IEEF and SBM ITB Enhance Financial Literacy in Mertak Village, Central Lombok

"Connecting Local Potential, Financial Literacy, and Inclusive Economic Growth"

Press Release

The Institute for Economy, Energy, and Finance (IEEF), in collaboration with the School of Business and Management, Institut Teknologi Bandung (SBM ITB), implemented a community development and financial literacy program in Desa Mertak, Kecamatan Pujut, Central Lombok, aimed at strengthening local economic capacity and promoting inclusive development in villages surrounding the Mandalika Special Economic Zone (SEZ). The program was supported by the Lembaga Pengelola Dana Pendidikan (LPDP) and conducted in partnership with academics from Universitas Pendidikan Indonesia (UPI) and Universitas Padjadjaran (Unpad).

The initiative was led by Ir. Dzikri Firmansyah Hakam, S.T., Pg.Dip., M.Sc., Ph.D., CFP®, a faculty member at SBM ITB and Executive Director of IEEF, together with Khairil Insan Bintang, M.Pd. and Ihda Farhatun Nisak, S.Pd., M.M. (UPI), as well as Anisya Nurfitri K., S.Pd., M.S.M. (Unpad). The collaboration reflects a cross-university effort to integrate academic knowledge, policy insight, and community engagement in addressing local development challenges.

The community engagement program was designed in response to the rapid growth of the Mandalika tourism area, which has generated significant economic opportunities but has yet to deliver inclusive benefits for surrounding villages. Despite its strategic location near international tourism destinations and the Mandalika Circuit, Desa Mertak continues to face challenges in translating its natural and economic potential into tangible welfare improvements. Limited financial literacy, business management capacity, and institutional readiness remain key barriers preventing residents from fully participating in the regional economic transformation.

To better understand local conditions, the IEEF–SBM ITB team conducted field surveys and socio-economic mapping to identify the village’s economic structure and development potential. The assessment revealed that Desa Mertak’s economy is primarily supported by tourism, agriculture, fisheries, and livestock. Community-managed tourism assets such as Pantai Batu Berang, mangrove conservation areas, homestay programs, and boat rental services are operated through Village-Owned Enterprises (BUMDes) and the Tourism Awareness Group (Pokdarwis). While these initiatives demonstrate strong local ownership, they require improved financial governance and managerial capacity to ensure long-term sustainability.

The program also highlighted a structural gap between Desa Mertak’s role as a buffer village for the Mandalika SEZ and the limited economic impact experienced by its residents. This concern was echoed by Moh. Syahnan, Head of Desa Mertak, who noted that insufficient human resource capacity and financial literacy have constrained the community’s ability to capitalize on increasing tourism flows, resulting in local residents remaining largely spectators of regional development.

To address these challenges, the program delivered contextualized financial literacy training covering household financial management, basic bookkeeping for micro and small enterprises, simple business planning, and the introduction of appropriate and low-risk investment instruments tailored to rural contexts. In line with IEEF’s mandate as a policy and economic research institute, the training emphasized inclusive economic development, positioning financial literacy as a foundation for sustainable local growth rather than short-term income generation. The program also focused on developing local financial literacy facilitators to support long-term knowledge retention within the community.

According to Ir. Dzikri Firmansyah Hakam, Ph.D., CFP®, financial literacy is a critical enabler of inclusive development in strategic economic zones. “The economic opportunities created by Mandalika are substantial. However, without financial management capabilities, local communities risk being excluded from these opportunities. Financial literacy empowers communities to actively participate in development and strengthens local economic resilience,” he stated.

Program effectiveness was assessed through pre-test and post-test evaluations, which indicated a measurable improvement in participants’ understanding of structured financial management and long-term planning. These findings suggest that combining community-based engagement with evidence-informed economic perspectives—an approach central to IEEF’s work can generate meaningful capacity improvements at the village level.

Through this initiative, IEEF and SBM ITB, together with UPI and Unpad, reaffirm their commitment to bridging academic research, policy insight, and grassroots empowerment. The Desa Mertak program represents a broader effort to promote inclusive, competitive, and sustainable local economic development, particularly in areas affected by large-scale strategic projects. Supported by LPDP, this collaboration underscores the role of universities and think tanks in ensuring that national development agendas translate into tangible benefits for communities at the grassroots level.

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