The Disproportionate Impact Of COVID-19: How We Can Help?

The year 2020 has been one that will be deeply entrenched in our collective memory for a long time to come. The COVID-19 pandemic has not only claimed countless lives as it swept through the globe, but it has also wreaked havoc on businesses worldwide. Businesses of every type, in every corner of every city, have been affected to some extent.

While the impact of the coronavirus has been felt by us all in one form or another, like the virus itself, the economic impact has affected us disproportionately. While the billionaire class continues to accumulate their wealth despite these uncertain times, the financially vulnerable have been pushed even closer to the edges of financial insecurity.

Adding to their problems is the ever-present reality of climate change. The poor and marginalized are the most vulnerable to not only COVID-19 but the impact caused by a slowly deteriorating planet. Individuals belonging to this class — workers of the informal economy, members of low-income households, racial and ethnic minorities, etc, face the brunt of the implications of climate change, both directly and indirectly. From quickly drying up rivers and ponds which are often the only source of water for many to the increasingly distanced monsoon seasons due to deforestation that affect the growth of crops, those on the edges of our economic structure grow ever closer to being pushed away from it altogether.

Already existing problems like a lack of stable income, regulated infrastructure, and access to financial institutions, have been further exacerbated by the worsening climate and more recently, the COVID-19 outbreak. The global recession sparked by the pandemic has been a death sentence for the financial stability of millions of workers around the world.

While aid in the form of monetary and material donations are certainly necessary to alleviate their burden, that is far from enough. What happens when the donations dry up? Or if they are not utilized in the right way to create the necessary impact?

To truly help those in need in the long run, what is needed is a way to bring them into the foray of our financial institutions, to provide them with opportunities that not only help them out for the time being but further their economic development and set them for the future.

At Bank Xero, we believe that the first step in the right direction is to provide more equitable access to financial institutions like banking for people living on the fringes. Arming them with the same tools, we would do wonders for their long-term financial wellbeing. That is precisely why we launched Mission Prosperity.

Join us on our mission to provide universal access to financial instruments that will further the economic development of millions around the world by becoming an early investor in our ICO. The Mission Prosperity pre-ICO goes live on November 16, 2020, for a discounted price of $0.40 for a token. This is your chance to be part of a better, more equitable future.

Learn more about Bank Xero and its mission of universal financial access at https://missionprosperity.org/.