JAKARTA, Indonesia, May 24, 2023 /PRNewswire/ -- Financial inclusion focused Indonesian digital lending company JULO has launched a unique Education feature that will empower customers to ensure uninterrupted education for them and for their families. With just a few in-app clicks, customers can use their JULO digital credit limit to cover any education expense across any school, any college, any university and any online course in Indonesia. This coverage extends to more than 250,000 institutions with more being added on an ongoing basis.
The Indonesian education system is ranked fourth largest in the world after China, India and the United States with over 50 million students in more than 250,000 schools. However, the current system has many challenges. According to the Central Agency of Statistics Indonesia, 67% of the school dropout rate is due to financial problems. The study also showed that 86% of those unemployed are school dropouts at the high school stage or below, impacting their ability to improve their quality of life and financial prowess in the long run.
"The launch of this unique JULO education feature underlines our commitment to ensure uninterrupted education for our valued customers and their families with easy digital credit access. Now, they will never need to worry about how to cover any education expense ever. We stay razor focused on using digital credit to empower our customers and to become an integral part of their daily lives. Consumers have already started using this JULO education feature for payments encompassing elementary school, high school and university tuition fees at first and second tier cities across Indonesia," said Nimish Dwivedi, Chief Business Officer of JULO Group.
While cash loans and BNPL are widespread, education financing is limited to just a few institutions in Indonesia. Since 2016, JULO provides an array of cash and non-cash options through its accessible and comprehensive digital credit platform. This new education financing feature will provide an additional layer of convenience for JULO's rapidly growing customer base.
Yuyus - a JULO user - shared his feedback on this new feature, "That's so cool. I have never seen such a helpful feature in other digital credit application services. It is quite convenient and helps me to focus on using the loan specifically for my child's education needs,". Dedi, a user of traditional cash loans said. "I'd prefer using this feature. I often use cash loans to settle other things spontaneously and deprioritize my child's school fee,"
"2023 will be a year of customer centric innovations for JULO. Our objective is to improve the quality of our customer's lives and empower them with our easy to access digital credit. We will stay focused on developing digital credit as a key driver of financial inclusion in Indonesia." stated Adrianus Hitijahubessy, CEO & Co-founder of JULO.
JULO is a leading fintech company that is revolutionizing access to nancial products for millions of emerging consumers in Indonesia. The company is one of the first to develop a digital data-driven credit underwriting and risk assessment platform to process consumer credit applications and determine their creditworthiness using its mobile app.
Founded in 2016, JULO has expanded nationwide. JULO is based in Jakarta and is backed by leading investors including Credit Saison, Skystar Capital, Saratoga Investama, East Ventures, Quona Capital, Central Capital Ventura, MDI Ventures, Gobi Partners and others. JULO has been officially licensed as the provider under OJK circulation No KEP-16/D.05/2020 on 19 May 2020. JULO has been downloaded more than 10 million times and has facilitated credit access to more than 1 million of customers. JULO has won several awards namely; Winner of Indonesia Fintech Festival (2016), Winner of UN Fintech Challenge (2018), and Winner of Inclusive Fintech 50 (2019). For more information, visit https://www.julo.co.id