Impact of G20 on Financial Inclusion in Indonesia: Microfinance, Financial Technology, and Economic Digitalization
DOI:
https://doi.org/10.58857/JFAE.2025.v02.i02.p03Keywords:
G20, Financial Inclusion, Microfinance, Fintech, Economic DigitalizationAbstract
Financial inclusion has been a key focus area in the G20 Finance Track, which aims to address and reduce economic disparities through expanding access to financial services. This is particularly relevant for low-income and remote communities, which face various barriers to accessing the formal financial system, be it geographical, infrastructural, or socio-economic. By increasing access to financial products and services such as savings, credit, insurance, and digital payments, financial inclusion is expected to drive economic empowerment, strengthen financial resilience, and reduce poverty. The G20 initiative is an important catalyst in mainstreaming financial inclusion as an inclusive sustainable development strategy. Therefore, it is important to empirically assess the extent of the impact of this policy on real conditions at the micro and macro levels.
This study aims to analyze and describe the changes that occur in microfinance institutions, the development of financial technology (fintech), and economic digitalization through e-commerce in Indonesia, especially in the context of the implementation of the G20 agenda. The approach used in this research is descriptive quantitative with a paired sample t-test method to measure the difference between conditions before and after the G20 intervention. The results show that there is a statistically significant increase in a number of financial inclusion indicators after the intervention, especially in the aspects of fintech usage and digital transactions. This finding provides empirical evidence that the G20 plays an important role in accelerating digital financial transformation in Indonesia. Thus, global policies and agendas such as the G20 can have a real and positive impact on financial inclusion at the national level, if adaptively integrated with local needs.
Downloads
References
Ahmada, S. F. (2024). Indonesia Interest Toward G20 Pandemic Fund: Global Health Diplomacy Perspective. Jurnal Hubungan Internasional, 17(1), 62–77. https://doi.org/10.20473/jhi.v17i1.53539
Akbar, Y. M. (2024). Ukraine—Russia, G20 Summit, and Indonesia’s Presidency Challenge. Open Access Indonesia Journal of Social Sciences, 7(4), 1572–1580. https://doi.org/10.37275/oaijss.v7i4.246
Almosov, A., Bondareva, S., Darelina, O., Potomova, S. A., & Timacheva, E. (2021). Peculiarities of Development of Digital Financial Ecosystem. International Scientific and Practical Conference “Law and the Information Society: Digital Approach,” 109, 01004. https://doi.org/10.1051/shsconf/202110901004
Amari, M., & Jarboui, A. (2021). Exploring the Impact of Socio-Demographic Characteristics on Financial Inclusion: Empirical Evidence From Tunisia. International Journal of Social Economics, 48(9), 1331–1346. https://doi.org/10.1108/ijse-08-2020-0527
Asif, M., Khan, M. N., Tiwari, S., Wani, S. k., & Alam, F. (2023). The Impact of Fintech and Digital Financial Services on Financial Inclusion in India. Journal of Risk and Financial Management, 16(2), 122. https://doi.org/10.3390/jrfm16020122
Berger, A., Cooper, A. F., & Grimm, S. (2019). A Decade of G20 Summitry: Assessing the Benefits, Limitations and Future of Global Club Governance in Turbulent Times. South African Journal of International Affairs, 26(4), 493–504. https://doi.org/10.1080/10220461.2019.1705889
Cevik, S. (2025). Promise (Un)Kept? Fintech and Financial Inclusion. Scottish Journal of Political Economy, 72(3). https://doi.org/10.1111/sjpe.70012
Cooper, A. F. (2019). The G20 Is Dead as a Crisis or Steering Committee: Long Live the G20 as Hybrid Focal Point. South African Journal of International Affairs, 26(4), 505–520. https://doi.org/10.1080/10220461.2019.1699855
Dluhopolskyi, O., Пахненко, О., Lyeonov, S., Semenog, A., Аrtyukhova, N., Cholewa-Wiktor, M., & Jastrzębski, W. (2023). Digital Financial Inclusion: COVID-19 Impacts and Opportunities. Sustainability, 15(3), 2383. https://doi.org/10.3390/su15032383
Dobson, H. (2024). Unpacking the G20. Elgar Online.
Gultom, Y. S. M. (2024). Indonesia as Representative of the Global South in G20 Presidency: Return of Global Solidarity. Jurnal Pir Power in International Relations, 8(2), 113–125. https://doi.org/10.22303/pir.v8i2.94
Hilbrich, S., & Schwab, J. (2018). Towards a More Accountable G20? Accountability Mechanisms of the G20 and the New Challenges Posed to Them by the 2030 Agenda. International Organisations Research Journal, 13(4), 7–38. https://doi.org/10.17323/1996-7845-2018-04-01
Ismamudi, I., Alcoriza, G. B., Marzuki, M., & Bani, M. (2023). Islamic Fintech and Financial Inclusion: Innovations for Sustainable Economic Empowerment. Deal, 1(01), 54–60. https://doi.org/10.37366/deal.v1i01.3303
Johnstone, I. (2021). The G20, Climate Change and COVID-19: Critical Juncture or Critical Wound? Fulbright Review of Economics and Policy, 1(2), 227–245. https://doi.org/10.1108/frep-05-2021-0031
Lagna, A., & Ravishankar, M. N. (2021). Making the World a Better Place With Fintech Research. Information Systems Journal, 32(1), 61–102. https://doi.org/10.1111/isj.12333
Luckhurst, J. (2019). The G20 Hub of Decentralizing Global Governance Authority. International Organisations Research Journal, 14(2), 7–30. https://doi.org/10.17323/1996-7845-2019-02-01
Luckhurst, J. (2020). The New G20 Politics of Global Economic Governance. International Organisations Research Journal, 15(2), 55–81. https://doi.org/10.17323/1996-7845-2020-02-03
Odei-Appiah, S., Wiredu, G. O., & Adjei, J. K. (2022). Fintech Use, Digital Divide and Financial Inclusion. Digital Policy Regulation and Governance, 24(5), 435–448. https://doi.org/10.1108/dprg-09-2021-0111
OJK. (2022). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) tahun 2022. OJK.
