Connect with us

Business & Technology

Monzo & Fair4All launch credit pilot for excluded UK

Published

on


Monzo and Fair4All Finance have partnered to widen access to credit for people excluded from mainstream lending, with the agreement centred on Monzo’s Flex Build card for customers with low or limited credit scores.

Fair4All Finance will provide a partial lending guarantee of up to £7 million to help Monzo expand a pilot of the product. More than 16 million adults in the UK face barriers to borrowing, up about 30% since 2018, according to the organisations.

Monzo introduced Flex Build as an extension of its Flex credit offering for people with weaker or limited credit histories. Under the pilot, customers make a one-off deposit that unlocks a credit limit of up to £250.

The structure is designed for people who may not qualify for standard credit products. Customers can build a repayment record over time and move towards mainstream lending if they keep up with payments, Monzo said.

The card offers 0% interest when balances are paid in full at the end of the month, or a 39% APR when customers spread the cost of a purchase. Each transaction is repaid over a fixed term of one to 24 months, rather than rolling indefinitely as with some traditional credit cards.

Customers start with a limit of up to £250, which can rise to £500 after regular on-time repayments. Monzo also said the product shows borrowing costs in pounds and pence, charges no fees for early or late repayments, and freezes spending if repayments are missed while giving customers a seven-day grace period to catch up without affecting their credit score.

Access gap

The move comes as access to affordable small-sum credit becomes a growing focus for policymakers and lenders concerned about financial exclusion. People refused mainstream credit often turn to family and friends, overdrafts or unregulated lenders, adding pressure without helping them build a stronger credit profile.

Fair4All Finance, a not-for-profit organisation focused on financial inclusion, has selected Monzo as the first partner for its Small Sum Lending Pilot. The initiative is part of the Government’s Financial Inclusion Strategy and is intended to encourage more lenders to offer products for people underserved by the market.

The pilot will be used to gather evidence on whether the model can serve this customer group on a sustainable basis. The organisations also plan to share findings with policymakers, regulators and other lenders.

Kate Pender, Chief Executive Officer of Fair4All Finance, said the programme would be a significant test of whether a mainstream bank could expand access to affordable borrowing for customers often shut out of the market.

“The launch of this pilot is an important moment for financial inclusion in the UK as Fair4All Finance and Monzo work together to improve access to affordable credit for those who are often shut out. By partnering with Monzo we are able to scale up a product with the potential to serve thousands more people, backed by a robust guarantee structure. This is the first step in delivering on the Government’s ambition to improve financial inclusion in the UK through a large-scale partnership with a mainstream bank, and we look forward to working with Monzo on this. We also look to the evidence from the United States, where six of the eight largest banks deliver an equivalent product at scale, and we encourage the rest of the UK banking sector to come forward and work with us to deliver new products and solutions to improve access to credit through small-sum lending,” said Pender.

Product design

The app also includes educational prompts and progress markers intended to encourage regular repayment behaviour. Customers who maintain repayments can reclaim their original deposit as they move towards standard lending products, according to Monzo.

The design reflects a wider industry effort to find alternatives to high-cost credit and overdraft use for consumers with thin or impaired credit files. Small-sum products have drawn attention as a possible way to help people manage emergency spending while creating a track record with mainstream lenders.

Luke Enock, General Manager of Borrowing at Monzo, said the bank was trying to address a gap that leaves many people unable to cover essential costs or improve their future borrowing prospects.

“Our mission is to make money work for everyone, which means breaking down the barriers to financial progress. Too many people can’t access affordable credit, leaving them unable to manage essential costs or build the repayment history needed for future borrowing. With Flex Build, we’re introducing a new kind of credit product that helps people build a credit history and progress to mainstream options over time. By partnering with Fair4All Finance, we’re reaching thousands more excluded customers, taking a vital step towards a more inclusive credit system in the UK,” said Enock.

The Treasury has identified access to responsible credit as a central element of its financial inclusion agenda. The pilot is one of the early market tests linked to that approach and will be watched by lenders assessing whether similar models can work at scale.

“Improving access to responsible credit is a central part of the Government’s Financial Inclusion Strategy and this pilot marks strong early progress in delivering on that ambition. Monzo’s participation is an important step forward, helping to test what role mainstream lenders can play in supporting currently underserved consumers to manage unexpected costs and build financial resilience. I welcome Monzo’s leadership in this space, alongside Fair4All Finance’s work to test practical solutions that can be scaled over time,” said Rachel Blake MP, Economic Secretary to the Treasury.

Fair4All Finance said the guarantee structure is intended to share part of the lending risk with Monzo as it reaches customers with low or limited credit scores.

