kolkata: Spice Money, renowned for revolutionizing banking in rural India, is poised for an ambitious venture with its Spice Money Guarantee Drive in West Bengal. This strategic initiative, spanning 21 cities, aims to strengthen partnerships, engage distributors, and create a more interconnected ecosystem for its growing nanopreneur community. Over the past year, Spice Money achieved an impressive gross transaction value (GTV) of 128.57 billion in West Bengal, showcasing a dynamic 12.67% growth in its Adhikari network. This network, comprising nanopreneurs, facilitated 147.1 million transactions, becoming a driving force in enhancing financial accessibility.
Serving approximately 9.54 million customers across 20,829 villages, Spice Money has emerged as a trusted partner, contributing to financial empowerment and inclusion. With over 1.3 million Adhikaris nationwide, West Bengal proudly represents about 10.16% of these nanopreneurs, emphasizing Spice Money’s transformative impact on the financial landscape.
The upcoming Spice Money Guarantee Drive Campaign is set to deepen connections within the network, fostering collaboration among nanopreneurs. This initiative provides a platform for shared insights and aims to strengthen the bonds that drive the success of Spice Money’s innovative financial solutions.
Strategically pivoting towards a thriving ecosystem for nanopreneurs, Spice Money is expanding its services from assisted payment solutions to a comprehensive range of banking services. This includes the introduction of current and savings accounts, goal loans for nanopreneurs, and cash collection services. The company’s commitment to creating a more inclusive ecosystem is evident in its special focus on onboarding female Adhikaris, promoting gender diversity in its network.
Alongside this growth, Spice Money has observed significant traction in key products, with over 225.79 million transactions for Aadhar-enabled Payment Systems (AePS) till last year. AePS, Cash Management System, Direct Money Transfer, mini-ATMs, and Bharat Bill Payment Services emerge as cornerstones of Spice Money’s success in the region.
Sanjeev Kumar, Co-Founder, Executive Director & CEO, highlighted, “West Bengal has significantly fueled Spice Money’s growth journey in India. The exponential expansion of the Adhikari network and the surge in digital financial services here underscore the region’s readiness to embrace the digital era. Through our digital banking facilities, our nanopreneurs have pioneered financial inclusion in traditionally underserved areas of West Bengal, fostering individual self-reliance and economic development. Our commitment remains steadfast in empowering rural nanopreneurs and providing livelihood opportunities to residents in the farthest corners of the country.”
Beyond numbers, Spice Money is building a robust assisted-digital ecosystem nationwide, with Adhikaris reaching 95% of rural pin codes, covering 2.4 lakh villages, 700 districts, and 6,458 blocks. FY23 witnessed an extraordinary 20% growth in customer GTV, reinforcing its leadership in fostering financial inclusion across the country.
As Spice Money continues its journey, the company remains dedicated to empowering nanopreneurs, creating livelihood opportunities, and fostering economic development in even the remotest corners of the country.
About Spice Money
Spice Money, a subsidiary of DiGiSPICE Technologies, is India’s pioneering rural fintech revolutionizing the way Bharat banks. With a network of 1.3 million nanopreneurs, called Adhikaris, Spice Money is regulated by the RBI and built on the digital public infrastructure. It offers comprehensive payment services supported by the Aadhaar stack, leading in assisted bill payments through the Bharat Bill Payment System (BBPS). The company extends its impact by providing credit through a credit marketplace and offers e-commerce services through the Open Network for Digital Commerce (ONDC).
