Strategic Partnership Between JULO and eFishery Drives Financial Inclusion and Financial Literacy Among Fish Farmers
WEST BANDUNG, September 19, 2024 – PT JULO Teknologi Finansial (JULO), an Indonesian fintech company licensed and supervised by the Financial Services Authority (OJK), has built a successful partnership with the aquaculture tech company PT Teknologi Untuk Pembudidaya (eFishery). This collaboration aligns with government efforts to improve financial literacy and promote financial inclusion, with a focus on fish farmers, who make up an estimated 17,656 individuals nationwide.
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Findings from the 2024 National Survey on Financial Literacy and Inclusion (SNLIK) indicate that farmers, ranchers, planters and fishermen constitute segments with the lowest financial literacy at just 63%. Recognizing this challenge as an opportunity, JULO and eFishery formed a strategic partnership in January 2022 to provide productive funding and education. Utilizing a partnership lending model based on Supply Chain Financing, this strategy enables fish farmers and aquaculture business owners within the eFishery ecosystem to access essential financial support for their operations through the eFishery platform.
As of July 2024, these two homegrown technology companies have provided financing through the Kabayan (Kasih, Bayar Nanti or Support Now, Pay Later) program to over 6,000 fish farmers across Indonesia, with total funding exceeding USD 11 million. This collaboration has also given rise to strategic events aimed at facilitating fish farmers to strengthen the community and improve their financial literacy.
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Ir. Hermansyah, Head of the Marine Affairs and Fisheries Agency for West Java Province, expressed his appreciation, “We highly treasure the synergy between JULO and eFishery in supporting fish farmers in West Bandung, particularly through the Kabayan program facilitated by eFishery. We hope this program will continue to support fish farmers in expanding their businesses, especially by providing access to productive funding that reinforces Carp and Tilapia farming,” said Hermansyah.
Nimish Dwivedi, Chief Business Officer of JULO, stated "As a financial inclusion provider we remain deeply committed to strengthening our partnership with Efishery on an ongoing basis given its impact on fish farmers across the nation."
Gibran Huzaifah, CEO & Co-Founder of eFishery, remarked on the vast potential of Indonesia’s aquaculture sector, noting that this collaboration goes beyond a business partnership, and represents a shared commitment to improving the welfare of fish farmers. “The aquaculture technology we develop and JULO’s financial solutions have joined forces to create a strong synergy. This allows us to offer more comprehensive services to our partners and establish an ecosystem that positively impacts all its components, while also contributing to national food security,” said Gibran.
Joni, a carp farmer, shared that he has been running his fish farming business since 2012. He testified to the growth of his operation since joining eFishery's Kabayan program, helping his farm to expand from 24 ponds to 40. “In the past, I struggled to secure the capital needed to grow my fish farming business. While there were a few options available, the high interest rates significantly reduced my profits. With Kabayan, I could fulfill my needs upfront, with flexible payment terms—due after harvest with a term of four to six months. Thanks to the funding support from JULO, I’ve been able to expand my ponds and meet all my fish feed needs,” said Joni.
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