The Financially Vulnerable: Playing Catch Up With A Fast-Moving World
The COVID-19 pandemic has been an unprecedented calamity in the collective lives of people all over the world. Businesses of every kind have taken a huge hit, and many are struggling to keep their doors open. While the lockdowns implemented at varying levels around the world were a necessary step in breaking the spread of the virus, they have spelled disaster on the economic front.
With an alarmingly high unemployment rate that continues to trend upward, things are looking bleak in the near future for a considerable segment of the population. But this economic setback can be even more long-lasting for the people who are already at the bottom rung of our society.
Those below the poverty line, often employed in the informal sector, have had to face the worst of the pandemic on every front. The lack of a steady job, a challenge that was already near-insurmountable, is now an even bigger threat that puts their immediate and long-term well-being at risk.
While governments worldwide have implemented different strategies to combat economic stagnation, such as cash transfers, stimulus checks, unemployment benefits, etc. this extended help rarely ever reaches those in dire need of it.
According to the World Bank, about 1.7 billion adults don’t have access to banks or other financial institutions globally. This accounts for nearly 20% of the population, with some numbers putting that figure closer to the 31% mark.
How can this be so? In a digital age where technology has made everything, including access to financial services, readily available, it is a wake-up call to realize that such a considerable segment of the population does not even own a bank account.
Is this a case of people simply not choosing to have one? No. It is the failure of the current banking system to extend its services to a portion of the people who have been left behind in this digital arms race. The banking infrastructure as it exists today only effectively caters to those already under its umbrella. And with no incentive to extend its reach any further, there is no big change coming in the near future in the banking sector.
Mission Prosperity: Bank Xero
At Mission Prosperity, we aim to change this. Bank Xero, our flagship bank, will focus on two key aspects which we feel are underserved by the current banking system: remittances and the topic of our discussion, the informal sector.
While remittances are very much a part of traditional banking services, the current remittance fees are much too high to effectively further the financial well-being of millions of expat workers worldwide. Bank Xero will offer an industry-low remittance fee that alleviates the strain.
As the next step in our plan, our goal will be to offer readily available financial services to those toiling away in the informal sector of the economy. For daily wage laborers, street vendors, and more, Bank Xero will offer a chance to enjoy the same access that we take for granted on a daily basis. It is of our belief that not only can this move affect their immediate financial standing but their long-term well-being by providing them the instruments to attain financial stability.
Pre-ICO — Your Chance To Take Part
We are now offering you the opportunity to become a part of our journey. Not only will this endeavor help millions of people around the world, but it can also be financially profitable for our investors.
You can now become an early investor in Mission Prosperity by taking part in our pre-ICO set to launch on November 16, 2020. Peach Coin, our ICO token, will be sold at a reduced price of $0.40 for a limited period of time, so don’t miss out on your chance to become a part of the better future we’re building, one step at a time.
