JAK Bank

Interest-Free Cooperative Bank

Swedish cooperative bank founded 1965 operating interest-free banking using points-based saving and borrowing.

Type	Interest-Free Cooperative Bank
Region	Sweden
Status	Active
Links	Website

M69 Score

M69 Alignment2.0

Minimally aligned

1.02.03.04.05.0

Monetary Sovereignty1.5

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.1

Sovereignty + Governance + Resilience

Universal Adoption2.9

Traction (2x) + Inclusivity

Iss Mod3x

2.0

Stability2x

1.1

Fia Ind & Int2x

1.0

Traction2x

2.7

Sovereignty

1.1

Governance

3.1

Resilience

2.2

Inclusivity

3.4

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Key Findings

Governance is JAK's strongest category (3.1)because its one-member-one-vote cooperative structure, elected board, and annual member assembly represent genuine democratic monetary governance — the kind of broad-based, capture-resistant decision-making the M69 Manifesto envisions. Very few monetary projects achieve this level of governance equality.

Fiat Independence is the weakest category (1.0 — floor score)because JAK operates entirely within the Swedish Krona system as a licensed bank. It has no sovereign unit of account, no non-fiat reserves, no transition path from fiat, and no interoperability with other monetary systems. JAK reforms how banking works within fiat but does not challenge fiat itself.

The philosophical alignment is strong but the implementation is structurally limited.JAK correctly diagnoses interest as a driver of inequality and implements a cooperative alternative, which resonates with M69 Commandments 1-3 (debt-free, value-preserving). However, by operating as a licensed bank within the existing system, it cannot achieve sovereignty, censorship resistance, or fiat independence — scoring 1.1 on Sovereignty.

The 2024 withdrawal crisis is a critical resilience failure.With 7,600 members unable to access SEK 94 million in loan contributions — some waiting 7+ years — and a reimbursement rate that would take 94 years to clear the backlog, JAK demonstrates that its model can fail under stress. This directly undermines its credibility on Resilience (2.2) and Traction (declining membership from 39,000 to 26,000).

Inclusivity scores well (3.4) thanks to equal treatment and anti-concentration design.The interest-free model structurally prevents wealth concentration through compounding returns, and all members operate under identical rules. However, the requirement for Swedish residency and government ID limits global reach.

Big takeaway: JAK Bank is a philosophical ancestor of M69-aligned money — it correctly identifies the problem but solves it within the system it critiques.Its cooperative governance model and interest-free principles are genuinely innovative and align with M69 values, but wrapping them in a licensed Swedish bank means it cannot achieve monetary sovereignty, censorship resistance, or global accessibility. The M69 community should study JAK's governance model and anti-interest philosophy as proven social innovations while recognizing that the next step requires building these principles into sovereign, technology-enforced monetary infrastructure.

Detailed Rating Breakdown

Framework v0.2-alpha · Rated 2026-04-12

JAK Medlemsbank is a Swedish cooperative bank founded in 1965 that operates on the principle of interest-free banking. Members save and borrow without paying or receiving interest, using a "saving points" system where savings earn points that unlock borrowing capacity. The bank's philosophy, rooted in the belief that interest is a root cause of economic injustice, aligns strongly with the M69 Manifesto's critique of debt-based money. JAK is licensed and regulated by the Swedish Financial Supervisory Authority (Finansinspektionen) and has approximately 26,000 members as of recent data. Despite its philosophically aligned mission, JAK Bank scores low on most M69 categories because it operates entirely within the fiat currency system (Swedish Krona), is a custodial institution subject to a single national jurisdiction, and has no mechanism for spending power stability beyond whatever SEK provides. The bank's cooperative governance (one-member-one-vote) is a genuine strength, as is its 60-year track record and organic adoption driven by values rather than financial incentives. However, a 2024 withdrawal crisis where thousands of members could not access their "loan contributions" after years of waiting, along with declining membership from approximately 39,000 in 2015 to approximately 26,000 currently, reveal significant operational resilience concerns. JAK Bank represents an important philosophical precursor to M69-aligned money — it correctly identifies the problem of interest-based finance and implements a cooperative alternative — but its solution operates entirely within the legacy fiat banking framework rather than building sovereign monetary infrastructure.

