Alpha Kappa Alpha Sorority Inc., the first Black sorority founded at Howard University in 1908, is on a journey to generational wealth with its recent roll-out of a members-only credit union.
With over 355,000 members in undergraduate and graduate chapters that can be found in 12 countries, this sorority is focused on building wealth for its members. AKA was recently granted a federal charter and Share Insurance Fund coverage by the National Credit Union Administration (NCUA) for the start of the For Members Only Federal Credit Union, which has launched in Chicago.
“It’s perfectly fitting that an organization whose members pledge to be of ‘Service to All Mankind’ has created a credit union. This charter is also in keeping with AKA’s current initiatives to assist members in building economic wealth, promote social justice, and uplift communities, all of which are fundamental to the statutory mission of credit unions. Congratulations to AKA’s leadership for bringing this effort to fruition. I look forward to watching their credit union grow and thrive,” NCUA Chairman Todd M. Harper said.
This credit union will take care of members and their families and offer services ranging from share accounts to personal loans. They are committed to providing “safe, fair, and affordable financial products and services, including digital services and products, to improve the economic and financial futures of their members, future members, and their communities.”
“As the first Black-owned, woman-led, sorority-based (and) 100% digital financial institution, we are poised to deliver innovative financial solutions that drive economic growth for our members, chapters, families and employees of Alpha Kappa Alpha Sorority,” AKA International President Danette Anthony Reed said in a statement.
AKA is not the first Black greek-letter organization to start a credit union; Omega Psi Phi and Phi Beta Sigma fraternities launched credit unions in 1986.
Congratulations to the women of AKA for following in their footsteps and creating more economic opportunities!
Photo: Alpha Kappa Alpha Sorority Inc.