Spice Money's user network grows 12.67% in West Bengal in 2023
Kolkata: Rural fintech company Spice Money, a subsidiary of DiGiSPICE Technologies, has launched the Spice Money Guarantee Drive in West Bengal.
The initiative aims to strengthen partnerships and engage distributors across 21 cities, fostering a more interconnected ecosystem for its “nanopreneur” community.
Nanopreneurs are micro-level entrepreneurs, running small retail or kirana shops, acting as micro wholesalers, or earning a livelihood as street vendors.
In the past year, Spice Money has a gross transaction value (GTV) of 128.57 billion in West Bengal, driven by the dynamic expansion of its network.
The network, comprising nanopreneurs, has grown by 12.67% from 2022 to 2023, facilitating 147.1 million such business owners’ overall transactions and showcasing Spice Money's pivotal role in enhancing financial accessibility.
Spice Money serves around 9.54 million customers in 20,829 villages, has become a trusted partner in driving financial empowerment and inclusion.
With over 1.3 million users nationwide, West Bengal contributes to about 10.16% of these nanopreneurs.
It aims to create a collaborative ecosystem, providing an opportunity for the nanopreneur community to come together, share insights, and strengthen the bonds that drive the success of Spice Money's innovative financial solutions.
Spice Money is expanding its services from assisted payment services to offering a comprehensive range of banking solutions. This shift includes the introduction of current and savings accounts, goal loans for nanopreneurs, and cash collection services.
In tandem with this growth, Spice Money has observed significant traction in key products, with an overall 225.79 million transactions for Aadhar-enabled Payment Systems (AePS) till last year. AePS, alongside the Cash Management System, Direct Money Transfer, mini-ATMs, and Bharat Bill Payment Services, emerges as a cornerstone of Spice Money's success in the region.
“West Bengal has proven to be a fertile ground for Spice Money's efforts in driving financial inclusion, especially in rural areas where over 68.13% of the population resides (as per Census 2011),” the company said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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