Certification of Cooperative Managers in Permenkop Number 8 of 2023

Regulation of the Minister of Cooperatives and Small- and Medium-Scale Enterprises No. 8 of 2023 on Savings and Loan Businesses by Cooperatives (" Permenkop 8/2023 ") stipulates a standard competency certificate for managers of cooperatives/savings and loan units and cooperatives/savings and loan units, as well as sharia financing.

The certificate is issued by a professional certification institution and aims to determine the competency of managers in the financial sector so that they can minimize financial risks. It also facilitates the classification of manager placement according to expertise.

"A financial competency certificate can prove that cooperative managers have and update officially recognized competencies in carrying out their duties, so that they can improve services and financial management to cooperative members more effectively and efficiently," said the Head of the Cooperative Protection Division of the Ministry of Cooperatives, Trias Sujatmiko, to hukumonline.com.

However, there are several obstacles in the implementation of this regulation, namely:

1. Limited professional certification institutions in the financial sector;

2. Lack of interest from cooperative administrators, supervisors, and managers in improving competence; and

3. The costs of managing competency certification are currently still relatively expensive.

Unlike urban cooperatives, the financial capacity of regional cooperatives/savings and loan units is limited. So Sujatmiko said there would be an Echelon II unit that would handle the case to help facilitate.