Spice Money launches zero-investment plan for rural youth

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By Ashish Mitra --
Thursday, 11 Feb, 2021

Fintech company Spice Money has launched a zero-investment programme for rural youth and job seekers to become banking correspondent on its platform for financial services. It is the first-of-its-kind zero investment entry programme that allows rural entrepreneurs to be a part of Spice Money Adhikari network completely free of cost, the fintech firm said while unveiling the facility.

The limited period zero-investment programme will shape Spice Money's vision to digitally and financially empower one crore rural entrepreneurs across the country and strengthen the company's digital payments ecosystem in semi-urban and rural areas, it said.

'We are a digital BC (banking correspondent) platform, we want to increase the income of everyone in rural India. The entrepreneurs get paid on every transaction they undertake on this platform. They can make up to Rs 50,000 per month,' Spice Money founder Dilip Modi said.

Till yesterday, anyone who wanted to come on board had to pay Rs 1,500 and a monthly rental of Rs 60 to start delivering financial services to their communities. Plus they had to pay up to Rs 2,500-3,000 to buy a device, he added. On the other hand, Spice Money offers cash deposit, Aadhaar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, airtime recharge, tours & travel, online shopping, pan card and mPoS services through its Adhikaris (entrepreneurs).It also acts as a cash collection centre for customer/ agents/ representative of NBFC/banks.

More than 90 per cent of its network reside in semi-urban and rural India. 'While there is going to be no entry fee to come on board, there is a process of KYC, there is no monthly rental too.

Spice Money has around 5 lakh Adhikaris onboard its platform currently, and over 65 per cent of them are below 30 years of age. At present, 65 per cent of over 5 lakh Adhikaris on Spice Money's network are below 30 years, many of them are budding entrepreneurs in their own rights.

The company said that it is working on a war-footing to expand financial inclusion across the country covering over 18,000 pin codes over 700 districts and more than 5,000 blocks.

Spice Money launches zero-investment plan for rural youth. Fintech company Spice Money has launched a zero-investment programme for rural youth and job seekers to become banking correspondent on its platform for financial services. It is the first-of-its-kind zero investment entry programme that allows rural entrepreneurs to be a part of Spice Money Adhikari network completely free of cost, the fintech firm said while unveiling the facility.

The limited period zero-investment programme will shape Spice Money's vision to digitally and financially empower one crore rural entrepreneurs across the country and strengthen the company's digital payments ecosystem in semi-urban and rural areas, it said.

'We are a digital BC (banking correspondent) platform, we want to increase the income of everyone in rural India. The entrepreneurs get paid on every transaction they undertake on this platform. They can make up to Rs 50,000 per month,' Spice Money founder Dilip Modi said.

Till yesterday, anyone who wanted to come on board had to pay Rs 1,500 and a monthly rental of Rs 60 to start delivering financial services to their communities. Plus they had to pay up to Rs 2,500-3,000 to buy a device, he added. On the other hand, Spice Money offers cash deposit, Aadhaar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, airtime recharge, tours & travel, online shopping, pan card and mPoS services through its Adhikaris (entrepreneurs).It also acts as a cash collection centre for customer/ agents/ representative of NBFC/banks.

More than 90 per cent of its network reside in semi-urban and rural India. 'While there is going to be no entry fee to come on board, there is a process of KYC, there is no monthly rental too.

Spice Money has around 5 lakh Adhikaris onboard its platform currently, and over 65 per cent of them are below 30 years of age. At present, 65 per cent of over 5 lakh Adhikaris on Spice Money's network are below 30 years, many of them are budding entrepreneurs in their own rights.

The company said that it is working on a war-footing to expand financial inclusion across the country covering over 18,000 pin codes over 700 districts and more than 5,000 blocks.