OJK to Soon Limit Multiple Paylater Accounts

The Financial Services Authority (“OJK”) is finalizing preventive measures to curb the rate of default risk in the Buy Now Pay Later (“BNPL”) or paylater sector. The main focus of these new regulations is to reinforce risk management strategies for financing companies (multifinance), particularly in relation to the maximum limit on platform usage by a single debtor.

“We will soon issue implementing regulations under Regulation of OJK No. 32 of 2025 on the Organization of BNPL (“Regulation 32/2025”) which regulates that financing companies may implement risk management strategies by limiting the disbursement of financing, including the maximum use of the platform,” stated Agusman, the Executive Director of Supervision for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (PVML) at the OJK.

The holding of multiple accounts with the potential to exceed repayment capacity triggers civil disputes (default). As of March 2026, BNPL financing by financing companies recorded exponential growth of 55.85% year-on-year (yoy), reaching a value of Rp12.81 trillion.