Should basic payment accounts be extended?

Reducing the 'unbanked' is an important part of financial inclusion. For its supporters, access to a bank account is important for reducing the costs faced by those locked out of mainstream banking. Critics worry that financial inclusion ultimately shifts people from the security of the welfare state to the insecurity of financial markets. This paper argues that reducing the unbanked can contribute to both individual empowerment and subjection. Much depends upon how such policies are devised.