Bumi Amartha Teknologi Mandiri Review
Financial inclusion has been a big challenge in Indonesia, where nearly half of the adult population is unbanked. This has led to a significant proportion of Indonesians being unable to access financial services, including credit and savings accounts, which are essential for building wealth and escaping poverty.
However, with the rise of fintech companies like Bumi Amartha Teknologi Mandiri (BATM), the prospects of financial inclusion in Indonesia are becoming more promising. In this review, we'll take a closer look at BATM and how it's contributing to the financial inclusion agenda in Indonesia.
What is Bumi Amartha Teknologi Mandiri?
Bumi Amartha Teknologi Mandiri, commonly referred to as BATM, is a fintech company based in Indonesia with a mission to democratize financial access for the unbanked population in the country. The company was founded in 2010 to provide microfinance services to rural communities in Indonesia, and it has since expanded its services to include digital lending and other financial products.
How does BATM work?
BATM uses a technology-driven approach to deliver financial services to its customers. The company leverages data analytics, machine learning, and other digital tools to determine creditworthiness and other risk factors for its borrowers. This approach allows BATM to offer financial services to individuals and SMEs who are typically overlooked by traditional banks and financial institutions.
BATM offers a range of financial products, including:
- Microfinance loans: These loans are designed to support small businesses and individuals in need of financing. BATM provides loans from IDR 1 million up to IDR 10 million with a repayment period of up to 12 months.
- Group loans: BATM also provides group loans to communities and cooperatives. These loans range from IDR 10 million up to IDR 500 million with a repayment period of up to 24 months.
- Digital lending: BATM's digital lending platform enables individuals and SMEs to access loans through its mobile app.
- Payment services: BATM provides payment services to its borrowers, which includes bill payments, money transfers, and mobile top-ups.
The impact of BATM on financial inclusion in Indonesia
BATM's innovative approach to financial inclusion in Indonesia has had a significant impact on the lives of many Indonesians. By leveraging technology and data analytics, BATM is able to provide financial services to individuals and SMEs who are typically overlooked by traditional banks and financial institutions.
As of 2021, BATM has served over 500,000 customers across Indonesia, with a loan disbursement of over IDR 4 trillion. These loans have supported small businesses and households in need of financing, enabling them to grow their businesses and improve their economic situations.
BATM's impact goes beyond just providing financial services. The company also plays a critical role in educating its customers on financial literacy, including budgeting, savings, and credit management. These skills are essential for building financial resilience and escaping poverty in the long run.
The future of BATM and financial inclusion in Indonesia
BATM's success in promoting financial inclusion in Indonesia has attracted the attention of investors and policymakers alike. In 2019, BATM received a USD 30 million investment from the International Finance Corporation (IFC) to support its expansion and innovation efforts.
Looking ahead, BATM plans to continue expanding its operations in Indonesia, particularly in the digital lending space. The company aims to leverage its technology-driven approach to deliver financial services to a wider range of customers across Indonesia. By doing so, BATM hopes to contribute to Indonesia's goal of achieving universal financial inclusion by 2025.
Conclusion
Bumi Amartha Teknologi Mandiri is a fintech company based in Indonesia that is making significant strides in promoting financial inclusion in the country. The company's technology-driven approach to financial services has enabled it to provide loans and other financial products to individuals and SMEs who are typically overlooked by traditional banks and financial institutions.
As the company continues to expand its operations and innovate in the digital lending space, BATM's impact on financial inclusion in Indonesia is likely to become even more significant in the years to come.