The “For Members Only,” or FMO credit union was recently established by the Alpha Kappa Alpha sorority and is now the first Black-owned, women-led, sorority-based digital banking financial institution in American history.
With nearly 500,000 members worldwide, the AKAs are one of America’s oldest service organizations – founded in 1908 by college-educated African American women at Howard University.
In an interview with ABC 7, Danette Anthony Reed, international president and CEO of AKA Sorority, said, “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.”
The National Credit Union Administration will oversee and insure FMOFCU. The primary banking services will be available to the distinguished organization’s members, their families, AKA staff, and credit union employees.
The sorority’s sisterhood and mission to be of “service to all mankind,” supports the specialized fully digital service. FMOFCU worked together with Aurora Advantage, Powered by CSPI, to create their digital objectives and service provision.
In a statement, CSPI’s CEO and President, Brad Epple said, “It’s been evident as we’ve navigated the implementation process the past six months that FMOFCU has a strong and purpose-driven leadership team committed to ensuring a successful launch. We believe in their mission and are fully committed to growing this vision with their team by staying connected and engaged through each step of their digital journey.”
The official opening of the credit union took place in Chicago, the location of the AKA’s global headquarters, during their annual sorority leadership conference.
According to AfroTech, early plans to establish a credit union placed a strong emphasis on assisting women of color in achieving financial security and economic health. This is a result of the six ongoing projects of the AKA, one of which is the growth of economic prosperity.
When the FMO credit union’s doors opened on Wednesday, July 12, members rushed to get in line to open accounts.
Monica Teal, a member of the sorority, said, “It’s just awesome to know we’ll have the opportunity to actually do something financial.
Deardra Hayes-Whigham, an FMO board member also disclosed, “We want to invest in what we own,” outlining the factors that led her and her family to choose to sign up as founding subscribers.
Robert Williams was detained in 2020 after he was suspected of stealing expensive watches. This…
Miranda Turner and her siblings surprised their mother, Pamela Martin-Turner, with a doctoral tam and…
Sabrina Elba, the wife of Hollywood star Idris Elba, has disclosed that her husband has…
The Los Angeles Lakers signed rookie Bronny James to a fully guaranteed four-year contract worth…
Ayana Parsons is the co-founder of Fearless Fund, a firm that provides venture capital financing,…
A 23-year-old 100-meter sprinter, Owen Ansah, has broken the German record by clocking 9.99 seconds…
LeBron James is back with the Lakers, sealing a two-year, $104 million deal. At 39,…
Dr. Cletus Madubugwu Ibeto is a Nigerian entrepreneur and businessman behind the Ibeto Group, one…
Annette Addo-Yobo is the first immigrant-born and the first Ghanaian woman to win Miss Texas.…
There have been mixed reactions in Cameroon after the daughter of the Central African nation’s…
A $2 million settlement has been reached with two college students who were tased and…
Sean “Diddy” Combs has put his Los Angeles mansion for sale four months after the…
After serving two prison terms, Thomas T. Jones recently triumphed against all odds and earned…
The 27-year-old 200-meter track and field star, Gabby Thomas, has been balancing her training for…
Shamoy Ferron Smith and her husband, Javan Smith, graduated together for the first time last…