Peng, E. Y., & Smith, W. S. (2023). Politics, Integration of ESG in CEO Compensation, and Firm Credit Ratings: Evidence From the USA. Studies in Economics and Finance, 41(3), 456–477. https://doi.org/10.1108/sef-06-2023-0350
Rehman, S. u., Hussain, S., & Rasheed, A. (2024). Unleashing Financial Inclusion: The Mediating Role of Digital Marketing in the Impact of Fintech and Behavioral Intention. Journal of Modelling in Management, 19(5), 1670–1685. https://doi.org/10.1108/jm2-12-2023-0304
Richter, L., Black, M. M., Britto, P. R., Daelmans, B., Desmond, C., Devercelli, A. E., Dua, T., Fink, G., Heymann, J., Lombardi, J., Lu, C., Naicker, S., & Vargas-Barón, E. (2019). Early Childhood Development: An Imperative for Action and Measurement at Scale. BMJ Global Health, 4(4), 154–160. https://doi.org/10.1136/bmjgh-2018-001302
Rizqi, M., & Sabat, Y. (2022). A Deixis Analysis in Joko Widodo’s Statement on Indonesia’s G20 Presidency. Journal of English Language and Culture, 13(1), 24–33. https://doi.org/10.30813/jelc.v13i1.3569
Sanjayyana, A. R., & Kurniawati, Y. (2023). Differences in Viewpoints Between East and West in the Evolution of Macroeconomic Theories. Ekobima, 1(1), 15–23. https://doi.org/10.38204/ekobima.v1i1.1526
Sriyono, S., Andjani, S., & Irawan, M. F. (2023). Evaluation of Fintech’s Impact on Financial Inclusion in Indonesia: A Case Research on the Use of Digital Payment Services. The Management Journal of Binaniaga, 8(2), 91–102. https://doi.org/10.33062/mjb.v8i2.32
Taylan, O., Alkabaa, A. S., & Yılmaz, M. T. (2022). Impact of COVID-19 on G20 Countries: Analysis of Economic Recession Using Data Mining Approaches. Financial Innovation, 8(1), 1–30. https://doi.org/10.1186/s40854-022-00385-y
Vovchenko, N. G., Galazova, S. S., Sopchenko, A. A., & Dzhu, O. S. (2019). FinTech Ecosystem as an Instrument of Sustainable Development Provision. International Journal of Economics and Business Administration, VII(Special Issue 2), 147–155. https://doi.org/10.35808/ijeba/379
Wicaksana, D. (2023). Fintech for Sdgs: Driving Economic Development Through Financial Innovation. J. Digit. Bus. Innov. Manag., 2(2), 126–138. https://doi.org/10.26740/jdbim.v2i2.57960
Yuneline, M. H. (2022). Implications of Shariah Financial Technology in Increasing Financial Inclusion to Micro, Small, and Medium Enterprises. Islamiyyat, 44(1), 89–99. https://doi.org/10.17576/islamiyyat-2022-4401-8
Yuniarto, B., Khovivah, S. N., Saajidah, N., Fadhilah, A. F., & Hasan, M. A. (2022). G20 Success Has Positive Impact for Indonesian MSMEs. Interdiciplinary Journal and Hummanity (Injurity), 1(3), 132–140. https://doi.org/10.58631/injurity.v1i3.35
Yuniarto, B., Ruba’iyah, Z. R., Inayatullaeli, P., Kabir, Z., & Fadliansyah, A. N. (2023). The Role of G20 on the Dignity of the Indonesian Nation in the Eyes of the World. Journal Transnational Universal Studies, 1(7), 338–347. https://doi.org/10.58631/jtus.v1i7.49
Zhang, E. (2024). Discussion on Financial Technology Innovation and Regulatory Mechanism in the Digital Economy Environment. Financial Engineering and Risk Management, 7(2), 14–20. https://doi.org/10.23977/ferm.2024.070203
Игнатов, А. Н. (2022). The BRICS Agenda on the Internet Governance. International Organisations Research Journal, 17(2), 86–109. https://doi.org/10.17323/1996-7845-2021-02-04
Ларионова, M. (2022). A Brief History of the G20 Institutional Dynamics (2008-2021). International Organisations Research Journal, 17(2), 250–274. https://doi.org/10.17323/1996-7845-2022-02-11
