Alpha Kappa Alpha Becomes The First Sorority To Launch Its Own Credit Union

By Jasmine Browley ·Updated July 14, 2023

The first Black sorority just made history again.

Alpha Kappa Alpha (AKA) has launched its own credit union, becoming the first Greek letter organization to achieve the feat.

The “For Members Only,” or FMO, credit union is the first Black-owned, women-led, sorority-based digital banking financial institution in the history of the United States, according to a report by ABC7 Chicago, the sorority’s HQ location.

“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,” said Danette Anthony Reed, international president and CEO of AKA Sorority in an interview with ABC7 Chicago.

The chartered, regulated and insured credit union will reportedly offer savings accounts, loans and other financial to AKA members and their families, along with AKA staff and credit union employees.

“Every member will be an owner of the credit union,” said Terri Bradford Eason, FMO federal credit union executive director according to ABC7 Chicago.

There are currently only 38 Black-owned credit unions, two of which include Black fraternities: Omega Psi Phi Credit Union in Lawrenceville, Georgia and the Phi Beta Sigma Federal Credit Union in Washington, DC.

The post Alpha Kappa Alpha Becomes The First Sorority To Launch Its Own Credit Union  appeared first on Essence.