Alpha Kappa Alpha, also known as AKA, the oldest Greek-letter organization established by African American college-educated women, has opened its first-ever members-only credit union. This new digital banking financial institution is the first of its kind in the United States, being Black-owned, women-led, and sorority-based.
Alpha Kappa Alpha, which was founded more than 115 years ago and now boasts 355,000 members worldwide, began planning to establish the credit union a few years ago as part of its ongoing efforts to promote economic and financial stability 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 first year of operation, the credit union will offer primary savings accounts, loans, and other banking services to the members of the sorority and their immediate families, as well as the employees of the credit union and the organization. In addition, every member will become an owner of the credit union, ensuring that they have a stake in its success.
The credit union, which is called FMO, is chartered, regulated, and insured by the National Credit Union Administration, providing a secure and reliable financial institution for its members. Moreover, the opening of the new credit union of the AKA sorority highlights their commitment to empowering women of color and promoting financial freedom within their community.
Learn more about the Alpha Kappa Alpha via its official website at AKA1908.com