Regarding KPPU Ruling on Interest Rate Regulation, AFPI Prepares to Appeal
JAKARTA, KOMPAS.com - The Indonesian Fintech Peer-to-Peer Lending Association (AFPI) regrets the decision of the KPPU panel because it does not reflect the open facts throughout the examination hearing.
AFPI General Chairman Entjik S. Djafar assessed that the KPPU is forcing itself by ruling against all online lending platforms (pindar), as there was no proven agreement on the maximum economic benefit limit (interest rate) throughout the examination hearing.
According to him, the approach applied in the industry so far, including the maximum economic benefit limit, is part of efforts to protect consumers and provide clear differentiation from illegal online lending (pinjol) practices.
“We are certainly 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 pinjol that charged very high interest rates at the time. Therefore, the majority of association members will file an appeal against the KPPU decision,” he said in an official statement on Friday (27/3/2026).
As a note, the KPPU previously ruled that 97 online lending platforms under AFPI’s auspices were guilty of suspected agreement to set economic benefit limits.
Each platform was also imposed with fines of varying amounts.
AFPI believes that as a rule of law state, Indonesia has mechanisms that provide space for fair resolution.
Therefore, AFPI urges its members to take steps in accordance with the applicable legal process.
“We are still coordinating with all platforms regarding the legal steps to be taken. Basically, the appeal step is the right of each member, but we can say that all members do not accept the decision,” Entjik explained.
The decision does not change the payment obligations according to the agreement, and all such obligations must still be fulfilled as they should.
When this case began to be examined by the KPPU, the OJK also once stated that the regulation of the maximum economic benefit limit or interest rate for pindar by AFPI was part of the code of ethics provisions (behavioural guidelines) before the issuance of SEOJK No.19/SEOJK.06/2023 on the Implementation of LPBBTI, which was OJK guidance at that time, further affirmed in OJK Letter No. S-408/NB.213/2019 dated 22 July 2019.
AFPI explained this as direct guidance from the OJK in accordance with OJK Letter No. S-537/PL.122/2025 dated 16 May 2025, which was received.
Head of Public Relations and Cooperation Bureau of KPPU Deswin Nur said the decision was read out in the Commission Panel hearing in Jakarta on Thursday (26/3/2026), after going through the law enforcement process from 2023 to the final examination stage.
“Because the upper limit of economic benefits is intended for consumer protection and no malicious intent was proven throughout the examination hearing. We believe the online lending industry players are in the right position by following OJK guidance at that time,” he said in a written statement.