The oldest Greek-letter organization founded by African American college-educated women, Alpha Kappa Alpha, often known as AKA, has formed its first-ever members-only credit union. This innovative digital banking financial organization, which is Black-owned, women-led, and sorority-based, is the first of its type in the United States.
Alpha Kappa Alpha, which was founded more than 115 years ago and currently has 355,000 members around the world, began planning for the credit union a few years ago as part of its ongoing efforts to improve economic and financial security for women of color.
“Everyone doesn’t understand the impact we make financially, so you have to start doing things so folks know we know how to control our money,” Danette Anthony Reed, International President and CEO of AKA Sorority, told ABC7.
During its initial year of operation, the credit union will provide primary savings accounts, loans, and other banking services to sorority members and their immediate families, as well as credit union and organization staff. Furthermore, each member will become an owner of the credit union, guaranteeing that they have a vested interest in its success.
The FMO credit union is chartered, regulated, and insured by the National Credit Union Administration, making it a safe and dependable financial institution for its members.Furthermore, the AKA sorority’s new credit union demonstrates its commitment to empowering women of color and encouraging financial freedom in their community.