Tender

Affordable financial services products: No Interest Loan Scheme (NILS) and other innovative affordable finance solutions

FAIR4ALL FINANCE LIMITED

This public procurement record has 1 release in its history.

Tender

22 Dec 2021 at 15:11

Tender Notice
Summary of the contracting process

The procurement process, initiated by FAIR4ALL FINANCE LIMITED, is focused on the tender titled "Affordable financial services products: No Interest Loan Scheme (NILS) and other innovative affordable finance solutions." This initiative falls under the financial and insurance services industry and is aimed at enhancing credit provision for individuals in vulnerable circumstances across various locations in the United Kingdom, including England, Northern Ireland, Scotland, and Wales. The tender is currently in the active stage, with bids due by 14th February 2022. The total procurement value is £90 million, with a minimum value set at £50 million, and the resulting contracts are intended to commence on 1st May 2022 and may extend for up to five additional years subject to mutual consent and funding availability.

This tender presents lucrative opportunities for businesses, particularly small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs), that are equipped to innovate and deliver affordable finance solutions. Companies with a background in credit provision, financial product development, or those offering services aimed at breaking down barriers for underrepresented consumers in the credit market would be particularly well-suited to compete for this contract. Participants are encouraged to propose plans addressing diverse challenges such as problem debt, appliance poverty, and ethical lending, thereby playing a crucial role in enhancing financial inclusion and responsible lending practices across the UK.

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Notice Information

Notice Title

Affordable financial services products: No Interest Loan Scheme (NILS) and other innovative affordable finance solutions

Notice Description

We are seeking partners to co-design, pilot and then scale up innovative affordable finance products targeted at people in vulnerable circumstances. The first pilot is a no interest loans scheme to be delivered in six locations across England, Northern Ireland, Scotland and Wales. The Treasury backed NILS pilot is an opportunity to improve credit provision for customers who don't currently have access to a fair credit option who are excluded from credit because of they cannot afford the interest and the principal, but could afford principal repayments; or who do not meet lending criteria for other reasons but where there is a societal benefit to lending to them responsibly. Equivalent services have been in place internationally for a long time but no scaled provision exists in the UK. We hope that the pilot results in a positive set of outcomes for customers, and also for the partners who help to deliver the programme. One of our objectives for the pilot is that it strengthens overall affordable credit provision in the UK. Bid opportunities are divided into geographic lots with options to bid for more than one lot or all lots. We are also seeking partners to work with us on wider innovative product development initiatives leading to pilot implementation and scaled up delivery. This is covered in a separate lot, initially focussed on England, but with the option to be extended beyond. This may encompass the development, piloting and scaling of: Solutions tackling problem debt Solutions tackling appliance poverty Insurance products specifically designed for low income households Savings products and credit builder products Alternative and fair versions of buy now, pay later (BNPL) lending Revolving credit products or ethical overdraft products Car financing and other products to enable economic livelihood to improve Hire purchase or conditional sale products Fair and accessible credit cards Other lending products which may also be coupled with complementary products eg savings, credit builder products, insurance offerings and more. Therefore, we are seeking partner organisations who share the vision of a credit market which can provide a fair and affordable option for all customers. Stringent tests are included in our procurement about bidders track record with the customers we are targeting and their commitment to delivering these contracts within the interests of the customer coming first. The contracts are set up to be capable of being extended for a further 5 years after the initial development and piloting period and these extensions are dependent on our funding partners contributing beyond the initial term and would be entered into by mutual consent.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/82ecd2bd-53f9-42ce-9873-899c86ec05cc
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
SME, VCSE
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
£90,000,000 £10M-£100M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
22 Dec 20214 years ago
Submission Deadline
14 Feb 2022Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
30 Apr 2022 - 30 Apr 2026 4-5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
FAIR4ALL FINANCE LIMITED
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
E1 6LS
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Spitalfields & Banglatown
Westminster Constituency
Bethnal Green and Stepney

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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