India’s leading rural fintech player, Spice Money, a division of DiGiSPICE Technologies, has recently roped in Usha Murali as Chief Compliance & Risk Officer (CCRO). Her hiring seeks to improve the organisation’s regulatory compliance structure and make it the most reputable rural fintech player in the country. In order to identify and mitigate key competitive, regulatory, and technological threats to the organisation, Usha will work closely with the management and the Board of Directors. This will help ensure that the organisation continues to adhere to the rules.
Usha Murali is a seasoned professional with three decades of banking and financial services experience. She has effectively managed both small and big teams in conventional, modern, and fintech banking environments. Her primary areas of expertise include internal control framework design, implementation, and monitoring in the areas of risk, compliance, and audit. She graduated from IIM Bangalore and is a Certified Associate of the Indian Institute of Bankers. She has held positions at Fincare Small Finance Bank, ING Group, Kotak Mahindra Bank and Central Bank of India throughout her career. Usha’s most recent position was as Chief Risk Officer at Airtel Payment Bank.
Briefing about the appointment, Sanjeev Kumar, Co-Founder & CEO of Spice Money said, Spice Money is dedicated to providing the unbanked and underbanked communities with digital and financial empowerment through our physical model while adhering to legal requirements. Usha’s hiring as Chief Compliance & Risk Officer will help our core team even more. She will be crucial to Spice Money’s efforts to improve risk compliance, develop our audit processes, and solidify our position as the most reputable player in rural fintech thanks to her extensive experience in the banking and financial services sectors.
Spice Money’s Adhikari (merchants / nanopreneurs) network has nearly doubled to 10 lakh with over one lakh micro-ATMs, demonstrating the exponential growth of the company over the previous year. In the past two years, the company has had a 4X growth in terms of transaction volumes, network expansion, client GTV, and service-fee revenue. In FY22, the company’s service-fee revenue jumped by 80 per cent to Rs 341 crore from Rs 190 crore.
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