Issuance Model3x

2.0

Code	Question	Score
IM-01	Is issuance permissionless?JAK is a licensed Swedish bank; only JAK itself can issue loans. Members must apply and qualify. Issuance is restricted to a single licensed institution. [1][2]	1
IM-02	Is new supply created through debt?JAK loans are funded exclusively by member savings, not through fractional reserve creation. However, loans themselves are debt instruments — borrowers owe repayment. The model avoids systemic debt-based money creation but individual lending is still debt. Mixed model. [1][2]	3
IM-03	Is issuance tied to measurable real-world economic activity?Lending capacity is tied to accumulated saving points, not to any real-economy index, commodity basket, or labor output. The saving points system balances savings and loans internally but has no external economic signal. [1][2]	1
IM-04	Does the issuance model have a supply cap or hard ceiling?Lending is constrained by total member savings — a natural cap that expands or contracts with membership and saving behavior. Not algorithmic but has organic elasticity. However, there is no defined mechanism for symmetric expansion/contraction. [1][2]	2
IM-05	Can supply contract (burn/redemption) as well as expand?Loan repayments return funds to the savings pool, enabling new lending. The saving points system inherently requires balance between savings and loans. Contraction happens naturally through loan repayment, though it is not an automatic on-chain mechanism. [1][2]	3

Spending Power Stability2x

1.1

Code	Question	Score
SPS-01	What mechanism does the protocol use to target spending power stability?JAK Bank uses Swedish Krona (SEK) as its unit of account and has no independent mechanism to target spending power stability. Any stability or lack thereof comes from the Swedish central bank's monetary policy. [1][2]	1
SPS-02	What benchmark is used to measure spending power?No benchmark. JAK denominates entirely in SEK and does not target any spending power measure. Whatever purchasing power trajectory SEK follows, JAK follows. [1][2]	1
SPS-03	How transparent and verifiable is the stability measurement?No stability measurement exists within JAK's system. The bank does not measure or report on purchasing power. [1]	1
SPS-04	What is the protocol's historical deviation from its stability target?No stability target exists. SEK has experienced normal fiat inflation over JAK's 60-year history, eroding purchasing power of member savings continuously. [1][2]	1
SPS-05	Does the protocol distinguish between short-term volatility and long-term purchasing power drift?No distinction. JAK's interest-free model addresses the cost of borrowing but not the erosion of purchasing power. Members' savings lose value to inflation like any SEK-denominated account. [1][2]	1
SPS-06	Is the stability mechanism accessible globally?No stability mechanism exists. Access to JAK itself is restricted to Sweden — Swedish residency required for loans, membership practically limited to Swedish residents. [1][2]	2

Fiat Independence & Interoperability2x

1.0

Code	Question	Score
FI-01	What is the protocol's unit of account?JAK operates entirely in Swedish Krona (SEK). All savings, loans, and transactions are denominated in SEK. The unit of account is fully borrowed from the Swedish state. [1][2]	1
FI-02	What is the fiat composition of the protocol's collateral or reserves?100% SEK. All member deposits are in SEK, all loans issued in SEK. The bank holds its reserves with the Swedish banking system. Deposits are covered by Swedish state deposit insurance. [1][2]	1
FI-03	Does the protocol depend on fiat banking infrastructure to function?JAK is itself a licensed bank within the Swedish fiat banking system. It cannot function without its banking license, Bankgiro services, and integration with Swedish payment rails. [1][2]	1
FI-04	Are the protocol's price feeds and oracles fiat-denominated?All values denominated in SEK. No independent price feeds or oracles exist — the concept does not apply to a traditional bank, but all pricing is fiat-denominated. [1]	1
FI-05	What happens to the protocol if the primary fiat currency it references collapses or depegs?JAK would fail along with the Swedish financial system if SEK collapsed. The bank is fully embedded in the Swedish monetary system with no independence from fiat systemic risk. [1][2]	1
FI-06	Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?No transition path from fiat. JAK's identity is as a licensed bank within the Swedish system. There is no stated goal of fiat independence. [1][2]	1
FI-07	Can local or sectoral currencies be denominated in or settle against this currency?JAK has no mechanism for local currency composability. It is a monolithic SEK-denominated bank. JAK organizations exist in Denmark, Germany, and Italy, but these are independent entities operating in their own local fiat currencies, not settling against a common JAK unit. [1][2]	1
FI-08	Does the protocol define open standards for interoperability with other monetary systems?No open interoperability standards. JAK is a closed banking system with no mechanism for cross-system monetary coordination beyond standard Swedish banking interoperability. [1]	1

