The FMO Credit Union has accomplished many milestones thanks to its incorporation. The credit union has gone on the record as being the first Black-owned, sorority-based, and women-led credit union to be established in the United States.
Operating as a digital institution, the FMO Credit Union is the latest product of a sorority that has stood the test of time. Existing for more than a century and counting, the Alpha Kappa Alpha Sorority has proven itself to be one of the most capable and reliable sororities in the country.
And with the launch of the FMO Credit Union, the influence of the Alpha Kappa Alpha Sorority will continue to grow. The sorority itself is no stranger to ‘firsts’ however. Alpha Kappa Alpha made history when it was established in 1908, being the first intercollegiate Black-owned sorority of its time.
Since then, the organization has attracted hundreds of thousands of members across the world. As of this article’s writing, around 355,000 members have joined the sorority in several countries all over the world. Besides the United States, this also includes nations such as Japan, South Korea, and Nigeria to name a few.
As a part of the AKA’s six initiatives for service, the FMO Credit Union was established to give women of color more stability and independence financially. Members of FMO will gain access to financial assistance programs and a variety of banking services that include loans and primary savings.
Discussing the purpose of the FMO Credit Union, Danette Anthony Reed shared her perspective — speaking as the leader of the AKA, she 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.”
Chartered, regulated, and insured by the National Credit Union Administration, the FMO Credit Union’s services will primarily be granted to members of the AKA sorority and their families. Additionally, employees of FMO and AKA are also entitled to gain access to the services of the credit union.
By Neil Gregorio
Neil Gregorio is a graduating university student who writes as a hobby; when he is away from the keyboard, he spends his time watching Japanese animated shows and jamming out to his favorite rock music.
LinkedIn: https://www.linkedin.com/in/neil-gregorio/
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