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Non-Profit Bank Seeks Israeli License
Ogen, a non-profit social credit fund, has applied to the Bank of Israel for a license to establish Israel's first non-profit bank. The bank aims to offer fair, transparent banking services with all profits returned to customers, and seeks to drive competition and fairness in the wider financial sector.
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What happened
- 01Ogen and Ofek seek a license for Israel's first non-profit bank.
- 02The bank will prioritize customer value over shareholder profit.
- 03Surpluses will be returned to customers via better terms and services.
- 04Ogen has over one billion shekels in capital.
- 05The initiative aims to foster competition and fairness in banking.
The coverage
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