Jakarta. Indonesia is preparing about Rp 11 trillion ($600 million) to provide initial deposits for bank accounts for more than 200 million people, Chief Economic Affairs Minister Airlangga Hartarto said Wednesday.

Each new account would receive Rp 50,000, as part of President Prabowo Subianto’s drive to ensure every Indonesian has access to formal banking services.

“The funds will come from the state budget. For 200 million people, it would be roughly $600 million, or around Rp 11 trillion,” Airlangga told reporters at the Presidential Palace complex in Jakarta.

He said it had yet to be determined whether the funding would come from the 2026 state budget or be allocated under the 2027 budget. The funding and implementation mechanism are still being discussed with Bank Indonesia and the Financial Services Authority, or OJK.

“We will prepare it in the near future. We will discuss the rollout with Bank Indonesia and OJK,” he said.

The account-opening program will be rolled out gradually, with an initial launch targeted before the end of 2026.

The plan follows Prabowo’s directive, issued during a limited meeting at the Presidential Palace on Monday, to ensure every Indonesian citizen has a bank account. The initiative is intended to strengthen financial inclusion and literacy.

Airlangga said state-owned lenders, particularly Bank Rakyat Indonesia (BRI) and Bank Syariah Indonesia (BSI), were being considered to provide accounts for people who do not currently have one.

Officials are also considering synchronizing banking records with population data maintained by the Home Ministry’s Directorate General of Population and Civil Registration, known as Dukcapil.

According to a survey conducted by OJK and Statistics Indonesia (BPS), Indonesia’s financial inclusion rate currently stands at 93.62%, while financial literacy is at 63.57%.

Airlangga said the figures were relatively strong compared with those of other members of the Organisation for Economic Co-operation and Development (OECD), but there was still room to expand access to formal financial services.

The mass account-opening program is expected to bring more people into the formal banking system and further increase Indonesia’s financial inclusion rate.

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