Alpha Kappa Alpha (AKA), the pioneering Black sorority, has once again created history by successfully establishing its very own credit union. This remarkable accomplishment makes AKA the first Greek letter organization to achieve such a milestone.
According to a report, the sorority’s headquarters launched the “For Members Only” (FMO) credit union. The union holds the distinction of being the first-ever Black-owned, women-led, sorority-based digital banking financial institution in the United States.
“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. said.
Reportedly, the chartered, regulated, and insured credit union will provide various financial services such as savings accounts, loans, and other financial products. Additionally, the benefits are offered not only to AKA members and their families but also to AKA staff and credit union employees.
“Every member will be an owner of the credit union,” Terri Bradford Eason, FMO federal credit union executive director, added.
At present, there are a total of 38 Black-owned credit unions, with two of them being affiliated with Black fraternities. These include the Omega Psi Phi Credit Union, located in Lawrenceville, Georgia, and the Phi Beta Sigma Federal Credit Union, located in Washington, DC.
