Majority of AFPI Members to Appeal KPPU Decision
The Indonesian Fintech Peer-to-Peer Lending Association (AFPI) has voiced its disappointment with the Competition Commission’s (KPPU) decision against 97 online loan business actors, who were found guilty of engaging in interest rate cartel practices.
AFPI General Chairman Entjik S. stated that the majority of association members will appeal the KPPU’s decision.
“We are naturally disappointed with this KPPU decision because the maximum economic benefit limit at that time was guidance from the Financial Services Authority (OJK) to protect consumers from predatory lending practices and illegal online loans that imposed very high interest rates at the time,” Entjik said in an official statement on Friday, 27 March 2026. According to him, the KPPU’s decision does not reflect the facts that were openly presented throughout the examination hearing.
Entjik explained that setting the maximum limit for economic benefits or loan interest rates is part of efforts to protect consumers and provide clear differentiation from illegal online loan practices. That step also falls within the applicable regulatory framework under OJK supervision.
Nevertheless, AFPI emphasised that it still respects the prevailing legal process. Entjik said AFPI continues to coordinate with all platforms regarding the legal steps to be taken. “In principle, appealing is the right of each member, but we can state that all members do not accept this decision,” he said.
The KPPU determined that the 97 business actors violated Article 5 of Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unhealthy Business Competition. For this violation, the online loan actors were imposed with varied fines totalling Rp 755 billion.
“This decision marks the end of one of the largest business competition cases ever handled by the KPPU, both in terms of the number of respondents and the scope of the industry that directly impacts the wider public,” said Head of Public Relations and Cooperation Bureau of the KPPU, Deswin Nur, in an official statement on Thursday, 26 March 2026.
He stated that based on the examination of evidence and facts revealed in the trial, the Commission Panel concluded that there had been an agreement to set interest rates and/or economic benefits by the respondents.