P2P Lending Financing Tops Rp98 Trillion as Delinquency Rate Rises

Indonesia’s Financial Services Authority (OJK) recorded that financing channeled by the fintech peer-to-peer lending industry—online lending platforms (pinjaman online or pindar)—reached Rp98.54 trillion in January 2026. The 90-day default rate (TWP90) for online lending rose significantly. In the previous month, disbursements by online lenders were Rp96.62 trillion. ‘In the online lending industry, the outstanding financing in November 2025 grew 25.52 percent year-on-year to Rp98.54 trillion,’ said Agusman, Executive Director for the Supervisory of Financing Institutions, Venture Capital Firms, Microfinance Institutions and Other Financial Services Institutions (PMVL), in a press conference on Tuesday, 3 March 2026, quoted from OJK’s YouTube channel. Total disbursement of online lending in January last year was Rp78.50 trillion, while December 2025 stood at Rp96.62 trillion. Meanwhile, the TWP90 rose significantly. The TWP90 in January last year was 2.52 percent. By January 2026, bad loans reached 4.38 percent, up from 4.32 percent in December 2025. Previously, Agusman had stated that online financing was more dominated by consumption. Last month, total online lending for consumption reached Rp63.63 trillion or 67.09 percent of the total, while lending to the productive sector accounted for 32.91 percent of the total outstanding in the pindar industry. OJK also reported that in January 2026, receivables of Financing Companies (PP) grew by 0.78 percent versus December 2025’s 0.61 percent. Total receivables of financing companies stood at Rp508.27 trillion, with a gross Non-Performing Financing (NPF) ratio of 2.72 percent, up from 2.51 percent in December 2025.