Spice Money Partners with BCG to Build the Largest Financial and Digital Services Platform for Bharat

Spice Money (subsidiary of DiGiSPICE Technologies), India’s main rural fintech that’s revolutionizing the approach Bharat banks, at the moment introduced its strategic partnership with Boston Consulting Group (BCG), a number one world consulting agency. By becoming a member of forces, Spice Money and BCG intention to cater to the wants of the underserved semi-urban and rural inhabitants by constructing a platform that caters to the digital and monetary companies wants of the residents of rural India. In addition to the current banking, monetary and digital companies being provided via an assisted mannequin, this collaboration goals to construct methods primarily based on the key asks and necessities of rural prospects throughout numerous segments like financial savings, credit score and commerce. It is a major transfer in direction of accelerating the progress of rising India and driving monetary inclusion for the final mile.

Sanjeev Kumar, Co-founder, Executive Director & CEO of Spice Money, stated, “Spice Money was constructed on the basis that India’s rural economic system has exponential alternatives for enterprise and at the identical time, it gave us a mission for a higher social trigger. Our mission is to empower residents in India’s hinterlands to bridge the monetary and digital hole that exists between rural and city India. Since the onset of the pandemic in 2020 to now, Spice Money has seen a 94% CAGR progress in its Gross Transaction Value. We intention to maintain this unprecedented progress, and subsequently, need to seize present income swimming pools by pushing working leverage on the current platform. At the identical time we’re wanting to construct on the rural market alternatives of at the moment, which embrace credit score and financial savings, whereas additionally investing in the disruptive income swimming pools of tomorrow to handle future rural buyer calls for. This is the place we imagine BCG can assist Spice Money in the subsequent part of progress in order that we are able to seize the rural market. BCG will work intently with us to establish the areas that require higher consideration, sustain with the demand from rural and rising India, in addition to sharpen our enterprise focus.”

Building monetary and digital companies platform for Bharat

India has witnessed outstanding progress in digital adoption owing to a major push by the authorities in direction of monetary inclusion initiatives backed by digital public infrastructure similar to the Jan Dhan Yojana, Aadhaar, UPI alongside with the Digital India marketing campaign, digital adoption by conventional monetary establishments in addition to the emergence of latest age fintechs. These initiatives have been instrumental in bridging the hole between city and rural India, bringing hundreds of thousands of underserved residents into the formal banking system, and laying the basis for an Atmanirbhar Bharat.

Despite these developments, a major part of the inhabitants residing in distant areas nonetheless lacks entry to fundamental requirements similar to high quality healthcare, schooling, credit score, housing infrastructure, and agriculture. This partnership between Spice Money and Boston Consulting Group goals to leverage their collective experience to handle the unmet urgent and evolving hygiene wants of rural prospects.

With Spice Money’s deep-rooted understanding of the rural market and BCG’s strategic insights, the partnership will assist in constructing resilience and sustainable ecosystem for the progress of rural India. It will achieve this by specializing in serving the pressing wants of rural prospects, creating nanoprenuers, boosting native companies and industries, thereby bringing them to the digital rail. The partnership builds upon the authorities’s digital infrastructure initiatives to gasoline the nation’s progress and contribute in direction of the authorities’s imaginative and prescient of a $5 trillion economic system.

Spice Money has already made vital strides in direction of its purpose by onboarding 12 lakh service provider base (Adhikari) offering help to 95% of rural pin codes, overlaying 2,50,000 villages, 700 districts and 5,000 blocks, serving 20 million month-to-month prospects.

About Spice Money

Spice Money, a subsidiary of DiGiSPICE Technologies, is India’s main rural fintech revolutionizing the approach Bharat Banks, with over 12 lakh Adhikaris (nanopreneurs) providing Aadhar-enabled cost system for money withdrawal, mini ATM, loans, invoice funds, money assortment facilities for buyer/ brokers/ representatives of NBFC/Banks, airtime recharge, excursions & journey, on-line purchasing, Pan Card and mPoS companies.

For additional info, please go to www.spicemoney.com.