Spice Money, one of India’s largest financial services companies and a business unit of DiGiSPICE, has crossed the impressive milestone of INR 1400 crore in GTV. Having created one lakh entrepreneurs, managing transactions worth USD 2 billion, and serving 4 million unique consumers till date, the company has been making solid strides in its endeavor to bridge the gap between the served and the unserved.
It has been providing banking services to customers at their doorstep, through cutting-edge technology solutions with easy to use customer-friendly user interface and application, for ease of adoption at the grass-roots. Spice Money uses unrivaled technology to enable the next-door ‘kirana store’ to function as a ‘MINI BANK‘ Branch.
The GTV is a culmination of various financial and utility products being powered on one of India’s largest tech-enabled, hyper local payments network offering various services. These include Cash deposit, Cash withdrawal, Balance inquiry, Bill payments, Aadhaar Enabled services (AePS), Air Time Recharge, PoS Services, Railway ticketing services etc. through the customer service points (CPS).
Spice Money has registered a phenomenal growth in the last six months, on the back of its constant focus on fuelling the Digital India growth story.
A bulk of Spice Money’s business comes from the key BIMARU region, comprising the states of Bihar, Madhya Pradesh, Rajasthan, Chhattisgarh, Jharkhand and Uttar Pradesh. These markets comprise the largest unbanked and underserved population and have displayed rapid agility in adopting the services and financial solutions offered by Spice Money, especially the AePS, Money transfer & mPoS services.
Speaking on the milestone achievement, Dilip Modi, Chairman said, “With Spice Money, we have always endeavored to add greater momentum to the Digital India movement by bringing the cause of Financial Inclusion to its logical conclusion with practical implementation and opening the gates for financially underserved communities to join the digital ecosystem. We have brought significant value to the micro-entrepreneurs and their customers by enabling ease of accessibility to financial services, e.g. turning kirana stores into mini bank branches. By creating an easily accessible digital economy, citizens are also being encouraged to turn their cash savings into digital deposits which are secure and can be withdrawn at ease. As we already have a robust infrastructure in place, we have managed to create an asset-light model to fulfill our larger vision in a cost-effective way.”
Spice Money is on a mission to plug the gaps in access to various financial services for the masses across the length and breadth of India. It is a one-stop solution for seamless financial services (Banking, Travel & Utility Bills) for the underserved sections of society. Its key philosophy is to engage with local residents offering them entrepreneurial opportunity, thus providing with basic dignified, self-sustainable financial models at economical cost of ownership and operation.