top of page
  • Writer's pictureKalenah Arif

Sorority Opens All-digital Credit Union

AKA Leadership

The Alpha Kappa Alpha (AKA) sorority has incorporated its very own credit union. Though the group announced its creation back in February, the first location has just opened for business. The "For Members Only," or FMO is the first-of-its-kind, making history by being the only Black-owned, women-led and sorority-based digital banking financial institution in the U.S.

According to the group's website, the Alpha Kappa Alpha sorority is an international service organization, founded in 1908 by African American college-educated women.

The FMO's headquarters is located in Chicago, IL and the July 12th grand opening aligned with the sorority's leadership conference this year. ABC7News had the opportunity of getting feedback from several sorority members on this monumental accomplishment.

Danette Anthony Reed, international president and CEO of AKA Sorority

"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.

The FMO is chartered, regulated and insured by the National Credit Union Administration, and at present only provides services for AKA members, their immediate families, AKA staff and credit union employees. FMO board member Deardra Hayes-Whigham and her family are founding subscribers. "We want to invest in what we own," she told ABC7News.

The sorority's six initiatives include the pillar of building economic wealth for Black women, so the idea of having a financial tool like the credit union is a huge step with practicing what has been taught all these years.

"Every member will be an owner of the credit union," said Terri Bradford Eason, FMO federal credit union executive director.

5 views0 comments


bottom of page