Bank Jago Highlights Importance of Financial Management During Ramadan
As the holy month of Ramadan approaches, individuals and families often experience an increase in personal expenditures. This surge is typically driven by growing needs and the hard-to-resist impulse shopping habits that tend to intensify in the lead-up to Eid. Waasi Sumintardja, the Head of Sharia Business at Bank Jago, acknowledges this phenomenon as a common occurrence during this time of year. In a recent iftar event with the media on Tuesday evening, he explained, “Personal and family expenditures tend to rise during Ramadan or prior to Eid, in line with the increasing needs or the difficult-to-avoid impulse shopping habits. Moreover, for those who also run businesses, cash flow can become strained due to the obligation of paying employee benefits while ensuring the availability of raw materials for smooth production.”
Reflecting the increase in spending, transactions via the Jago app have seen a noticeable uptick. Bank Jago has observed a rise in transactions, particularly relating to customers’ savings accounts (RDN) and investments. Waasi noted, “There has been an increase in investment transactions, perhaps individuals are preparing to use their investment returns during Eid, or maybe they are curbing their consumptive tendencies by spending wisely.” Additionally, he mentioned that investment transactions through the Bibit platform, which is affiliated with Bank Jago, have also experienced growth compared to previous months. Despite these positive trends, Waasi believes it is premature to conclude that investments are becoming the primary transaction trend during Ramadan, considering that we are only in the fourth day of the fasting month.
Encouraging Financial Responsibility Through Education and Collaboration
On the other hand, despite the rise in investment transactions, the use of wallets or QRIS through the Jago app has remained stable and has not undergone significant changes. Recognizing these trends, Bank Jago is striving to encourage the public to be more prudent in managing their finances through the “Diverse Ways for Goodness in Ramadan” campaign. This initiative includes financial education sessions conducted offline and online on social media platforms, promoting responsible spending by prioritizing essential needs and supporting local businesses.
Collaborating with popular figures such as Ayu Ting Ting, Ferry Irwandi, Andovi Da Lopez, and Gilang Baskara, Bank Jago has engaged in live shopping sessions on the TikTok account @jadijago to provide financial education while promoting local products. Waasi emphasized, “They have joined the live shopping sessions on the @jadijago TikTok account to educate and promote outstanding local products. They are not only supporting local businesses but also contributing to the growth of the national economy.”
As part of this campaign, Bank Jago has partnered with Dompet Dhuafa to host an online Ramadan study session from March 1 to March 3, 2025. This study session features several prominent scholars, including Ustaz Hilman Fauzi, Zahid Samosir, and Risyad Baya’sud. Additionally, the public is encouraged to participate in a donation program that offers a Rp 25,000 cashback for new Jago and Jago Syariah customers, with the proceeds being directed towards empowering local businesses in various regions of Indonesia.
“This campaign marks the first time Bank Jago has conducted a live shopping initiative. The tremendous positive impact is not only encouraging the public to be more mindful in financial management but also urging them to assist local entrepreneurs in their growth,” Waasi remarked.
In conclusion, Bank Jago’s efforts to promote responsible spending and financial education during Ramadan underscore the importance of managing finances wisely. By collaborating with influencers, scholars, and charitable organizations, the bank is not only fostering financial literacy but also supporting local businesses and contributing to the economic development of Indonesia. Through these initiatives, Bank Jago is paving the way for a more financially secure and prosperous future for all.”
