There are community banks in Japan that offer a slightly higher interest on deposits which I have been able to locate. One community bank is located in Okagaki, Fukuoka Prefecture. The Onga Shinkin Bank, launched a new one-year time deposit product that accrues interest at a rate of 0.15 percent, compared with 0.025 percent on existing similar products. Community banks could be a creative source of financing Japan’s economic recovery. Japanese people are going to have to collectively take power away from large industrial corporate banks if there is going to be any reform at all in Japan. Under conventional financial systems, money doesn’t flow to those in need. To remedy this, community banks can collect money needed on their own and circulate it to those in need according to the community bank’s intentions. Such “financing of the people, by the people, for the people” initiatives are spreading across the world.
Richard Werner in the video clip below, describes the growing influence of community banks. Community banks are better capable of recognizing that people are the most important investment in any economy. It seems to me that Japanese people are not recognized as the most important part of any economy especially by large industrial banks in Japan. Another citizen-led bank in Japan is the Community Bank, Shimin Ginko (citizen bank) and NPO Bank. This community bank provides citizen-oriented financial services managed mainly for community revitalization. They typically solicit investments in the amount of several tens of thousands of yen (roughly several hundreds of U.S. dollars) per share, and loan money to NPOs or individuals at low interest rates, drawing on the funds. This allows the funds to be used for citizens’ activities and local efforts.
According to the Japan NPO-BANK Network, there were 14 citizen-led financial projects as of March 31, 2015. The amount invested in them totaled 580.235 million yen (about U.S.$4.84 million), excluding undisclosed data. Their loans came to a cumulative 3,225.078 million yen (about U.S.$26.88 million).
Richard Werner at the Rhodes Forum 2015