Traction2x

2.7

Code	Question	Score
TR-01	Is the project still active?JAK Bank is active and operational with online banking, mobile app, lending, and savings products. However, it faces a withdrawal crisis with approximately 7,600 members waiting for reimbursement of loan contributions totaling SEK 94 million. Active but under stress. [1][2]	4
TR-02	How long has the project been in existence?Founded in 1965 as a cooperative savings organization, licensed as a bank in 1997. Over 60 years of continuous existence. [1][2]	5
TR-03	How many active users does the project have?Approximately 26,000 members currently, down from approximately 39,000 in 2015. Falls in the 10K-100K range. [1][2]	3
TR-04	How many businesses or organizations accept the project's currency?JAK does not issue its own currency. It is a bank operating in SEK. No businesses "accept" JAK as a payment method. JAK provides business loans and Bankgiro services but these are standard banking services, not merchant acceptance. [1][2]	1
TR-05	Is the currency used as a unit of account?JAK does not have its own unit of account. Saving points are an internal accounting mechanism for borrowing rights, not a unit of account for pricing goods or services. All transactions denominated in SEK. [1][2]	1
TR-06	Is the founder or core team still actively working on the project?Active management team with a CEO addressing the withdrawal crisis publicly. Board elected annually. However, the original founders from 1965 are no longer active. Successor leadership exists but faces challenges. [1][2]	3
TR-07	What partner organizations or institutions support or integrate the project?JAK has affiliate organizations in Denmark (14 independent "andelskasse" organizations), Germany, and Italy. The bank has received a 96-97% sustainability rating from Fair Finance Guide. Partnered with Acuminor for compliance. Multiple international affiliates across sectors. [1][2][3]	3
TR-08	Is the project covered or recognized by credible external sources?Multiple peer-reviewed academic publications (Springer Nature, Scielo), case studies at The Case Centre (business school curriculum), coverage in major Swedish media (Dagens Nyheter, Syre), policy discussion in alternative finance research (Monneta, Feasta). [1][2][3]	5
TR-09	Is adoption organic — not dependent on subsidies, incentives, or mandates?Entirely organic. Marketing relies on volunteers and word-of-mouth. Members join out of philosophical alignment with interest-free banking. No financial incentives, token emissions, or mandates drive adoption. [1][2]	5
TR-10	What is the growth trend over the past 12 months?Membership declined from approximately 39,000 (2015) to approximately 26,000 (current) — a loss of roughly one-third over a decade. The 2024 withdrawal crisis with 7,600 members waiting for reimbursement suggests ongoing decline. [1][2][3]	2
TR-11	Does the project have a coherent narrative and cultural identity that drives long-term commitment?Strong founding narrative rooted in "Jord Arbete Kapital" (Land Labour Capital) and the principle that interest causes economic injustice. Founded as "National Association for Economic Emancipation." Active member community, volunteer-driven marketing, cooperative cultural identity. Cultural artifacts include the anti-interest philosophy and cooperative principles. Clear mission beyond financial incentives. [1][2][3]	4