“We are delighted to work with Monzo to structure a partial lending guarantee that enables it to serve more customers, with the potential to widen access to credit for thousands of people. It’s a brilliant example of what public-private partnership can look like in amplifying social impact,” said Diana Kamil-Salmon, Associate Director of Commercial Propositions at Fair4All Finance.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Technology

New Banbury pottery cafe enjoys successful opening weekend

Published

on


Blossom Pottery Cafe opened on Friday, August 14 at 18 South Bar, bringing a new artistic opportunity to coffee, tea and cake lovers in the town.

Opening the cafe was a long-standing dream of owner Wendy, who began pottery as a personal hobby and gradually developed the idea of creating a space where people of all ages can enjoy the peaceful pass time.

Blossom Pottery Cafe BanburyPottery painting sessions of bisque fired pieces are hosted daily (Image: Blossom Pottery Cafe)

With every table full on opening weekend and dozens of beautiful pieces newly painted by guests, the owner said her ‘heart is so full’ to see the dream realised.

“So grateful to see so many of you coming to support us on our opening day,” she shared. “Thank you so much.”

Blossom Pottery Cafe BanburyOwner Wendy said her ‘heart is so full’ after the support shown during the opening weekend (Image: Blossom Pottery Cafe)

Wendy earlier said: “We’re incredibly excited to be opening Blossom Pottery Studio & Café and bringing something new to Banbury.

“We hope it becomes a place where people can take a break from their busy lives, enjoy being creative, and make lasting memories with family and friends.

Blossom Pottery Cafe BanburyCustomers who visited during the opening weekend got free cupcakes (Image: Blossom Pottery Cafe)

“The support we’ve received from the local community has been amazing, and we can’t wait to welcome everyone through our doors.”

As part of the grand opening, all customers who visited during the opening weekend or made a pottery painting booking within the next three months received a free cupcake from the cafe.

Blossom Pottery Cafe hosts family-friendly pottery painting sessions from 10am each day, with normal cafe opening hours 8am to 5pm.





Source link

Continue Reading

Business & Technology

Apprentices say AI is reshaping tech skills demand

Published

on


Atos highlighted the views of three apprentices entering the technology industry, focusing on apprenticeships as a route into tech as artificial intelligence reshapes workplace skills.

All three work as First Line Service Desk Apprentices and described a jobs market in which technical knowledge alone is not enough. Alongside coding and troubleshooting, they said communication, customer service, problem-solving and adaptability have become central to early careers in IT.

Kyle Brady said he moved into an apprenticeship after studying physics, maths and computer science at A level, then spending time in temporary work, including as a forklift driver, while building his technical skills independently. The apprenticeship, he said, offered a way to gain workplace experience while continuing to learn.

His account points to a common hurdle for new entrants: gaining practical experience before securing a first role. Brady said that challenge shaped his view of what employers value in technology jobs.

“After completing my A levels in physics, maths and computer science, I knew I wanted a career in technology. I’ve always enjoyed solving problems and understanding how things work, but I found it difficult to get my foot in the door. I spent some time in temporary jobs, including as a forklift driver, while building my technical skills in my own time. When the opportunity to start an apprenticeship came along, it felt like the perfect way to gain real workplace experience while continuing to learn.

“One of the biggest things my apprenticeship has taught me is that a career in tech is about much more than technical knowledge. Working on the helpdesk has shown me how important communication, customer service and problem-solving are. Being the first point of contact for users has completely changed how I see the industry and helped me develop skills I never realised I’d need. The experience has also shown me how quickly technology is evolving, especially with AI becoming part of more workplaces. That means the ability to keep learning and adapting is becoming just as important as technical skills. My apprenticeship has helped me build that mindset while giving me hands-on experience with the realities of working in IT.

“It’s also opened up opportunities I wouldn’t have had otherwise. Learning about career paths in cybersecurity and data engineering has shown me the range of opportunities available and given me confidence about where my career could go next. I’d encourage anyone thinking about a career in technology to keep an open mind and not feel like university is the only route. Apprenticeships give you the chance to earn while you learn, develop practical skills from day one and build the confidence to adapt as technology continues to change. In an industry being transformed by AI, that real-world experience is invaluable,” Brady said.

Ryan Cresswell said he studied IT at college and games design at university before working in sales to strengthen his people skills. He later returned to technology, but said employers often wanted practical IT experience as well as qualifications.

His experience reflects a wider issue for people seeking entry-level technology roles. Employers often ask for evidence of workplace readiness even for junior positions, making apprenticeships one way to bridge the gap between education and employment.

“After studying IT at college and games design at university, I began working in sales to hone my people skills before returning to technology. One of the biggest challenges I faced while applying for jobs in tech was that employers liked my qualifications but wanted candidates with hands-on IT experience. That made it difficult to get my foot in the door.

