Spice Money Introduces Zero Investment Business Opportunity For Rural Entrepreneurs
The platform targets a twofold accelerated growth y-o-y as part of its vision to empower one crore, rural entrepreneurs
Rural fintech Spice Money on Thursday announced the launch of a first-of-its-kind zero-investment entry programme that allows rural entrepreneurs to be a part of the Spice Money adhikari network completely free of cost.
The limited period zero-investment programme has been said to shape the company’s vision to digitally and financially empower one crore, rural entrepreneurs, across the country, and strengthen the company’s digital payments ecosystem in semi-urban and rural areas.
During the recent Union Budget, the finance minister shared the government’s objective to focus on digital payments.
The platform claims to be aligned with this vision and bolsters it by allowing greater access to digital payments in semi-urban and rural areas.
“The zero-investment entry programme will encourage the Indian youth in semi-urban and rural Bharat to become Spice Money adhikaris at no cost. The programme will expand the Spice Money network and offer essential digital financial and e-retail services to the unbanked and underserved communities, especially in remote parts of the country. The initiative is yet another step in our efforts to secure India’s digital and financial future by supporting young entrepreneurs to earn their own silver through their very own Digital Dukan,” shared Dilip Modi, founder, Spice Money.
The zero-investment entry programme enables migrant workers, kirana store owners, jobseekers, fresh graduates, housewives and others to join the platform’s adhikari network and secure self-employment and other livelihood opportunities in their hometowns.
At present, over 65 per cent of more than 5 lakh adhikaris on its network are below 30 years, many of them budding entrepreneurs in their own rights.
“Spice Money’s technological expertise and digital infrastructure is helping me fulfill my vision of socio-economic independence for all Indians, particularly those living in less developed regions. As I have witnessed the struggles of thousands of migrant workers during the lockdown, it is time to come forward and help the less privileged earn their own livelihood in the towns and villages where they reside – ‘humein har gaon ko digitally saksham banaana hai’. Through Spice Money’s innovative no-cost business proposition, I am confident that we can successfully reach out to a large number of people living in semi-urban and rural areas, and help fulfill their aspirations to become self-reliant and masters of their own destinies,” commented Sonu Sood, actor-philanthropist, who has recently partnered with Spice Money.
During the pandemic-induced lockdown, a large number of migrant workers and other rural people were left stranded, jobless, and without any financial means. The company came together with Sood to alleviate their woes by creating entrepreneurial opportunities – through the tagline ‘Spice Money toh Life Bani’ – and providing them an entrepreneurial platform to offer digital and financial services. The zero-investment entry programme is a leap towards achieving that goal.
Apart from the zero-investment programme, the company is also waiving off the rental fees for all existing and new adhikaris to encourage them to continue their journey of entrepreneurship and self-reliance. To further accelerate its vision of financial inclusion, the company has introduced an initiative where entrepreneurs will get the company’s micro-ATM or ‘Mini Magic’ devices at effective zero cost, said the statement.
The move will aid in strengthening the ATM infrastructure in the country, especially in rural regions.
The fintech platform has been working on a war-footing to expand financial inclusion across the country covering more than 18,000 pin codes, over 700 districts, and more than 5,000 blocks.