Ojol commissions cut, analysts project GoTo's performance supported by this business

JAKARTA, KOMPAS.com — PT GoTo Gojek Tokopedia (GoTo) said it stands ready to follow President Prabowo Subianto’s directive on the policy to split ojol commissions at 8 percent for app operators and 92 percent for driver partners. The 8 percent ojol commission policy is expected to affect the On-Demand Services (ODS) line, particularly GoRide. Nevertheless, the market sees GoTo maintaining strength from its diversified business, especially from the fintech sector which continues to grow significantly.

In a press conference on Tuesday (19 May 2026), GoTo management stressed that they would imminently implement the new commission scheme for two-wheeled vehicle services.

So what about the prospects for the parent company’s shares?

BRI Danareksa Sekuritas analyst, Kafi Ananta, said the policy could potentially pressure revenue from GoTo’s ODS business, especially the GoRide product. However, he added, GoTo does not rely on a single source of revenue because it has a diversified ecosystem. ‘As an ecosystem, GoTo has diversified revenue streams. It is not solely dependent on ODS, but there is fintech with high growth, logistics and delivery, and revenue from e-commerce service fees,’ he said in a statement on Thursday (21 May 2026).

He added that fintech is now one of the main pillars of GoTo’s growth and profitability. According to Kafi, the potential for fintech growth remains very large given the number of active users and the penetration of digital financial services in Indonesia continues to expand. ‘There are 27.5 million users transacting monthly in GoTo’s fintech and transactions exceeded 2 billion in a quarter in Q1 2026. The figure appears significant, but in reality there are almost 200 million adults in Indonesia. This means room for growth remains wide,’ he said.

Based on the first-quarter 2026 performance report, GoTo recorded fintech net revenue growth of 58 percent to Rp 1.9 trillion. The growth was driven by user acquisitions, increased digital payments business, and growth in the loan book. Meanwhile, the GoPay app reported a loan book value of Rp 9.9 trillion, up 59 percent from the same period last year. Amid the credit growth, GoTo’s credit quality was deemed to be preserved through data-based risk management.

‘Fintech has become the growth and profitability engine for GoTo. The improving margins of fintech will, in time, balance revenue and profits for GoTo and, in this business model, make it more solid and resilient,’ said Kafi.

Kafi is optimistic that GoTo remains on track to become a more solid technology issuer, even if GoRide’s business is affected by the 8 percent ojol commission policy.