Online Loans and Pay Later Financing Reach Rp119.25 Trillion in July 2026

JAKARTA, Jakartaweekly.com — The Indonesia Financial Services Authority (OJK) recorded that buy now, pay later (BNPL) financing provided by financing companies reached Rp13.62 trillion as of July 2026, representing annual growth of 54.65%. 

The non-performing financing (NPF) ratio for BNPL declined to 3.03% as of July 2026, compared with NPF in June at 3.09%. 

Meanwhile, outstanding online lending in July 2026 reached Rp105.63 trillion, growing 24.76% year-on-year (yoy). The aggregate credit risk indicator for loans that were more than 90 days past due (TWP90) stood at 4.32%, up from 4.26% in June 2026. 

In the pawnshop industry, financing disbursements grew 50.73% yoy in July 2026, compared with 54.47% yoy growth in June 2026, reaching Rp160.78 trillion. The largest share of financing was distributed through pawn products, amounting to Rp136.39 trillion, or 84.83% of total financing. 

OJK also announced that it had approved two pawnshop companies, PT Pusat Gadai Indonesia and PT Raja Gadai Indonesia, to expand their business operations to a nationwide scope. 

Furthermore, financing receivables of financing companies grew 2.01% yoy in July 2026, up from 1.88% yoy growth in June 2026, reaching Rp513.05 trillion. The growth was supported by a 6.32% yoy increase in working capital financing. 

The risk profile of financing companies remained stable, with gross Non-Performing Financing (NPF) recorded at 3.03%, compared with 3.01% in June 2026. Meanwhile, net NPF stood at 0.81%, unchanged from the previous month. 

The gearing ratio of financing companies stood at 2.10 times, down from 2.14 times in June 2026, and remained well below the maximum limit of 10 times. 

Venture capital financing contracted 0.46% yoy in July 2026, compared with 0.48% yoy contraction in June 2026, with total financing reaching Rp16.32 trillion. 

Nine Financing Companies Have Yet to Meet Minimum Capital Requirements

Currently, nine out of 144 financing companies have yet meet the minimum core capital requirement of Rp100 billion. While seven out 94 online loans operators have yet to meet the minimum equity requirement of Rp12.5 billion. 

“All of these financing companies and online loans operator have submitted action plans to OJK outlining measures to meet the minimum capital requirement, including paid-in capital from existing shareholders, seeking strategic investors, and pursuing mergers,” said OJK Chief Executive for Insurance, Guarantee Institutions, and Pension Funds Supervision Ogi Prastomiyono said during press conference on Monday, September 7, 2026. 

To enforce compliance and maintain the integrity of the financing, venture capital, fintech lending and pawnshop (PVML) industry, OJK imposed administrative sanctions in August 2026.

The sanctions involved 32 financing companies, 15 venture capital companies, 34 online loans operators, and six pawnshops. The companies were sanctioned for violating applicable OJK regulations, as well as findings for supervisions and/or follow-up inspections.  In total, OJK imposed 53 monetary fines and issued 149 written warnings.