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This Author published in this journals
All Journal Journal of Applied Islamic Economics and Finance
Azizah Nur
Politeknik Negeri Bandung
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Influence of P2P Lending and Macroeconomic Indicators on MSME Financing Growth at Islamic Rural Banks in Indonesia Azizah Nur; Muhammad Umar Mai; Moch. Edman Syarief; Hani Kustyanti Kusnadi; Sumiyati Sumiyati
Journal of Applied Islamic Economics and Finance Vol. 6 No. 2 (2026): Journal of Applied Islamic Economics and Finance (February 2026)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35313/jaief.v6i2.7220

Abstract

This study investigates the influence of Peer-to-Peer (P2P) lending and macroeconomic indicators—specifically inflation and BI Rate—on the growth of MSME financing at Islamic Rural Banks (BPRS) in Indonesia from 2014 to 2023. Using monthly secondary data and applying the Error Correction Model (ECM), the analysis captures both short-term and long-term dynamics. The findings reveal that P2P lending has no significant effect in the short term but shows a negative and significant impact in the long term, indicating potential substitution for Islamic Rural Banks. Inflation and BI Rate do not significantly influence financing growth in the short term but have a positive and significant effect in the long term. Control variables such as Firm Size and Non-Performing Financing (NPF) also demonstrate long-term impacts. These results offer theoretical insights into fintech disruption and macroeconomic dynamics and provide practical recommendations for Islamic Rural Banks in strengthening their digital competitiveness and risk management strategies.
Co-Authors Kusnadi, Hani Kustyanti Mochamad Umar Mai SUMIYATI SUMIYATI Syarief, Mochamad Edman