In early 2017, Financial Services Authority of Indonesia (OJK) has published a research on Indonesian literacy research and financial inclusion which stated that financial literacy in the country is at 29.66%, while financial inclusion amounted to 67.82%. The data demonstrates the importance of industry players’ contribution in supporting the increasing literacy and financial inclusion through educational programmes to assist the government in realizing its financial inclusion target of 75% by 2019.
Based on having the same goals and commitment to support the government in realizing the target index of financial inclusion, Commonwealth Bank in cooperation with Mastercard has created a programme named WISE. The programme focuses on Indonesian women because they have a greater financial impact in their personal lives and within the wider local community.
WISE is divided into three work forms, which are strengthening the formal network by creating an exchange of knowledge and capabilities of women entrepreneurs, innovation through technology by developing digital learning facilities as well as the development of a WISE application for a nationwide reach and impact, and develop further research on literacy and financial inclusion in order to create solutions to for Indonesia.
Currently, more than 2,500 Indonesian women have attended the WISE classes and over 3,500 people have downloaded the WISE App digital platform to support the financial literacy of Indonesian women.
Commonwealth Bank and Mastercard will help to drive the business growth of Indonesian business women by enhancing their business capabilities, their understanding of financing and by increasing their knowledge of customers and market trends. In addition both companies will also invest in research to support a strong and inclusive economic growth in Indonesia.