investment instead of loans. the main resistance was unwillingness to accept discipline resulting from sharing control. they wish to persist in the sort of indiscipline that made some of the smes fail in the first instance. it has taken some time to effect a paradigm shift and for them to appreciate that it is better to own 10 per cent of a successful and profitable business than to own 100 per cent of a moribund business. last, but not the least, of course, is the issue of poor infrastructure, which is constantly recurring. i wish to sound a note of warning on the banks setting up subsidiaries and venture capital companies. banks should ; avoid creating cost centres that will eat into the funds available for the scheme ; and take advantage of their branch network and spread to get close to various areas ( rural / urban ) in the country. specifically, banks should therefore actively involve their branches in implementing the scheme. it is my firm belief that investments will soon increase to catch up with the accumulated fund as the capacity building efforts of the banks, other stakeholders and our investment partners targeted at the bankers and entrepreneurs begin to yield dividends and the necessary structures are put in place. conscious of the continuing need for capacity building and to create a conducive investment environment for the optimal utilization of the smieis fund, the central bank of nigeria has recently initiated a project for baseline economic study to develop an integrated information system for small and medium enterprises ( smes ) to foster better implementation of smieis and the development of smes, generally. the information so gathered from the exercise will serve as a compendium for prospective investors in small and medium industries and will be widely disseminated. the study, which will be carried out by selected universities, based on their proposals, in seven economic zones into which the country has been sub - divided for this purpose, will identify the various possible industries that can be established in each region, taking into account their natural, human and material endowments and proffer strategies for achieving them. specifically, the study will compile a compendium on project ideas and profiles, effectively disseminate information so gathered to all stakeholders, including investing banks and prospective entrepreneurs, design a generic information system that would assist smes overcome their financing, management, marketing and other problems. i will like to conclude my opening remarks by sharing with you my faith and optimism in the smieis. with a concerted effort and renewed commitment from all stakeholders, this scheme

increasing public preferences amidst limited mobility due to the covid - 19 pandemic, the rapid increase in e - commerce transactions is also driven by a number of marketplace strategies, such as promotional events with free shipping and cashback, safe shopping on official e - commerce platforms, convenience for consumers to choose goods through graph 32. nominal of e - commerce transactions idr trillion 205. 5 105. 6 42. 2 2020 * 2021 * source : bank indonesia description : * proyeksi bank indonesia bank indonesia ’ s annual meeting 2020 graph 33. e - commerce payment methods % 0. 11 0. 25 0. 72 1. 25 12. 18 80 11. 18 70 7. 48 17. 32 18. 54 12. 46 million 1. 77 2. 04 1. 96 100 0. 25 0. 18 0. 15 0. 10 1. 65 0. 08 0. 16 0. 25 0. 74 2. 00 21. 81 22. 41 22. 57 19. 92 20. 75 7. 72 2. 63 19. 73 18. 87 16. 19 7. 43 7. 53 12. 47 13. 39 14. 22 14. 61 13. 57 7. 41 6. 31 5. 90 5. 68 5. 47 9. 51 10. 90 3. 63 16. 49 5. 22 22. 02 26. 31 4. 31 ii iii iv i ii iii 9. 38 9. 68 4. 21 9. 71 14. 69 5. 69 9. 05 7. 78 iv 33. 93 3. 49 44. 37 i bank transfer credit card / online debit kiosk / minimarket credit without card ii 37. 37 45. 79 42. 81 4. 05 40. 02 i 5. 55 14. 53 10. 14 18. 10 68. 73 62. 19 57. 47 56. 77 56. 55 56. 04 55. 29 57. 50 52. 28 graph 34. development of qris iii 31. 55 iv 3. 34 3. 26 iii 27. 56 27. 25 24. 83 ii electronic money cod / cash 2. 69 i idr billion numbers of merchant transactions volume transactions amount ( rhs ) other source : bank indonesia source : bank indonesia interactive communication, and the use of big data and algorithms that enable a personal shopping experience. in line with the fast pace of e - commerce transactions, digital payment transactions also increased rapidly, as reflected in the use of electronic money (