The first Black sorority founded at Howard University in 1908, Alpha Kappa Alpha Sorority, Inc., has officially launched its “For Members Only” or FMO Federal Credit Union, the first of its kind. FMOFCU is the first, Black-owned, woman-led sorority digital banking financial institution in U.S. history. It will operate in late March 2023 and will be based in Chicago. and.

FMOFCU is regulated and insured by the National Credit Union Administration. The services will be open to members of the legendary organization, their families, AKA staff and credit union employees’ primary savings, loans, and other banking services, ABC7 reported.

“Every member will be an owner of the credit union,” Terri Bradford Eason, FMO federal credit union executive director, said.

The niche fully digital service is backed by the sorority’s mission to be of “service to all mankind” and sisterhood. FMOFCU collaborated with Aurora Advantage, Powered by CSPI, to develop their digital goals and service delivery.

“We want to extend a warm welcome to FMOFCU and its members. At CSPI, our Aurora Advantage team looks forward to exceeding our client’s expectations by providing a first-class digital banking experience,” Brad Epple, CEO and President at CSPI, said in a statement. “It’s been evident as we’ve navigated the implementation process the past six months that FMOFCU has a strong and purpose-driven leadership team committed to ensuring a successful launch. We believe in their mission and are fully committed to growing this vision with their team by staying connected and engaged through each step of their digital journey.”

Danette Anthony Reed, international president and CEO of AKA Sorority, revealed the credit system serves as an example of the organization’s financial literacy.

“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,” Reed said.

“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,” she continued.