OJK Responds to KPPU Decision on Online Loan Interest Cartel
The Financial Services Authority (OJK) has responded to the Competition Commission’s (KPPU) decision regarding the cartel on online loan interest rates, or pinjol. KPPU ruled that 97 online lending service providers (pindar) were found guilty of violating Article 5 of Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unhealthy Business Competition.
The authority respects the verdict read out in the KPPU hearing on 26 March 2026. “OJK has noted and respects the decision issued by the KPPU Panel Chairman in Case No. 05/KPPU-I/2025,” stated Head of the Department of Financial Literacy, Inclusion, and Communication at OJK, M. Ismail Riyadi, in a written statement on Friday, 28 March 2026.
OJK is committed to encouraging the online lending industry, or pindar, to continue strengthening the implementation of governance, risk management, and consumer protection. The authority has also issued regulations limiting the amount of economic benefits that can be imposed by pindar providers on fund recipients.
This policy is an effort to ensure healthy, transparent business practices oriented towards consumer protection. The regulation is contained in OJK Circular Letter (SEOJK) No. 19 of 2025 on the Implementation of Technology-Based Joint Funding Services (LPBBTI).
For the violation, KPPU imposed varied fines totalling Rp 755 billion on the online lending business actors. The decision was read out in the hearing after a law enforcement process from 2023 to the final examination stage.
The suspected online loan cartel case originated from KPPU’s investigation in 2023 regarding monopoly debt interest allegedly regulated by the pindar association. In 2025, the commission named dozens of members of the Indonesian Joint Funding Fintech Association (AFPI) as suspects.
Meanwhile, AFPI General Chairman Entjik S Djafar expressed disappointment with the KPPU decision. He explained that the maximum limit on economic benefits set at that time was guidance from OJK. The aim was to protect consumers from predatory lending practices and illegal pinjol that charged very high interest rates at the time. “The majority of the association will appeal the KPPU decision,” said Entjik on Friday, 27 March 2026, as quoted from Antara.
Although appealing is the right of each member, all AFPI members stated they cannot accept the KPPU decision. He explained that the upper limit on economic benefits was intended for consumer protection.
In addition, Entjik stated that no malicious intent was proven throughout the examination hearing. “We believe the online lending industry actors are in the right position by following OJK’s guidance at that time,” he said.