A business-to-business mutual credit network for SMEs across Moray — enabling local businesses to trade using interest-free Morex Credits.
Mutual credit is a form of trade credit where businesses in a network extend credit to one another. Rather than using conventional money, members earn credits by supplying goods or services and spend those credits buying from other members.
The total credits in the network always sum to zero — for every positive balance there is an equal negative balance somewhere else. No money is created, no interest is charged, and no bank is involved. The system is self-regulating and resilient by design.
Morex Network applies this model to businesses across Moray, using Morex Credits (Ṁ) as the unit of account. Ṁ1 = £1 sterling for all purposes — pricing, invoicing, and tax.
When you sell
Your Morex Credits balance rises. You have earned credit through supplying goods or services to another member.
When you buy
Your Morex Credits balance falls. You bring it back toward zero by selling to other members over time.
Network balance
All Morex Credits balances always sum to zero. No money is created or destroyed — the network self-balances.
Mutual credit networks have been operating successfully for nearly a century. The two best-researched examples demonstrate that mutual credit works at scale and delivers measurable benefits to local economies.
Morex Credits (Ṁ) are the unit of account used within Morex Network. They are not money — they are a record of trading obligations between members.
Ṁ1 = £1 sterling for all purposes, including pricing, invoicing, VAT calculation, and income tax. HMRC treats Morex Credits transactions the same as cash under barter rules — there is no special tax treatment.
Morex Credits cannot be redeemed for sterling, are not legal tender, and are not a cryptocurrency or digital asset. They exist solely as a record of credit within the Morex Network.
Key facts about Morex Credits
Ṁ1 = £1 for all tax and accounting purposes
Not legal tender — can only be spent within Morex Network
Not redeemable for cash — Morex Credits circulate within the network
Zero interest — no charge for holding a positive or negative balance
Split payments — Ṁ and sterling can be combined in any transaction
Better cash flow
Trade using spare capacity without tying up sterling. Free up cash for costs that can only be paid conventionally.
Zero interest credit
Access purchasing power without bank loans, overdrafts, or interest charges. Your credit limit costs nothing to hold.
New local customers
Members actively seek to spend their Morex Credits. Joining puts your business in front of local buyers.
Use spare capacity
Convert idle time, unused stock, or vacant capacity into Morex Credits purchasing power.
Stronger local ties
The network fosters trust, repeat trading, and deeper relationships across the Moray business community.
Recession resilience
Mutual credit networks grow during downturns — Morex Credits keeps businesses trading when conventional credit tightens.
Morex Network is designed around a simple principle — economic value generated in Moray should, as far as possible, stay in Moray. Every Morex Credits transaction is a step toward a more self-sufficient and resilient local economy.
Keeps wealth local
Morex Credits can only be spent within the network — value stays in Moray rather than flowing to distant suppliers.
Local supply chains
Businesses discover and use local alternatives, reducing dependency on distant suppliers and strengthening the Moray economy.
Economic resilience
Trade continues during economic shocks when conventional cash and credit become scarce.
Supports new businesses
New businesses join an established network of buyers and suppliers, giving them a trading community from day one.
Community wealth building
Morex Network aligns with the Community Wealth Building agenda — keeping economic benefit within the communities that generate it.
High street resilience
Reducing costs helps keep businesses on the high street and lowers the barrier for new entrants in Moray town centres.
Register
Register your business and tell us what you offer and what you need.
Get approved
We review your application and set your interest-free Morex Credits limit.
Browse
Explore the marketplace directory and find local businesses to trade with.
Trade
Buy and sell using Morex Credits — earn by selling, spend by buying from other members.
Grow
Reach new customers, reduce cash costs, and keep value circulating in Moray.