This initiative has driven a transformational impact to strengthen Adhikaris’ proficiency in providing financial inclusion products. This has led to a 6.9% growth in AePS cash withdrawal transactions, reinforcing digital payments adoption across rural regions, while bill payments (BBPS) surged by 17%, streamlining essential service payments. Savings and current account transactions (CASA) jumped by 93%, indicating the intent of savings and inclusion of banking at convenient locations.
One of the key focuses of Spice Money Academy has been fostering women’s participation in the financial ecosystem. In 2024, the Academy trained 2,950 women Adhikaris across critical financial products, including Aadhaar Enabled Payment System (AePS), BBPS, instant PAN card issuance, and savings accounts. On top of this, Spice Money also conducts exclusive sessions for women Adhikaris/Merchants based on their convenience, thereby ensuring more participation from women. This initiative aligns with Spice Money’s broader mission of driving gender-inclusive financial empowerment, ensuring more women actively engage in digital and financial services, thereby strengthening the rural economy.
The recent discussions by DFS on revising training modules for Non-Bank BCs highlights the industry's shift towards stronger compliance and digital expertise. Spice Money Academy is also equipping Adhikaris with structured learning programs that enhance their digital banking skills. By staying aligned with these evolving regulatory changes, Spice Money continues to drive financial literacy and seamless compliance.
Spice Money Academy offers structured training modules covering key financial services such as AePS Cash Withdrawals & Deposits, Bharat Connect (Formerly BBPS), CMS, domestic remittances, micro-ATM operations, and savings accounts. In 2024, the Academy provided product-specific training to Adhikaris, ensuring they are well equipped to serve their communities:
· AePS: 1,49,026 trained
· BBPS: 85,898 trained
· CASA Services: 45,000 CASA trained
· Instant PAN Card: 6,97,000 trained
· Subscriptions-led Services: 17,800 trained
· Cash: 20,026 trained
· CASA(AXIS- CA): 41,300 trained
· CASA(Axis-SA): 60,700 trained
Spice Money Academy is already empowering Adhikaris through a structured digital training approach. Online sessions, social media tutorials, and in-app and web-based content, followed by quizzes, ensure effective learning and comprehension. Certifications based on quiz performance validate their expertise, enabling continuous skilling and upskilling. This ensures Adhikaris stays ahead in the rapidly evolving digital landscape while maintaining seamless compliance.
“At Spice Money, we believe that true financial inclusion goes beyond just providing access to services; it requires deep-rooted knowledge, continuous skill-building, and grassroots empowerment. With the training of the non-bank business correspondents, we are committed to equipping them with the expertise needed to bridge the financial gap in underserved regions. Spice Money Academy is at the heart of this mission, ensuring that our Adhikaris are not just service providers but true financial enablers in their communities. The remarkable growth in transactions post-training is a testament to the Academy’s impact in driving last-mile financial access and strengthening Bharat’s digital economy,” said Dilip Modi, Founder & CEO, Spice Money.
By leveraging digital learning tools and strategic training programs, Spice Money Academy transforms financial enablers into rural nanoprenuers, ensuring that even the most remote communities can seamlessly access banking and financial services. As the Academy continues to expand its reach, it remains committed to bridging the digital divide and strengthening the rural fintech ecosystem.
