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Spice Money, a subsidiary of DiGiSPICE Technologies, has partnered with NSDL Payments Bank with the aim of amplifying financial inclusion in rural India.
According to the company's statement, The partnership will enable the opening of zero-balance accounts for rural citizens, aiming to bring them into the fold of formal banking systems and thereby fostering economic growth in these regions.
Streamlining onboarding with a localized approach
The partnership will leverage Spice Money's robust network of 12.7 lakh Adhikaris to facilitate the onboarding process. By equipping Adhikaris with NSDL Payments Bank’s instant kits at local touchpoints, rural citizens will be able to open a zero-balance savings account instantly.
The company said this approach will provide personalized assistance and guidance even in remote regions with limited banking infrastructure and is aimed at fostering trust and encouraging more people to confidently engage with formal banking channels.
Additionally, customers will receive an Instant Debit Card upon opening their accounts, enhancing convenience and immediate access to funds, the company said.
Sanjeev Kumar, Co-Founder, Executive Director and CEO at Spice Money, said, “We are thrilled to collaborate with NSDL Payments Bank, a significant milestone in our mission to revolutionize banking accessibility for rural citizens in India. Spice Money remains committed to making a meaningful impact on the lives of the unbanked and underbanked, contributing significantly to the socio-economic growth of the nation.”
What does Spice Money do?
Spice Money, a subsidiary of DiGiSPICE Technologies, is revolutionizing the way, Bharat Banks, with over 12.7 lakh Adhikaris (nanopreneurs) offering Aadhar-enabled payment system for cash withdrawal, mini ATM, loans, bill payments, cash collection centers for customer/ agents/ representatives of NBFC/Banks, airtime recharge, tours & travel, online shopping, Pan Card and mPoS services.
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