Sovereignty

1.1

Code	Question	Score
SO-01	Can any single entity shut down the project?The Swedish Financial Supervisory Authority (Finansinspektionen) can revoke JAK's banking license, effectively shutting it down. This has been demonstrated by sanctions (2020 AML fine of SEK 1.6 million). A single regulatory entity has clear legal authority to halt operations. [1][2]	1
SO-02	Is the project's core infrastructure permissionless and self-hostable?JAK is a proprietary banking system. The saving points algorithm and banking software are not open-source. No one can run an independent JAK node or self-host the system. [1][2]	1
SO-03	Is the project subject to the jurisdiction of a single nation-state?Fully dependent on Swedish jurisdiction. Licensed by Finansinspektionen, covered by Swedish deposit insurance, subject to Swedish banking law. Loan guarantees and mortgages must be Swedish. Cannot operate without Swedish legal framework permission. [1][2]	1
SO-04	Does the project control or custody user funds?Fully custodial. Members deposit SEK into accounts held by JAK. The bank controls all funds. The 2024 withdrawal crisis — where 7,600 members could not access their loan contributions — demonstrates the custodial risk directly. [1][2]	1
SO-05	Is the project resilient to key-person risk?As a cooperative with elected board and approximately 30 employees, operational knowledge is distributed to some degree. Former chairman publicly commented on the crisis, suggesting institutional memory exists beyond current leadership. However, the bank is small enough that 2-3 key people likely hold critical operational knowledge. [1][2]	3
SO-06	Does the project depend on any third-party service that could be revoked?Dependent on Swedish banking infrastructure (Bankgiro), Finansinspektionen license, Swedish deposit guarantee scheme (Riksgalden), and third-party compliance tools (Acuminor). Multiple critical dependencies with no alternative. [1][2][3]	1
SO-07	Can the project be censored — can specific users or transactions be blocked?As a regulated bank, JAK must comply with AML/CFT regulations, sanctions lists, and court orders. The bank was fined in 2020 for AML deficiencies and subsequently implemented enhanced monitoring. Accounts can be frozen or transactions blocked per regulatory mandate. [1][2]	1
SO-08	Does the protocol protect transaction privacy as a monetary right?As a regulated bank, JAK collects extensive personal data, performs KYC/AML checks, and monitors transactions. Government ID required. The 2020 Finansinspektionen sanction was specifically for insufficient AML monitoring — the bank was penalized for not surveilling enough. No privacy as monetary right. [1][2]	1
SO-09	Does the technology enforce the project's monetary rules such that governance cannot silently override them?JAK's saving points system and interest-free principles are policy decisions, not technologically enforced. The board could theoretically change the saving points formula, introduce fees, or alter the model through governance votes. The 2017 court ruling (Konsumentverket) revealed that the "interest-free" claim was misleading — fees constituted implicit interest, showing rules are interpretive rather than technically enforced. [1][2]	1

Governance

3.1

Code	Question	Score
GO-01	How are decisions about the project made?Formalized cooperative governance with annual member assembly (foreningsstamma) that sets policy direction. Board of Directors elected annually by members. Professional management team handles day-to-day operations. Structured process for major decisions with clear roles. [1][2][3]	4
GO-02	Who has voting or decision-making power, and how is that power distributed?One member, one vote — each member holds exactly one share. With approximately 26,000 members, decision power is broadly distributed. No single party can hold disproportionate voting weight. Exemplary democratic distribution. [1][2]	5
GO-03	Is the governance process — and the monetary mechanism itself — transparent and publicly auditable?Annual reports and financial information are published on the website. Governance outcomes (board elections, policy changes) are communicated to members. However, detailed deliberation happens within board meetings, not publicly. The saving points mechanism is documented but the underlying banking software is proprietary. Partially transparent. [1][2]	3
GO-04	Can governance be captured by a small group or hostile actor?One-member-one-vote structure inherently prevents plutocratic capture. No tokens to accumulate for voting power. Capture would require convincing a majority of 26,000 individual members. Strong structural capture resistance through cooperative model. [1][2]	4
GO-05	How are upgrades and changes to the protocol or project proposed and executed?Changes proposed through the annual member assembly. Board implements decisions. Members can participate through nominations and meetings. However, the process lacks the formal on-chain/time-lock mechanisms envisioned by the framework — execution is controlled by the board within the cooperative structure. [1][2]	3
GO-06	Is there a separation between governance over monetary policy and governance over operational decisions?No formal separation between monetary policy (saving points formula, fee structure) and operational decisions. All decisions go through the same governance process. The saving points system parameters and operational choices are managed by the same board. [1][2]	2
GO-07	Does the project have a constitution, charter, or set of immutable principles?JAK was founded as "National Association for Economic Emancipation" with core principles around interest-free banking. These principles are stated in documentation and form the cooperative's identity. However, they are not formally immutable — the board or member assembly could theoretically change them. The 2017 court case showed the bank has already shifted from strict "interest-free" claims. [1][2]	3
GO-08	Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?The saving points system parameters (savings factor, fee rates, loan contribution percentages) can be changed by the board or member assembly. No evidence of stronger protections for monetary rules versus operational changes. The 6% loan contribution was eventually revealed as problematic and became the center of the withdrawal crisis — suggesting monetary parameters have been changed without adequate safeguards. [1][2]	2

