Peer-To-Peer Lending Activities and Their Impact on Sustainable Development in Indonesia
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Abstract
This study investigates the impact of Fintech Peer-to-Peer (P2P) lending on sustainable development in Indonesia, with a specific focus on its role in enhancing financial inclusion for Micro, Small, and Medium Enterprises (MSMEs). Grounded in Financial Intermediation Theory and Maqashid al-Sharia, this research employs an explanatory sequential mixed-methods design to analyze the duality of fintech as an economic catalyst and a potential systemic risk. Quantitative analysis utilizes a linear regression model on panel data (2020-2024) from the Financial Services Authority (OJK) and the Central Statistics Agency (BPS), examining 95 registered P2P platforms. The statistical findings reveal a significant positive correlation between P2P lending transaction volumes and the MSME credit ratio, thereby directly supporting Sustainable Development Goal 8 (Decent Work and Economic Growth). Qualitatively, the study confirms that while fintech bridges critical financing gaps, its sustainable trajectory necessitates robust regulatory frameworks to mitigate shadow banking and predatory lending risks. Ultimately, aligning fintech innovations with the ethical pillars of Maqashid al-Sharia ensures that digital financial ecosystems prioritize long-term economic resilience, social benefit, and equitable capital distribution in Indonesia.
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