By translating intimidating financial jargon into plain language, this product comparison fintech helps improve access to financial products for Indonesians, many of them financially illiterate.
Why
High financial illiteracy
Only 36% of Indonesia’s adults are banked, with low 2.3 per capita financial products ownership.
Tiresome paperwork
Traditional banking processes can be unattractive, involving piles of paperwork and inconvenient face-to-face appointments.
Rising middle class
There are currently 88 million middle-class Indonesians and counting, increasingly open to online banking.
Market
150 million
Almost 70% of Indonesians are unbanked. Cermati aims to help the unbanked become more financially literate and gain access to financial products in the process.
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