KONTAN.CO.ID - JAKARTA. The Financial Services Authority (OJK) noted that the growth of financing receivables for multifinance companies only grew 8.37% Year on Year (YoY) with a value of IDR 501.89 trillion in October 2024.

Looking at OJK data, the growth of the multifinance industry is slowing down from month to month.

Chief Executive for Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions and Other Financial Services Institutions OJK Agusman said that in September 2024, multifinance financing receivables grew 9.39% YoY.

"The value in September 2024 was IDR 501.78 trillion," he said at a press conference for the OJK Board of Commissioners Meeting, Friday (13/12).

Looking at the data in August 2024, multifinance financing receivables actually grew double digits by 10.18% YoY with a value of IDR 499.29 trillion.

It seems that the growth of the multifinance industry is getting further away from reaching double digits by the end of this year. This was also conveyed by the General Chairperson of the Indonesian Financing Companies Association (APPI) Suwandi Wiratno some time ago.

"This year, it is very difficult for the industry to grow by 12%. Hopefully it can grow by 10%," he said while attending an APPI member meeting in the South Jakarta area, Thursday (5/12).

Suwandi said that the pessimistic feeling arose because it was triggered by a number of factors. He said one of them was because of the Presidential election and the Regional Head election, which turned out to have an impact on the multifinance industry.

In addition, Suwandi said that the factor of declining people's purchasing power also had an impact on multifinance. Therefore, he hopes that the government can restore people's purchasing power. Another factor is the weakening of automotive sales this year.

Meanwhile, the Gross Non-Performing Financing (NPF) of financing companies in October 2024 was recorded at 2.60%. This figure improved, compared to the previous month which reached 2.62%.