Executive Summary

Key insights and market outlook

The Financial Services Authority (OJK) has observed a historical trend of increased peer-to-peer (P2P) lending during Ramadan, with 8.90% growth in 2024 and 3.80% in 2025 on a month-to-month basis ¹

². OJK warns of potential credit risk as consumers take on more debt during this period. The authority is monitoring the situation closely to prevent potential defaults.

Full Analysis

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Deep Dive Analysis

OJK Monitors Credit Risk as P2P Lending Increases During Ramadan

Historical Trend Shows Significant Growth

The Financial Services Authority (OJK) has observed a consistent pattern of increased peer-to-peer (P2P) lending activity during the Ramadan period. According to historical data, P2P lending grew by 8.90% month-to-month in March 2024 and 3.80% month-to-month in March 2025 ¹

². This trend indicates that Ramadan has become a significant moment for increased financial activity among Indonesian consumers.

Regulatory Concerns and Monitoring

OJK Executive Agusman expressed concern about the potential credit risk associated with the surge in P2P lending. The authority is particularly vigilant about the possibility of loan defaults as consumers take on additional financial obligations during Ramadan. Agusman emphasized that this period traditionally sees increased financial needs among the population, leading to higher borrowing activity ¹

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Implications for Financial Sector

The increase in P2P lending during Ramadan highlights the growing reliance on digital financial services among Indonesian consumers. While this presents opportunities for fintech companies, it also poses challenges for regulators in maintaining financial stability. OJK is working to balance the growth of digital lending with effective risk management practices.

References