This is going to end well

As soon as people with no access to banking are given it with the encouragement of the government, you can guarantee that some oik in a nasty shiny suit will develop a 'product' that gives them access to stupid levels of credit, encourage them to get horribly into debt and kick off yet another cycle of boom and bust.

And it'd be foolish to think the banks won't do it - they did it before with self-certified mortgages, 125% loan to value mortgages and subprime deals - it ended horribly and what was the pay-back? They got bailed out by the taxpayer. there's simply no risk being a banker, the government will always cover your losses.