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 joint 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 we developed with the financial solutions from JULO has created a strong synergy,” said Gibran.

He added, “This allows us to provide more comprehensive services to our partners, thereby forming an ecosystem that has a positive impact on all elements involved, as well as contributing to national food security.”

One of the fish farmers present at the discussion event, Joni, stated that since 2012 he has been running a goldfish farming business. He feels that his business has grown since he became acquainted with the Kabayan program initiated by eFishery.

This program has impacted 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 ease in accessing funding useful for purchasing fish feed.

According to Joni, in the past he found it difficult when he needed capital to develop his personal fish farming business. There were several options to obtain capital, but the interest rates he had to pay were very high, significantly reducing the profits he earned.

“With the presence of Kabayan, everything has become easier. My needs can be met at the beginning, and 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 also met my fish feed needs," concluded Joni.

(kly/tmi)