Analisis Pengaruh Holding Ultra Mikro Bank BRI, Pegadaian, dan PNM terhadap Laba Bersih

Abstract

Perekonomian Indonesia sangat bergantung pada sektor UMKM yang menyumbang lebih dari 60% PDB dan menyerap 97% tenaga kerja, dengan Usaha Ultra Mikro (UMi) sebagai bagian penting yang menyasar masyarakat berpenghasilan rendah namun menghadapi keterbatasan akses pendanaan. Untuk mengatasi tantangan ini, pemerintah membentuk holding ultra mikro yang menggabungkan BRI, Pegadaian, dan PNM guna menciptakan sinergi pembiayaan inklusif, menekan biaya operasional, dan memperluas jangkauan layanan melalui unit terpadu SENYUM. Meskipun diawasi oleh lembaga regulasi berbeda (OJK, Kemenkeu, Kemensos), kolaborasi ini menunjukkan dampak positif terhadap efisiensi biaya, peningkatan laba bersih, dan pertumbuhan jumlah nasabah, seperti terlihat dari laporan keuangan tahun 2021–2022. Meski begitu, integrasi ini menghadapi tantangan dalam konsolidasi infrastruktur, budaya organisasi, serta potensi konflik manajemen yang memerlukan evaluasi berkelanjutan melalui pendekatan analitis seperti regresi panel untuk memastikan keberhasilan dan keberlanjutan strategi holding ultra mikro sebagai instrumen penguatan inklusi dan pemberdayaan ekonomi di Indonesia. Sejalan dengan latar belakang tersebut, penelitian ini bertujuan untuk mengevaluasi urgensi sinergi antar entitas, mengukur dampak holding terhadap kinerja keuangan, serta merumuskan rekomendasi kebijakan strategis. Dengan menggunakan data sekunder tahunan 2019–2022 dan pendekatan regresi panel Fixed Effect, ditemukan bahwa variabel simpanan dan kredit berpengaruh positif signifikan terhadap peningkatan laba bersih, sementara jumlah nasabah menunjukkan pengaruh negatif signifikan. Variabel dummy holding tidak signifikan, menandakan bahwa dampak jangka pendek dari integrasi masih terbatas. Uji ANOVA turut menunjukkan adanya perbedaan signifikan antar entitas dalam hal simpanan, nasabah, kredit, dan laba bersih. Berdasarkan temuan empiris tersebut, strategi penguatan Holding Ultra Mikro ke depan perlu difokuskan pada optimalisasi penghimpunan simpanan melalui pengembangan produk yang inovatif dan perluasan kanal distribusi berbasis literasi keuangan masyarakat. Selain itu, peningkatan kualitas nasabah dapat dilakukan dengan pendekatan berbasis segmentasi, cross-selling, dan monitoring digital untuk mendorong nilai ekonomi yang lebih tinggi per nasabah. Fungsi intermediasi melalui penyaluran kredit produktif juga harus diperkuat dengan prinsip kehati-hatian serta integrasi pelatihan dan digitalisasi proses kredit. Di samping itu, sinergi operasional antar-entitas dalam holding perlu dipercepat melalui penguatan sistem informasi terintegrasi, penyelarasan strategi, serta penyusunan roadmap yang terukur.

Indonesia's economy heavily relies on the Micro, Small, and Medium Enterprises (MSMEs) sector, which contributes more than 60% to the national GDP and absorbs 97% of the workforce. Within this sector, Ultra Micro Enterprises (UMi) play a vital role by targeting low-income communities, although they often face limited access to financing. To address these challenges, the government established the Ultra Micro Holding, integrating BRI, Pegadaian, and PNM to create inclusive financing synergy, reduce operational costs, and expand service outreach through the integrated unit known as SENYUM. Although supervised by different regulatory institutions (OJK, Ministry of Finance, and Ministry of Social Affairs), this collaboration has shown a positive impact on cost efficiency, increased net profit, and growth in the number of customers, as reflected in the 2021–2022 financial reports. However, the integration also faces challenges in infrastructure consolidation, organizational culture alignment, and potential management conflicts, which require continuous evaluation through analytical approaches such as panel regression to ensure the success and sustainability of the ultra micro holding strategy as a tool for enhancing financial inclusion and economic empowerment in Indonesia. In line with this background, this study aims to evaluate the urgency of synergy among entities, measure the impact of the holding on financial performance, and formulate strategic policy recommendations. Using annual secondary data from 2019 to 2022 and a Fixed Effect panel regression approach, it was found that deposit and credit variables had a significantly positive effect on increasing net profit, while the number of customers had a significantly negative effect. The dummy variable for the holding was not significant, indicating that the short-term impact of the integration remains limited. ANOVA testing also revealed significant differences among entities in terms of deposits, customers, credit, and net profit. Based on these empirical findings, future strategies to strengthen the Ultra Micro Holding should focus on optimizing deposit mobilization through innovative product development and expanding distribution channels based on financial literacy. Additionally, customer quality improvement should be carried out using segmentation-based approaches, cross-selling strategies, and digital monitoring to increase economic value per customer. The intermediation function through productive credit disbursement must also be reinforced by applying prudential principles and integrating training and credit process digitalization. Moreover, operational synergy among holding entities must be accelerated through integrated information system strengthening, strategy alignment, and the development of a measurable roadmap.