Alpha Kappa Alpha, the first Black Greek sorority, continues to make history.
As reported on Vibe, the AKA’s launched their own credit union, called, For Members Only. The 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 ABC7 Chicago, where the AKA’s headquarters is located.
International President and CEO of the sorority, Danette Anthony Reed, 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.”
FMO is similar to other credit unions and will will reportedly offer savings accounts, loans, and other financial assistance to Alpha Kappa Alpha members, including their families, staff of the sorority, and credit union. The bank opened on July 12 and it’s one of six initiatives the sorority is taking, including building economic wealth and financial stability for women of color.