Mumbai February 11, 2021: Spice Money, India’s first rural fintech company, today announced the launch of a unique zero investment program that will enable rural entrepreneurs to become part of the Spice Money Adhikari network for free. The time-limited Zero Investment Programme will shape Spice Money’s vision to build the capacity of rural entrepreneurs at Rs 1 crore across the country and strengthen the company’s digital payments ecosystem in semi-urban and rural areas.
During the recent review of the Union Budget, the Ministry of Finance shared the government’s objective of focusing on digital payments. The “Spice Money” program fits into and reinforces this vision by providing better access to digital payments in semi-urban and rural areas.
The “zero investment” program enables migrant workers, kirana store owners, job seekers, recent graduates, housewives and others to join the adhikari Spice Money network and secure employment and other livelihoods in their own cities. Currently, more than 65 percent of the more than 5 adhikari lakh in the Spice Money Network are under 30 years of age, and many of them are starting their own businesses.
Spice Money founder Dilip Modi said, “The zero investment program will enable young Indians in the semi-urban and rural areas of Bharat to become “Spice Adhikaris” for free. The program will expand the Spice Money network and provide digital online retail and basic financial services to the unbanked and underserved population, especially in remote areas of the country. This initiative is another step in our efforts to secure India’s digital and financial future by helping young entrepreneurs make their own money through their own Digital Ducan.”
Dilip Modi, founder of Spice Money and Sonu Sood, actor and philanthropist.
Actor and philanthropist Sonu Sood, who recently partnered with Spice Money, said, “Spice Money’s technological expertise and digital infrastructure help me achieve my vision of social and economic independence for all Indians, especially those living in less developed regions. Having witnessed the struggles of thousands of migrant workers during their isolation, it is time to reach out to them and help the less privileged to build a livelihood in the cities and towns where they live – Humein har gaon ko digital saksham banaana hai. I am confident that with Spice Money’s free and innovative business model, we can successfully reach out to a large number of people in semi-urban and rural areas and help them realize their aspirations, become self-reliant and take control of their own destiny.”
During the isolation caused by the pandemic, many migrant workers and other rural residents are stranded, without jobs and without financial resources. Spice Money and philanthropic actor Sonu Sood have partnered to alleviate their plight by creating entrepreneurial opportunities – with the tagline “Spice Money toh Life Bani” – and providing them with an entrepreneurial platform to offer digital and financial services. The “Zero Investment Entry” program is a step towards achieving this goal.
In addition to the Zero Investment Program, Spice Money is also providing rent-free loans to all existing and new Adhikaris to encourage them to continue on their path to entrepreneurship and self-sufficiency. To realize its vision of financial inclusion, the company has launched an initiative where Adhikaris (entrepreneurs) will receive the company’s Micro ATM or Mini Magic devices at effectively zero cost. This will strengthen the ATM infrastructure in the country, especially in rural areas.
Spice Money is working to expand financial services nationwide to more than 18,000 PINs, more than 700 districts and more than 5,000 blocks.
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