“For Members Only” credit union was created to foster greater financial prosperity for women of color and AKA members.
The ladies of Alpha Kappa Alpha Sorority, Inc. are no strangers to being first. Founded on January 15th, 1908 at Howard University, AKA serves as the first Black Greek-letter sorority. Now, the ladies of pink & green continue to make history by incorporating the first Black-owned, sorority-based, women-led digital banking financial institution in the United States.
For Members Only Federal Credit Union’s charter became effective Feb. 3rd 2023 by the National Credit Union Association. The grand opening ribbon-cutting ceremony for the credit union took place on Wednesday, July 12th, at the organization’s headquarters in Chicago, ahead of the sorority’s Leadership Seminar.
Blorine Kibul, an alumni of Florida Atlantic University and an initiate of the Sigma Iota chapter of Alpha Kappa Alpha Sorority, Inc., told Hy-Lo News she believes the launching of the credit union will lead members of the sorority to more financial success.
“Credit unions have lower rates and less fees which is great especially for college students trying to build financial stability,” said Kibul, who lives in South Florida. “This would directly impact any soror with the opportunity to build financial security just off the strength of being a member of the organization.”
According to the National Credit Union Administration, “For Members Only,” or FMO, is available to all AKA members, their immediate family members, Alpha Kappa Alpha staff and credit union employees, and will offer primary savings, loans and other banking services during its first year of operations.
The credit union will also differ from traditional brick and mortar financial institutions by serving its members in an all-digital capacity.
“The purpose of the credit union is to create financial wealth that builds upon our legacy,” said Yvonne Young, a member of the Gamma Zeta Omega Chapter of Alpha Kappa Alpha Sorority chartered in Miami. “The 100% digital credit union owned by our members speaks to our National President’s vision of providing us with financial stability and economic power.”
Young says she’s sure sorors from her chapter will sign up to become members of FMO. Members of AKA can get more information on how to apply at https://aka1908.com/programs/new-foundation/.