Indonesian finance companies' BNPL book up 54.65% year on year as approvals tighten

Facts

Receivables: BNPL receivables of finance (multifinance) companies were IDR 13.62 trn at end-July 2026, up 54.65% year on year. End-June was IDR 13.40 trn (up 57.02% year on year) and end-May IDR 13.18 trn (up 53.78% year on year). Source: OJK monthly data (reported by Periskop, 8 September). ¹

Accounts: BNPL accounts number about 26.64 million (Bisnis, 10 September).

Underwriting: the chair of the Indonesian Financing Companies Association (APPI) said approvals have fallen from about 8 in 10 applications to about 5 in 10 applications (Bisnis). The definition and coverage of the approval rate were not given. ²

Analysis

Over time, receivables rose from IDR 13.18 trn in May to IDR 13.40 trn in June and IDR 13.62 trn in July, a pace of 1.6–1.7% a month, and year-on-year growth peaked in June. Industry accounts point to sharply lower approval rates, so balance growth may largely reflect heavier use by existing customers. With total finance-company receivables growing only 2.01% year on year (July, OJK), BNPL is an exceptional growth segment.

Implications

Counterpoints and uncertainties

The approval-rate figures are an industry chair's remarks, not statistics. BNPL-specific NPF is not reported here because coverage appears to confuse it with the industry-wide figure. Bank BNPL balances were also omitted because the source could not be verified.