Alpha Kappa Alpha (AKA), the trailblazing collegiate sorority for Black women, continues to break barriers and make history by becoming the first sorority to establish its own credit union.
The monumental moment was celebrated during a live stream event at AKA’s international headquarters in Chicago on Thursday. The joyous occasion was even more significant as it took place alongside the organization’s annual leadership conference, highlighting the sorority’s commitment to progress, empowerment, and financial empowerment.
The credit union, aptly named “For Members Only” (FMO), marks a pioneering step in the financial landscape as the first digital financial institution in America that is Black-owned, women-led, and founded by a sorority. The establishment of FMO stands as a testament to AKA’s vision of taking charge of their financial destiny and empowering their members to achieve economic prosperity.
During an interview with ABC7 Chicago, Danette Anthony Reed, the international president and CEO of AKA Sorority, emphasized the importance of showcasing their financial impact. Reed’s words resonate with AKA’s mission to demonstrate the ability to control their financial resources and inspire others to do the same.
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The credit union partnership came to fruition through a collaboration with Aurora Advantage, a move that demonstrates AKA’s commitment to leveraging technology to serve its members’ financial needs effectively. The concept of “FMO” was publicly introduced in 2023 when AKA adopted the theme “Soaring to Greater Heights of Service and Sisterhood.” Embracing their foundational pillar of being a “service to all mankind,” AKA members have dedicated themselves to implementing strategies that foster personal, organizational, and community economic growth.
A remarkable aspect of FMO is its inclusive ownership model, as every member of the sorority will be an owner of the credit union. This innovative approach aligns perfectly with AKA’s values, fostering a sense of unity, empowerment, and shared prosperity among its members.
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FMO Federal Credit Union will cater to the financial needs of active AKA members, their immediate families, staff, and credit union employees. As a regulated and insured credit union, FMO aims to offer a comprehensive range of services, including savings accounts and loans, providing vital support for members’ financial well-being and growth.
Alpha Kappa Alpha Sorority Incorporated, founded on January 15, 1908, on the campus of Howard University, has left an indelible mark over its illustrious 115-year history. With a global membership exceeding 335,000, the sorority has consistently upheld standards steeped in tradition, service, and empowerment. Among its prominent members are Vice President Kamala Harris, renowned author/activist Toni Morrison, and journalist Star Jones, who exemplify the sorority’s dedication to making a positive impact on society.
As AKA’s journey of empowerment and progress continues, the establishment of FMO Federal Credit Union stands as a shining example of their unwavering commitment to elevating the lives of their members and paving the way for future generations of Black women leaders in various domains, including finance, business, and social change.