Resilience

2.2

Code	Question	Score
RE-01	Has the project survived a major crisis or adversarial event?JAK has survived 60 years of operation including regulatory challenges (1997 license requirement, 2020 AML fine). However, the 2024 withdrawal crisis — where 7,600 members cannot access SEK 94 million in loan contributions, some waiting 7+ years — is an ongoing failure that required regulatory intervention. The crisis demonstrates that the system broke under stress. [1][2]	2
RE-02	Does the project have redundancy in its critical infrastructure?Small bank with approximately 30 employees, single headquarters in Skovde. Standard banking infrastructure with limited redundancy. No evidence of distributed systems or multiple data centers. [1][2]	2
RE-03	Can the project recover from a catastrophic failure?As a regulated bank, member deposits are protected by Swedish state deposit insurance (Riksgalden). The saving points model is documented in academic literature. However, recovery from bank failure would depend on Swedish regulatory intervention rather than autonomous recovery capability. [1][2]	3
RE-04	Is the project's design simple enough to be maintained and understood long-term?The saving points concept is elegant and describable on a single page: save to earn points, spend points to borrow, points must balance. However, the academic analysis revealed hidden complexity — the real effective cost can be 58.90% depending on savings timing, which most members likely do not understand. Core concept simple; financial reality complex. [1][2]	4
RE-05	Is the project dependent on a specific technology that could become obsolete?JAK's saving points system is a mathematical model that could be implemented on any technology platform. The concept predates computers (originated 1931) and has been re-implemented multiple times across countries. Not technology-dependent. [1][2]	4
RE-06	How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?The 2024 withdrawal crisis is a direct demonstration of failure under economic stress. The loan contribution reimbursement queue — SEK 94 million owed to 7,600 members, at a repayment rate that would take 94 years — shows the system lacks adequate stress mechanisms. Capital adequacy constraints prevented reimbursement for years. No circuit breakers or orderly wind-down procedures evidenced. [1][2]	2
RE-07	Does the project have sustainable funding for long-term maintenance?Funded by membership fees (approximately SEK 250/year), loan fees (3% of outstanding balance), and the 6% loan contribution. Self-sustaining model in principle, but the withdrawal crisis shows the funding model is under strain. The bank has operated for 60 years, demonstrating long-term viability, but current stress is real. [1][2]	3
RE-08	Can the system operate across extreme latency, disconnected networks, and multi-century timescales?Not designed for these scenarios. As a single-country licensed bank dependent on Swedish banking infrastructure, it cannot operate across disconnected networks or multi-planetary timescales. However, the conceptual model (saving points) is simple enough to be reimplemented anywhere. [1][2]	1
RE-09	Is the system designed for a world where AI agents are primary economic actors?JAK requires human identity verification, Swedish residency, and manual KYC processes for core functions. No API or programmatic interface for machine participants. System requires human judgment for loan applications. [1][2]	1

