Spice Money on Tuesday said it has established a network of one lakh micro-ATMs (mATM) operating across rural India.
“During the pandemic induced lockdown, micro-ATMs emerged as the key driver to assist people with cash withdrawal and other essential services. Spice Money’s mATM network grew multifold from just over 18,000 in February 2020 to over 1,00,000 as on today,” it said in a statement.
The company covers 95 per cent of the rural pincodes in India with more than 7 lakh Adhikaris on its network, maximising the reach of the micro-ATMs to the financially underserved and cash-driven parts of the nation, it further said.
Spice Money witnesses over ₹1,000 crore worth of transaction on a monthly basis on its mATM network.
“While establishing a lakh - strong ATM network is a milestone for us, we will continue growing our reach and supporting more rural customers in their financial needs,” said Sanjeev Kumar, Chief Executive Officer, Spice Money.
Sonu Sood, Brand Ambassador and Advisory Board Member, Spice Money noted that micro-ATMs can play a crucial role in bridging the gap in financial services by bringing the convenience of banking transactions right to the next door kirana stores in rural India.