Spice Money is empowering rural citizens in Madhya Pradesh with essential banking and financial services
Begamganj, Raisen, July 29, 2022: Spice Money, India’s leading rural fintech revolutionising the way Bharat banks, has witnessed exponential growth driven by Spice Money Adhikaris or nanopreneurs in Madhya Pradesh, where the Adhikari network increased by a whopping 223.22% Year on Year (YoY). Spice Money currently enjoys a strong Network of more than 10,00,000 Adhikaris in India, out of which almost 92,000 are based in Madhya Pradesh.
For many years, the rural population had to travel miles away to go to a bank branch for their banking needs. This acted as a major roadblock in bringing the rural citizens to the formal banking system. Spice Money, with its vast network of Spice Money Adhikaris is addressing this access challenge by providing banking and financial services to the last mile. Another major challenge that the rural population faces is the rising unemployment rate due to the lack of employment opportunities. With the launch of Zero Investment Program in February 2021, Spice Money has created a platform for aspiring nanopreneurs who can become self-reliant and financially independent just with the help of a smartphone and internet connection by becoming a Adhikari on Spice Money network, in zero cost.
Spice Money Adhikaris bridge the gap for the underbanked/unbanked by offering digital banking and financial services to their local communities, through the Spice Money app and web portal. The company, through its Adhikari network, provides assisted services spanning across cash withdrawal, cash deposit, bill payments and recharge, insurance, loans and travel booking services. In FY22, Spice Money nearly doubled its nanopreneur (Adhikari) network hitting 1 million milestone. This network is spread across rural India covering more than 95% rural pincodes, 2,50,000 villages, 700+ districts serving a base of over 100 million consumers. Spice Money has also established the largest mini ATM network with more than 1 lakh mini ATMs across the country with 9,298 mini ATMs in Madhya Pradesh alone. Along with this, the company also witnessed an80% rise in gross transaction value (GTV) in the state.
Sanjeev Kumar, Co-Founder & CEO, Spice Money, said, “Madhya Pradesh is one of the key markets in Spice Money’s growth story in India. The exponential rise in the Adhikari and micro-ATM network in the state is indicative of the significant interest in entrepreneurial business opportunities among the rural population and the crucial role Spice Money Adhikaris play in furthering digital and financial inclusion. We will continue to focus on our mission of empowering rural nanopreneurs and offering a path towards financial freedom to residents of the remotest corners of Madhya Pradesh. I’m confident that Spice Money will continue bringing the underserved population in the state under the umbrella of financial inclusion over the years.”
With the sturdy foundation of the learnings and successes gained from the rural fintech operations, Spice Money has also ventured into the rural travel space with the launch of Travel Union, India’s first B2B rural travel-tech platform that addresses the key challenges faced by rural travel agents and their customers. Travel Union has also already been seeing a surge in travel agents of Madhya Pradesh becoming Travel Union Members to serve the rural travel needs, indicating the immense growth potential for the sector and customers in the state.
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