<![CDATA[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.]]>
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