Spice Money launches zero-investment plan for rural youth
The limited period zero-investment programme will shape Spice Money's vision to digitally and financially empower 1 crore rural entrepreneurs across the country.
New Delhi: Fintech company Spice Money on Thursday announced the launch of a zero-investment programme for rural youth and job seekers to become banking correspondent on its platform for financial services. It is the first-of-its-kind zero investment entry programme that allows rural entrepreneurs to be a part of Spice Money Adhikari network completely free of cost, the fintech firm said while unveiling the facility.
The limited period zero-investment programme will shape Spice Money’s vision to digitally and financially empower 1 crore rural entrepreneurs across the country, and strengthen the company’s digital payments ecosystem in semi-urban and rural areas, it said.
“We are a digital BC (banking correspondent) platform, we want to increase the income of everyone in rural India. The entrepreneurs get paid on every transaction they undertake on this platform. They can make up to Rs 50,000 per month,” Spice Money Founder Dilip Modi said.
Till yesterday anyone who wanted to come on board had to pay Rs 1,500 and a monthly rental of Rs 60 to start delivering financial services to their communities. Plus they had to pay up to Rs 2,500-3,000 to buy a device, he added. Spice Money offers cash deposit, Aadhaar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, airtime recharge, tours & travel, online shopping, pan card and mPoS services through its Adhikaris (entrepreneurs).
It also acts as a cash collection centre for customer/ agents/ representative of NBFC/banks. More than 90 per cent of its network reside in semi-urban and rural India. “There is going to be no entry fee to come on board as a Spice Money Adhikari. Of course, there is a process of KYC, there is no monthly rental.
“And Rs 3,000 cost for device and banking kit, we have significantly brought it down… is to get paid back to the Adhikari over a period of 15 months, so even the cost of the device becomes free. So if you look at it, overall Rs 5,000 is being invested per Adhikari on behalf of the company for them to come on board and start serving the communities around them,” Modi said.
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