OJK Head Supports Purbaya's Plan to Transform PNM into SME Bank

The Chair of the Financial Services Authority (OJK) Board of Commissioners, Friderica Widyasari Dewi, known as Kiki, has stated that her agency supports Finance Minister Purbaya Yudhi Sadewa’s plan to transform PT Permodalan Nasional Madani (PNM) into an MSME bank. This support is contingent on the move having a positive impact on society, particularly for MSME actors. “The essence is that we support it. If it’s felt that it can be more directly beneficial for society, we support it,” Kiki said in Jakarta on Tuesday, 7 April 2026. She emphasised that OJK’s role remains focused on regulation and supervision of financial service institutions, including PNM, which has been under its oversight. This supervision covers prudential aspects to ensure compliance with applicable regulations, thereby maintaining the health and stability of the institution’s operations. Additionally, OJK monitors market conduct, given PNM’s direct interactions with the public, including consumer protection. “OJK supports and provides supervision to ensure that financial service institutions, including PNM in this case, operate in accordance with existing regulations and so on,” she stated. It is known that Purbaya is currently proposing to the Nusantara Future Investment Management Agency (BPI Danantara Indonesia) to take over the management of PT Permodalan Nasional Madani (PNM). “I’m proposing to Danantara that PNM be given to us (the Ministry of Finance). PNM Madani to us, then we will make PNM a distributor of KUR (People’s Business Credit),” said Purbaya. He plans to make PNM a subsidiary of one of the Ministry of Finance’s Special Mission Vehicles (SMVs), such as PT Sarana Multi Infrastruktur (SMI) or the Government Investment Centre (PIP). This acquisition plan for PNM is proposed as a solution to streamline KUR distribution. According to him, there are many reports from MSME actors who face difficulties in obtaining such affordable credit services.