Inclusivity

3.4

Code	Question	Score
IN-01	Can anyone in the world participate regardless of nationality, wealth, or status?Membership is open but loans require Swedish residency. Mortgage guarantees must be Swedish. No minimum balance required for membership, but practical access limited to Sweden. Some populations (non-Swedish residents, sanctioned countries) excluded by design and regulation. [1][2]	2
IN-02	What is the minimum cost to start using the project?Annual membership fee of approximately SEK 250 (roughly EUR 25). No account maintenance fees. No overdraft fees. Low entry cost. [1][2]	4
IN-03	Does the project actively serve underbanked or financially excluded populations?JAK's interest-free model was designed to make credit accessible without the burden of interest, which philosophically serves financially marginalized populations. The cooperative model allows members with limited means to access loans. However, it is not specifically deployed in underbanked communities and requires Swedish residency. [1][2]	3
IN-04	Does the project distribute economic benefits — including seigniorage — broadly, or concentrate them among insiders?As a cooperative, all profits are reinvested for member benefit. No dividends, no bonuses, no shareholder extraction. Members are both owners and customers. The bank has no profit motive. Economic benefits (interest-free lending) flow to all participants equally. The 96-97% Fair Finance Guide sustainability rating supports this. [1][2][3]	4
IN-05	Does the project treat all participants equally under the same rules?Identical rules for every member. One share per member, same saving points formula, same fee structure. No tiered access, no preferential rates for larger depositors, no VIP treatment. The saving points system treats all members identically by design. Exemplary equality. [1][2][3]	5
IN-06	Does the project require identity documentation or surveillance to participate?Government-issued ID and KYC required for membership and banking services. The 2020 Finansinspektionen sanction was specifically for insufficient AML surveillance — the bank was forced to enhance its identity verification and transaction monitoring. Full regulatory surveillance relationship. [1][2]	2
IN-07	Does the project have mechanisms to prevent wealth concentration over time?The interest-free model inherently prevents wealth concentration through interest accumulation — the core philosophical innovation. No compounding returns reward larger depositors. One-share-per-member prevents ownership concentration. The saving points system treats all deposits equally regardless of size. Strong anti-concentration design. [1][2]	4

Frequently Asked Questions

What is JAK Bank (JAK Medlemsbank) and what problem does it solve?

How is money created in JAK Bank (JAK Medlemsbank)?

JAK is a licensed Swedish bank; only JAK itself can issue loans. Members must apply and qualify. Issuance is restricted to a single licensed institution.

How does JAK Bank (JAK Medlemsbank) maintain stable spending power?

JAK Bank uses Swedish Krona (SEK) as its unit of account and has no independent mechanism to target spending power stability. Any stability or lack thereof comes from the Swedish central bank's monetary policy.

Is JAK Bank (JAK Medlemsbank) independent from fiat currencies?

JAK operates entirely in Swedish Krona (SEK). All savings, loans, and transactions are denominated in SEK. The unit of account is fully borrowed from the Swedish state.

Who controls JAK Bank (JAK Medlemsbank) and can it be shut down?

The Swedish Financial Supervisory Authority (Finansinspektionen) can revoke JAK's banking license, effectively shutting it down. This has been demonstrated by sanctions (2020 AML fine of SEK 1.6 million). A single regulatory entity has clear legal authority to halt operations.

How widely adopted is JAK Bank (JAK Medlemsbank) today?

Approximately 26,000 members currently, down from approximately 39,000 in 2015. Falls in the 10K-100K range.

Is JAK Bank (JAK Medlemsbank) still active and growing?

JAK Bank is active and operational with online banking, mobile app, lending, and savings products. However, it faces a withdrawal crisis with approximately 7,600 members waiting for reimbursement of loan contributions totaling SEK 94 million. Active but under stress.

What are the main risks or weaknesses of JAK Bank (JAK Medlemsbank)?

Fiat Independence is the weakest category (1.0 — floor score): because JAK operates entirely within the Swedish Krona system as a licensed bank. It has no sovereign unit of account, no non-fiat reserves, no transition path from fiat, and no interoperability with other monetary systems. JAK reforms how banking works within fiat but does not challenge fiat itself.

What makes JAK Bank (JAK Medlemsbank) unique from an M69 perspective?

Governance is JAK's strongest category (3.1): because its one-member-one-vote cooperative structure, elected board, and annual member assembly represent genuine democratic monetary governance — the kind of broad-based, capture-resistant decision-making the M69 Manifesto envisions. Very few monetary projects achieve this level of governance equality.

How is JAK Bank (JAK Medlemsbank)'s M69 Score calculated?

JAK Bank (JAK Medlemsbank) scores 2.0/5.0 overall. Pillar scores: Monetary Sovereignty 1.5, Civilizational Durability 2.1, Universal Adoption 2.9. Strongest: Inclusivity (3.4). Weakest: Fiat Independence (1.0).