Analyst: Livin' by Mandiri Experiences Fastest User Growth

Senior Market Analyst at Mirae Asset Sekuritas Indonesia, Nafan Aji Gusta Utama, assesses that the success of the Super App “Livin’ by Mandiri” (Livin’) has made it one of the fastest-growing financial applications in terms of user base. “This significantly boosts fee-based income. On the other hand, successful digitalisation enables PT Bank Mandiri Tbk (BMRI) to suppress the Cost to Income Ratio (CIR), so operational efficiency is now starting to rival BBCA,” he stated in his comments in Jakarta on Sunday. In addition, BMRI also benefits from the state-owned enterprise ecosystem and Danantara; the consolidation of state assets through Danantara will require complex corporate banking services, credit syndication, and large-scale cash management, all of which are BMRI’s core specialisations. “Prospects for economic growth, infrastructure development, downstreaming of the industrial and energy sectors including new and renewable energy are expected to increase the need for large-scale financing and corporate credit, which could be a major opportunity for BMRI as a major bank with strong capabilities,” he said. For those seeking returns (income and capital gains), BMRI remains attractive, with its dividend yield estimated at 8.80 per cent. Meanwhile, Bank Mandiri’s Director of Finance & Strategy, Novita Widya Anggraini, explains that overall, up to February 2026, the transaction volume through Livin’ by Mandiri continues to show a significant upward trend, with a total of more than 738.7 million transactions since the beginning of the year, representing around 28 per cent growth year-on-year (YoY). This increase is driven by the wider utilisation of digital services by the public for various daily transaction needs, from bill payments, purchasing digital products and services, to transfers between individuals or businesses. Furthermore, the rising use of payment transactions at various merchants and businesses, including MSMEs, also strengthens the role of Bank Mandiri’s digital services in supporting the smooth running of community economic activities and expanding access to more practical, fast, and inclusive transactions. This is reflected in the growth of commission-based revenue from various Bank Mandiri digital platforms, including Livin’ by Mandiri, amounting to Rp625 billion, up 45.3 per cent year-on-year. Additionally, the wholesale platform Kopra by Mandiri reached Rp421 billion, growing 29.3 per cent YoY, in line with the increasing transaction volume of customers on the company’s digital channels.