It is, indeed, deplorable that in spite of access to financial services being universally recognized as an important ingredient to the growth and prosperity of people and nations, over half the adult population in the world remains “unbanked”.
In the wake of the Financial Crisis and widespread discontent among the poor and the vulnerable sections of the society, access to financial services, their governance and their development have emerged as the prime objective for policy makers in rich and poor countries alike. We must appreciate, however, that the dimensions of consumer protection in the rich and poor countries are very different.