Mission Prosperity: Equitable Access To Financial Services
On a daily basis, the average person goes through a litany of tasks that involve finances. From paying for their groceries with their credit cards, to ordering in food, sending their friends the money they owe using a payment service, getting their monthly salary credited directly to their account, and more. These financial transactions are so commonplace that one rarely gives them a second thought.
However, there is a considerable segment of the population around the world that does not have the same access to such convenient services. In fact, a cursory search shows that nearly 1.8 billion people still do not have access to a bank account. In a world where digital solutions and advancements in technology have given the rest of the population readily available financial services at their fingertips, this disparity is nothing short of extraordinary.
As you can imagine, not having access to banking services is a huge hindrance to financial prosperity and growth. These people, in some aspects, are just floating through the world with no ability to save or plan for long term financial well-being, often within economies where their money may be at risk.
Sadly, the existing bank infrastructure is seemingly doing nothing to mitigate this issue. This stance is not of malicious intent but simply for the lack of incentives for extending their reach. The need for a physical location limits traditional banks to areas with appropriate infrastructure that contain a demographic with a high enough average wealth to justify the investment. Hence, communities where access to banking services could make a serious positive impact are often left to their own devices.
Our Mission
As a core aspect of Mission Prosperity, we aim to bring equitable access to financial services for all those left behind by mainstream banking. There are two key areas we’ve identified that could use a lot of improvement.
Phase 1 of our Mission will focus on remittance services. Remittance by definition is “a transfer of money, often by a foreign worker to an individual in their home country”. This is a process that over 164 million migrant workers around the world are intimately familiar with. Currently, the transaction fees for sending money back home eat up a good portion of their hard-earned salary (according to the World Bank, the average remittance rate at a global level is around 7% of the amount sent). With Bank Xero, we will alleviate these fees by giving workers access to readily affordable remittance services for as little as 28% of the current average cost.
Phase 2 will be focused on a wider target audience, particularly, the informal sectors of the economy. According to a report published by the International Labour Organization, “Globally, two billion people — more than 61% of all employed people — work in the informal economy, adding that 93% the world’s informal employment is in emerging and developing countries”. This is a sector of the economy that is worth the GDP of entire continents — measuring in the trillions of dollars. We believe that tapping into this potential will not only benefit those in need but our investors as well.
ICO
We have started laying the foundation for Mission Prosperity and are actively looking for investors to become a part of our upcoming ICO, which is set to go live soon! The opportunity presented here could not only help others but benefit the investors greatly as well.
Take hold of this opportunity and keep up to date with our mission to provide global financial services for all at https://missionprosperity.org/.
