Fintech player Spice Money has partnered with Axis Bank to facilitate opening of instant, zero balance savings or current accounts for rural citizens through its Adhikari network.
About Its Objective:
Through this association, Spice Money aims to bridge the rural-urban divide and bring financial inclusivity by providing access to banking products to the last mile at their doorstep, thereby financially empowering thousands of rural citizens living in the hinterlands of India.
Extent Of This Move:
The Spice Money network, comprising more than 10 lakh Adhikaris, covers more than 18,000 pin codes, 700 districts and 5,000 blocks, serving over 10 crore households. Spice Money said the current market penetration of e-commerce, in terms of the overall economy, is at 8 per cent. With ONDC, it is expected to grow to 25 per cent in the next two years.
About The Spice Money:
A regulated entity under the Reserve Bank of India, the fintech firm delivers various financial services such as cash deposit and withdrawal, insurance premium, bill payments and loans to the rural masses.
Recently, the company has come on board the government-promoted e-commerce platform ONDC to facilitate smaller merchants in rural locations. By onboarding ONDC (Open Network Digital Commerce), Adhikaris of Spice Money will act as facilitators to other smaller merchants in their localities, who otherwise do not have access to e-commerce platforms to sell their products to a wider segment of buyers
About Axis bank:
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.