Bangalore, January 20, 2024: Spice Money (a subsidiary of DiGiSPICE Technologies), India’s pioneering rural fintech revolutionizing the best way Bharat banks, is ready to embark on an formidable journey with its Spice Money Guarantee Drive in Karnataka. This strategic initiative goals to strengthen partnerships and interact distributors throughout 21 cities, fostering a extra interconnected ecosystem for its nanopreneur neighborhood. In the previous 12 months, Spice Money has witnessed a powerful gross transaction worth (GTV) of 29.32 billion in Karnataka, pushed by the dynamic growth of its Adhikari community.
The community, comprising nanopreneurs, has grown by a powerful 35.8% from 2022 to 2023, facilitating 11.63 million general transactions and showcasing Spice Money’s pivotal position in enhancing monetary accessibility. Serving round 8.98 lakhs clients in 6,529 villages, Spice Money has turn into a trusted companion in driving monetary empowerment and inclusion. With over 1.3 million Adhikaris nationwide, Karnataka proudly contributes to about 2.05% of those nanopreneurs, highlighting Spice Money’s transformative impression on the monetary panorama.
Spice Money is ready to foster a deeper connection inside its in depth community by way of the Spice Money Guarantee Drive Campaign. It goals to create a collaborative ecosystem, offering a possibility for the nanopreneur neighborhood to return collectively, share insights, and strengthen the bonds that drive the success of Spice Money’s modern monetary options.
The firm is strategically pivoting in the direction of nurturing a thriving ecosystem for nanopreneurs, enabling the circulate of monetary literacy from Adhikaris to the broader neighborhood. This dedication for making a extra inclusive ecosystem is obvious in the particular deal with onboarding feminine Adhikaris, selling gender variety in its community. Spice Money is increasing its companies from assisted cost companies to providing a complete vary of banking options. This shift contains the introduction of present and financial savings accounts, aim loans for nanopreneurs, and money assortment companies. This multifaceted strategy underscores Spice Money’s dedication to driving impactful monetary inclusion in rising India.
In tandem with this progress, Spice Money has noticed important traction in key merchandise, with general 225.79 million transactions for Aadhar-enabled Payment Systems (AePS) until final 12 months. AePS, alongside Cash Management System, Direct Money Transfer, mini-ATMs, and Bharat Bill Payment Services, emerges as a cornerstone of Spice Money’s success in the area. The success story in Karnataka displays not solely Spice Money’s dedication but in addition the area’s openness to digital adoption. Karnataka has confirmed to be a fertile floor for Spice Money’s efforts in driving monetary inclusion, particularly in rural areas the place over 61.33% of the inhabitants resides (as per Census 2011).
Dilip Modi, Founder, Spice Money, mentioned, “Karnataka has considerably fueled Spice Money’s progress journey in India. The exponential growth of the Adhikari community and the surge in digital monetary companies right here underscore the area’s readiness to embrace the digital period. Through our digital banking amenities, our nanopreneurs have pioneered monetary inclusion in historically underserved areas of Karnataka, fostering particular person self-reliance and financial growth. Our dedication stays steadfast in empowering rural nanopreneurs and offering livelihood alternatives to residents in the farthest corners of the nation.”
Spice Money’s dedication extends past numbers, as the corporate builds a sturdy assisted-digital ecosystem nationwide. With Adhikaris reaching 95% of rural pin codes, overlaying 2.4 lakh villages, 700 districts, and 6,458 blocks, Spice Money serves a outstanding 20 million month-to-month clients. FY23 witnessed a unprecedented 20% progress in buyer GTV, exemplifying its dedication to a deeply penetrated presence in rural areas and reinforcing its management in fostering monetary inclusion throughout the nation.
As Spice Money continues its journey, the corporate stays devoted to empowering nanopreneurs, creating livelihood alternatives, and fostering financial growth in even the remotest corners of the nation.