“My apprenticeship has given me the opportunity to earn, learn and gain practical experience at the same time. It’s allowed me to develop my technical troubleshooting skills, but I’ve also learned a lot about communication, problem-solving and handling different types of people. My advice to anyone considering a career in tech is to explore the different paths available. In the past it felt like university was the only choice, but that’s no longer the case. Also, speak to people already working in the industry and stay curious. Apprenticeships are a great way to build skills, confidence and hands-on experience, whether working individually or in a team, while discovering what’s right for you. The most important thing is to keep learning and not be afraid to take a different path if the first one doesn’t work out,” Cresswell said.

Skills shift

Zainab Hussain said she chose an apprenticeship because it offered immediate workplace experience and a path into more senior roles without student debt. She said the role had helped her develop both technical and interpersonal skills, including troubleshooting problems and explaining complex concepts clearly.

Her comments underscore how apprenticeships are being framed by employers and trainees as an alternative to university for some digital roles. In this case, the appeal lies in earning while learning, building professional networks and gaining direct exposure to the daily demands of IT support.

“I’m naturally drawn to tech and have always been IT literate, so I knew it was the right path for me. It’s an industry that’s constantly evolving, and I wanted to be part of that. I chose an apprenticeship because it felt like the best way to gain real experience from day one, and it sets you up to move into higher roles faster than if you go to university. I also wanted to build a career in the industry without taking on student debt.

“My time at Atos so far has helped me develop both my soft and technical skills, such as how to troubleshoot problems and communicate complex concepts clearly. I’ve also had the chance to earn, learn and build my experience, all of which are helping prepare me for the next stage of my career. The apprenticeship path has given me valuable opportunities to network with co-workers from different career backgrounds and skill sets, which you wouldn’t get at uni. The workplace experience has been incredibly valuable, so if you’re interested in tech, I’d encourage you to go for an apprenticeship, explore every opportunity available and keep an open mind,” Hussain said.

Taken together, the three accounts point to a shift in the skills mix associated with junior technology roles. As AI tools become more common in workplaces, the apprentices said the ability to keep learning, work with users and adapt to changing systems is becoming as important as formal technical training.

All three also described apprenticeships as a practical answer to the experience barrier that can prevent candidates entering the sector. They framed the route as a way to gain income, training and exposure to real workplace problems at the same time, while opening paths into areas such as cybersecurity, data engineering and wider IT support.



Source link

Continue Reading

Business & Technology

UK flight school collapsed into liquidation

Published

on


Liquidators have been instructed to wind down Go Fly Oxford, which provided lessons for commercial and private pilots licences.

Colin Wilson and Emma Mifsud, of Opus Restructuring & Insolvency, have been appointed as joint liquidators for Go Fly Oxford Ltd back in May 2025.

But new records filed by the liquidators have revealed an HMRC secondary preferential claim of £118,132.

Ten unsecured claims have been received by the liquidators totalling £60,314.

Further unsecured creditor claims estimated in the statement of affairs total £88,955, the published documents say.

(Image: Ed Nix)

Over the past year, liquidators say they investigated whether any recoveries could be made from directors or other parties, but concluded there were no further viable assets or claims.

Aircraft shown in the 2024 accounts at a book value of £238,181 had been sold before liquidation. The liquidators found the sales appeared to be at fair value and saw no basis for a claim over the transactions.

The aircraft sales happened about seven months before liquidation, outside the relevant period for a preference claim.

The aircraft were reportedly transferred to creditors and leased back so the company could continue trading.

A purchaser of a PA34-200 aircraft was said to owe £6,000. The liquidators received £4,980; the remaining £1,020 was treated as settled because the purchaser had paid a company liability instead.

Two employees were made redundant on 31 March 2025 and were given information to submit claims to the Redundancy Payments Service.

READ MORE: MOT centre and car shop collapses into administration

The flying school was based at Oxford Airport when it collapsed.

Its website, which has since been shut down, described the business: “At Go Fly Oxford we pride ourselves on offering a personal and tailored approach to pilot training.

“We know that people learn at different paces and in different ways, this makes catering for individual needs our main target.”

Oxford Airport’s main trade is pilot training. Flight schools at Oxford train pilots who go on to fly for more than 100 airlines in the UK and globally, including for British Airways.

Historically, the airport has been Europe’s foremost centre for professional pilot training with well over 40,000 students having started their careers there.

At one point, the airport’s runway was the busiest in the world with more than 235,000 movements a year (a take-off or landing) and up to 1,100 flights in a single day, its website says.

The business’ report says: “Over the course of 2025, the company will be complementing its Diamond DA40 fleet with a new fleet of Elixir aircraft, a safer and more efficient type of aircraft, which will provide a much reduced cost per flight hour.

“This, along with growth in enrolments and full utilisation of the European base will ensure the profitability of the business in the coming years.”





Source link

Continue Reading

Trending