Ethical Bank ZEF

The Cooperative for Ethical Financing (ZEF) is a non-profit organization in Croatia that aims to establish the first ethical bank in the country. Founded in 2014, ZEF has grown to over 2,800 members, including individuals and legal entities from diverse backgrounds. ZEF's primary goal is to invest in community development through financially, socially, and environmentally sustainable projects. The organization focuses on areas such as agriculture (especially organic), renewable energy, small and medium-sized enterprises, digitalization, social entrepreneurship, and support for new entrepreneurs. The ethical bank, which will be fully owned by ZEF members, plans to offer favorable credit programs for basic living needs, including home purchases, education, and healthcare. It will not provide consumer loans or allow account overdrafts. Interest rates are capped at 4%, and the bank aims to operate without fees for standard services. ZEF has already financed various projects, including the first green electricity supply in Croatia and initiatives in agriculture, architecture, IT, media, and food production. The combined annual revenue from ZEF members' goods and services exceeds €250 million. While specific financial resources and typical project financing amounts are not readily available, ZEF emphasizes transparency, democratic governance, and a commitment to serving its members and the broader community rather than maximizing profits.