Fozia is the interim Chief Officer for Children at BBC Children in Need, and manages their funding, investments and strategic partnerships to create impact for young people. Fozia completed a Churchill Fellowship and published her inspirational report on ‘Transformative Philanthropy’ which focussed on using funding effectively for social change. She was previously awarded the national ‘Rising Star CEO’ award by the National Charity Times and was voted one of the 25 Most Influential Charity Leaders in the sector. Fozia is Chair of 360giving, and a former Trustee of the Association of Charitable Foundations. She was appointed a Leadership Fellow in 2019 and Churchill Fellow in 2020. Fozia is also a Visiting Lecturer at Bayes Business School on the Charity Management Masters Programme.
Over the past five and a half years on the board of Fair4All Finance, I’ve seen how financial inclusion is not only one of the most pressing parts of the conversation about the standard and cost of living in the country, but that it is also the backbone of addressing deep-seated poverty and inequality.
You cannot have a serious conversation about social mobility, education, housing, health or work without acknowledging that the financial system sits at the heart of people’s life chances.
When families have access to stable, affordable financial services, they can weather shocks, plan for the future and participate fully in society. When they don’t, the consequences ripple through every other part of life.
Why financial inclusion matters now
The reality is stark. Over a third (39%) of UK adults have less than £1,000 in savings – a number which rises to over two thirds (61%) across adults living in financial vulnerability. 1 in 4 (24%) people in financially vulnerable circumstances hold no savings at all, leaving millions exposed to even modest income shocks.
This isn’t only about numbers; it’s about choices people face when they lack fair products. Without access to responsible, affordable credit, too many are pushed towards high-cost or exploitative options. Our own research at Fair4All Finance has highlighted a worrying uptick in illegal lending when mainstream options shut off, illustrating why the shape of the credit market matters just as much as its size.
Who is worst affected and why it’s a social justice issue
The burden of financial exclusion falls heaviest on those already navigating disadvantage. Single parents, disabled people and racially minoritised communities are more likely to face the ‘poverty premium’ – paying more for essentials because of how markets are designed and priced. That inequality is well-documented and persistent. At the same time, the broader economic picture shows millions living with low financial resilience, underscoring the need for systemic solutions rather than quick fixes.
From crisis response to systems change
Crisis support is vital; I’ve worked alongside brilliant organisations offering immediate help when families are at breaking point. But if we want to break cycles of hardship, we must change the system itself: how products are designed, how risk is assessed, and how responsibility is shared across the sector. That’s why Fair4All Finance was created: to be a catalyst for long-term, sustainable change, not just a stopgap.
During my tenure, I’ve seen that theory translate into action through three strands of work
- Influencing the system
Fair4All Finance convened partners across industry, government and civil society to develop a Financial Inclusion Plan – a shared framework that sets out the actions each part of the system must take. This collaborative approach helped inform the Government’s National Financial Inclusion Strategy, which recognises the need for market-wide solutions, from payroll savings to small-sum lending pilots. - Transforming the market with practical innovation
The No Interest Loan Scheme (NILS) pilot is a good example. It’s designed for people who can repay small amounts but can’t access or afford existing credit, providing interest‑free loans to cover essential costs like car repairs or white goods. By testing viability at scale with partners across the UK, the pilot aims to prove a sustainable model that fills a critical gap between grant support and high-cost borrowing. - Scaling what works across community finance
The organisation has well‑documented the £2bn gap in the provision of affordable credit. So it has invested-at scale in community lenders such as credit unions and CDFIs, while also partnering with mainstream institutions to bring new capital and capability into the market. In 2024 alone, our Scale Up investees delivered 176,000 loans worth £107m, with like‑for‑like growth of 33% over 2023, demonstrating that responsible lending and financial sustainability can go hand in hand.
Alongside this, targeted investments and programmes have preserved and expanded affordable credit during times of acute stress. From the Covid‑19 Resilience Fund, which protected £150m of lending capacity during the pandemic, to social investments that helped organisations such as Fair for You, Moneyline, Great Western Credit Union and Salad Money grow and modernise their operations. And because illegal, high‑cost or no credit is the worst ‘product’ of all, we’ve also supported consolidation‑loan pilots and other innovations with partners to give people better options when they need them most.
What comes next
Three reflections from my board tenure stand out
- Financial inclusion must be mainstreamed. It’s not a bolt‑on. From bank boardrooms to fintech roadmaps and regulator agendas, inclusive design and fair pricing need to be the default, not the exception. The FCA’s latest Financial Lives work shows improvements in account access and digital inclusion, but also persistent fragility for millions, so we cannot be complacent
- Evidence and partnership beat rhetoric. The progress I’m proudest of, like the Financial Inclusion Plan, NILS and the affordable‑credit scale‑up happened because banks, community lenders, charities, policymakers and researchers committed to shared goals, data and delivery. That model is working; we should double down on it
- Inclusion is a growth strategy. When people can save a little, insure the essentials and access small, affordable loans, they are more productive, secure and able to contribute. The most marginalised communities like single parents, people with disabilities and racially marginalised groups are the worst affected, need the greatest help and could benefit the most. Fair4All Finance’s recent economic modelling with WPI Economics suggests billions could be added to the UK economy by improving inclusion through savings, affordable credit and fair insurance. So that’s not just socially right, it’s economically smart
As I move on from the board, my optimism is grounded in what I’ve seen work. We’ve moved beyond describing the problem to building the infrastructure of solutions. But the job is far from finished. So much of the work in this sector is necessarily about immediate crisis support, but there needs to be an additional widespread focus on changing systems – that is the only way you get sustainable long term change which can break the cycle of poverty.
A call to action
- Mainstream lenders: Bring inclusive products to market at scale. Small‑sum loans, fair pricing for those with thin files, and seamless cooperation with community finance lenders when you can’t serve a customer directly
- Employers: Make payroll saving and affordable credit partnerships part of your core wellbeing offer. A small buffer changes everything for your people
- Policymakers and regulators: Keep the momentum behind the national strategy and create the conditions-data, capital and regulation that reward inclusive innovation.
Everyone should be talking about financial inclusion because it is, ultimately, about dignity, choice and the ability to build a life with fewer cliff‑edges. I’m grateful to have played a part in Fair4All Finance’s journey so far and I’m confident that, together, we can make the financial system work for everyone, not just the few.
