Her appointment aims to strengthen the company’s regulatory compliance framework and become the country’s most trusted rural fintech player. Usha will be working closely with the management and the Board of Directors to ensure that the organization continues to adhere to regulations, assess and mitigate significant competitive, regulatory and technological threats to the organization.

Usha Murali is an industry veteran with three decades of experience in banking and financial services. She has successfully led small and large teams in traditional, contemporary and modern fintech banking setups. Her core competencies include the design, implementation and monitoring of internal control frameworks in the areas of risk, compliance and audit. She is a Certified Associate of the Indian Institute of Bankers and an IIM Bangalore alumna. During her professional journey, she has worked with Airtel Payments Bank, Fincare Small Finance Bank, ING Group, Amsterdam, Kotak Mahindra Bank, ING Vysya Bank, and Central Bank of India. Usha’s last assignment was with Airtel Payment Bank as their Chief Risk Officer.

ONDC and the role of Spice Money Sanjeev Kumar, Co-Founder & CEO of Spice Money, said, “At Spice Money, we are committed to digitally and financially empowering the unbanked and underbanked population through our phygital model keeping in line with the government regulations. Usha’s appointment as Chief Compliance & Risk Officer will further strengthen our core team. With a rich experience in the banking and financial services industry, she will play an integral role at Spice Money to strengthen our risk compliance, audit frameworks, and fortify our presence as the most trusted rural fintech player”.

Spice Money has scaled exponentially in the past year, with its Adhikari (merchants / nanopreneurs) network nearly doubling to 10, 00,000 strong and more than 1 lakh micro-ATM network. The company has witnessed a 4X growth in the last two years in terms of transaction volumes, network growth, customer GTV, and service-fee revenue. The company increased its service-fee revenue by 80% to Rs 341 crore in FY22 from Rs 190 crore in FY22.