Spice Money establishes 1 lakh micro ATMs in Indian rural spaces

The highest number of traditional ATMs installed by any bank is around 60,000 which is installed by Spice Money, emerging as the fastest-growing micro-ATM network in the country, it averred in a statement.

On Tuesday, Fintech company Spice Money said it has created an ATM network with over 1 lakh micro-ATMs functioning across the rural spaces in India.
The highest number of traditional ATMs installed by any bank is around 60,000 which is installed by Spice Money, emerging as the fastest-growing micro-ATM network in the country, it averred in a statement, adding further that “it witnesses over 1,000 crore worth of transactions on a month-on-month basis on its micro-ATM network.”

Spice Money, as a company integrating technology into the rural financial network, is enabling its ‘adhikaris’ or banking correspondents, next-door kirana stores, stationery shops or any individual with access to the internet, to equip themselves with the micro-ATMs and offer essential banking services of cash withdrawal and deposit to their local communities, the officials added.

Sanjeev Kumar, chief executive officer, Spice Money, asserted that its mission since its establishment has been financial inclusion of the rural population, thereby, bringing in the greater financial freedom to end-users as well as the rural entrepreneurs, ‘adhikaris’.

“As of March-end 2021, India had just 2.39 lakh ATMs for a population of over 1.3 billion. This number establishes the inadequacy of the ATM infrastructure in our country to address the needs of the semi-urban and rural economy that is growing on the back of direct benefit transfers through Jan Dhan accounts. The ATM network in these parts has, in many cases, witnessed a de-growth, causing the cash-heavy economy to struggle with low access to digital financial services,” added Kumar.

Earlier this fiscal year, Spice Money brought an initiative giving the company’s micro-ATM devices an effective zero cost to enhance its financial inclusion and support and encourage their employees or ‘adhikaris’ to join their extensive ATM network.

Source Mint
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