This could be the reason why CASA is not a talking point for Digispice, it might not be a major revenue source for them. For Fino, what CASA provides in terms of revenue is the subscription revenue, but the bigger value is the base it forms for their other services. In that view point, Digispice also has that foundation of CASA.
However, my point is different. In this rural fintech model, the customer acquisition engine is MATM and AePS - where people digitize their cash. Both Fino and Digispice is planning their growth/scale by distributing other services standing on this acquisition engine. If that is stagnating and no new users are added, how can they scale up and grow? How long is this flat growth phase going to be? will it bounce back? how can it bounce back? Fino is now looking at all digital channels like the app, but they have to compete against biggies like Paytm.
And these companies both Fino and Digispice are not able to understand why their foundation is stagnating and not trying to confront it also. Whether they know it and not divulging, I am not sure.
I still like this rural fin tech theme and believe that it is essential for Indian economy’s next leg of growth. But cant see the execution panning out. Will continue to monitor for now.
Anyhow, study of Fino bank led me to Paytm and that has now become a major part of my portfolio. 