Pengaruh Peer to Peer Lending terhadap Pertumbuhan Ekonomi Regional di Indonesia

Abstract

Pesatnya perkembangan Financial Technology (fintech) mendorong pertumbuhan Peer to Peer Lending sebagai alternatif pembiayaan yang memperluas akses keuangan masyarakat. Namun, penyalurannya masih terkonsentrasi di Pulau Jawa dan didominasi oleh kebutuhan konsumsi. Penelitian ini menganalisis pengaruh Peer to Peer Lending terhadap pertumbuhan ekonomi regional di 33 provinsi di Indonesia pada periode 2020-2024 menggunakan metode panel data. Hasilnya menunjukkan bahwa indikator Peer to Peer Lending, yaitu jumlah pinjaman dan pinjaman aktif (outstanding) berpengaruh positif, sementara jumlah rekening pemberi pinjaman berpengaruh negatif terhadap pertumbuhan ekonomi regional. Efektivitas Peer to Peer Lending dalam mendorong pertumbuhan ekonomi sangat bergantung pada kualitas penyaluran pinjaman serta sinergi dengan sektor keuangan formal. Berdasarkan temuan tersebut perlu adanya penguatan regulasi dan mekanisme matching pada platform Peer to Peer Lending agar penyaluran dana lebih terarah ke sektor UMKM produktif, bukan konsumtif.

The rapid growth of fintech has driven the rise of Peer to Peer Lending as an alternative financing channel, expanding public access to financial services. However, disbursements remain concentrated in Java and predominantly serve consumption needs. This study analyzes the impact of Peer to Peer Lending on regional economic growth across 33 Indonesian provinces from 2020 to 2024 using panel data. Descriptive results show Peer to Peer Lending is dominated by productive-age individual borrowers for consumption purposes. The results indicate that Peer to Peer Lending indicators, namely the number of loans and active loans (outstanding), have a positive effect on regional economic growth, whereas the number of lender accounts has a negative effect. The effectiveness of Peer to Peer Lending in stimulating economic growth is highly dependent on the quality of loan disbursement and its synergy with the formal financial sector. Based on these findings, regulatory strengthening and improved matching mechanisms on Peer to Peer Lending platforms are necessary to ensure that funds are directed toward productive SME sectors rather than consumptive purposes.