Women-owned MSMEs, constituting nearly 14% of the total registered units, have experienced an impressive 110% annual job growth over the past six years
FinTech BizNews Service
Mumbai, December 11, 2023: As we stand on the cusp of 2024, the Indian fintech industry stands on the precipice of an unprecedented transformation, poised to reshape the financial landscape in rural and semi-urban India.
Dilip Modi, Founder of Spice Money has very interesting observations regarding the fintech industry's journey throughout 2023 and the trends to watch out for in 2024. Dilip Modi explains, “The transformative wave is propelled by a confluence of factors, including the widespread adoption of digital technology, a dedicated push for financial inclusion, and the integration of cutting-edge technologies aimed at empowering rural and semi-urban communities. The burgeoning landscape of women entrepreneurship in India's MSME sector serves as a compelling testament to fintech's transformative prowess. Women-owned MSMEs, constituting nearly 14% of the total registered units, have experienced an impressive 110% annual job growth over the past six years. On the global stage, India, in its G20 leadership role, consistently underscores efforts to establish digital public infrastructure, actively collaborating with other nations on technologies underpinning the India Stack initiative. The JAM (Jan Dhan-Aadhaar-Mobile) trinity has become the bedrock of India's digital and fintech terrain, effectively narrowing the financial divide in rural and semi-urban areas. With over 50 crore Jan Dhan accounts, 56% designated for women, and 67% initiated in rural areas, this initiative has democratized financial access, facilitating active participation in the digital economy.”
Looking ahead to 2024, the Indian fintech industry is set to intensify its transformative impact on Emerging India, creating innovative solutions tailored to the specific needs of these communities, including micro-lending platforms, mobile banking applications, and digital literacy initiatives. Dilip Modi adds, “With its unwavering commitment to financial inclusion, Spice Money is set to play a pivotal role in bridging the financial divide and empowering rural and semi-urban communities to fully participate in the digital economy. The year 2024 promises to be a watershed moment, marking a new era of financial empowerment and redefining our interaction with money, particularly in underserved communities.”
