How Mobile Phone purchases drive credit access to informal sector

The mobile phone purchase trend aligns with the growing practice among people working in the informal sector, such as small business owners, daily wage earners, and freelancers. The availability of mobile phones on EMIs is helping them build a credit history, making them eligible for further credit. Additionally, government initiatives like the Jan Dhan Yojana have increased the number of bank account holders, improving access to formal banking and financial services.