Ramadan Surge in Fintech Lending

Funding distribution through peer-to-peer financial technology platforms (P2P fintech lending) or online lending is predicted to gradually increase during the Ramadan season.

Rika Anggraeni

10 Mar 2024 - 15.33
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Ramadan Surge in Fintech Lending

Illustration for online loan in Indonesia./Special

Bisnis, JAKARTA — The upcoming Ramadan month is projected to boost online lending distribution, although both providers and consumers are still cautioned to remain vigilant against inflation and risk of non-performing loan.

Funding distribution through peer-to-peer financial technology platforms (P2P fintech lending) or online lending is predicted to gradually increase during the Ramadan season. However, this increase also raises concerns about a surge in inflation, which in turn poses the risk of increasing non-performing loans.

Previously, Statistics Indonesia warned the public of potential inflation during the Ramadan period. According to Statistics Indonesia, food commodities typically contribute to inflation during Ramadan, such as chicken meat, cooking oil, rice, live chickens, beef, chicken eggs, and granulated sugar.

Nailul Huda, director of digital economy at the Center of Economic and Law Studies (Celios), said inflation and non-performing loans have an indirect relationship, similar to that of online lending, through the increase in Bank Indonesia's interest rates, which rise in response to inflation.

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Ramadan Surge in Fintech Lending

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