Advancing Financial Inclusion In Rural India
Spice Money increased the ‘Adhikari’ network from 1.5 lakh to 13 lakh, covering 95 per cent of rural pin codes, bringing in a wide range of banking and non-banking services
Spice Money, headquartered in Noida, is making significant strides in financial inclusion across India. With a dedicated team of 900 employees, the company focuses on delivering digital and financial services to underserved rural populations.
Over the last few years, some initiatives have held Spice Money in good stead. One of these is the ‘Spice Money Toh Life Bani - Zero-Investment Programme’. This initiative addresses unemployment and limited financial services access in rural areas. In collaboration with actor Sonu Sood, it allowed rural entrepreneurs to join the Spice Money ‘Adhikari’ (nanopreneurs) network at no cost, enabling them to establish ‘digital dukaans’.
Building on this initiative, Spice Money increased the ‘Adhikari’ network from 1.5 lakh to 13 lakh, covering 95 per cent of rural pin codes, bringing in a wide range of banking and non-banking services. Spice Money’s ‘Adhikari’ system offers diverse services that cater to the evolving needs of rural customers, creating a robust financial ecosystem.
The company’s reach has impacted financial inclusion even in remote areas, such as Chitkul, India’s last inhabited village, and Komic, the world’s highest motorable village. The nanopreneurs’ onboarding has contributed to socio-economic development. Initially an assisted payment network, Spice Money has evolved to offer a full range of financial services over the years making a wider impact.
