Spice Money Forges Strategic Partnerships with Odisha Government to Enhance Digital Financial Access
In a significant move to bolster financial inclusion across Odisha, Spice Money, a subsidiary of Digispice Technologies, has announced a series of strategic collaborations under the state government's Bharat Netra programme. The announcement was made on Thursday at the Black Swan Summit Odisha, marking a concerted effort to deepen digital finance penetration and empower underserved communities.
MoU Signed with GFTN and Electronics & IT Department
The initiatives were unveiled at the summit, commencing with the signing of a Memorandum of Understanding (MoU) between Spice Money, GFTN, and the Electronics & IT Department of the Odisha government. While no specific timeline for completion has been disclosed, the partnership is designed to promote financial inclusion, enhance digital literacy, and create livelihood opportunities through targeted technology-led interventions. A key focus of this collaboration is on fostering women-led entrepreneurship and talent development in the region.
Recruitment from FinTech Certification Course and CBDC Proposal
As part of this collaboration, Spice Money has already taken proactive steps by recruiting 29 students from the inaugural cohort of a Certification Course in FinTech & InsurTech. This course, launched by GFTN in association with the National University of Singapore, initially comprised 195 members, highlighting Spice Money's commitment to nurturing local talent.
Furthermore, the company has proposed the innovative use of programmable Central Bank Digital Currency (CBDC) to support Mission Shakti, a state initiative aimed at empowering women. This proposal aims to facilitate targeted, outcome-linked welfare transfers and improve transparency in disbursements, potentially revolutionizing how social benefits are distributed.
Digital Solutions and Adhikari Network Expansion
Spice Money plans to introduce tailored digital savings and payment solutions, including a UPI-based wallet specifically designed for women who are new to digital financial services in Odisha. This initiative seeks to bridge the digital divide and encourage greater participation in the formal economy.
Leveraging its extensive network of over 1.6 million Adhikaris (agents), the company aims to digitize the Self-Help Group ecosystem. This effort is expected to strengthen financial autonomy and transparency at the grassroots level, empowering local communities. No financial outlay for these initiatives has been disclosed at this time.
Spice Money's Nationwide Reach and Services
Spice Money operates across more than 19,000 pincodes, covering an impressive 95% of rural India. The company serves over 150 million customers in more than 2.5 lakh villages, runs over 100,000 Mini ATMs, and processes more than 20 million monthly transacting customers. Holding a BBPOU licence under the Bharat Bill Payment System (BBPS) framework, Spice Money offers a comprehensive suite of services including banking, bill payments, insurance, and digital gold, positioning it as a key player in India's digital finance landscape.
