ST. ANN, Mo. — A new federally chartered credit union aimed at serving African immigrants and African Americans has officially opened in this suburb of St. Louis, with organizers saying it is designed to help Black communities build wealth and overcome longstanding distrust of traditional financial institutions.
The African Diaspora Federal Credit Union, based in St. Ann, was established by the African Diaspora Council Inc., a local cultural organization. The credit union allows members to pool resources and tailor financial services to their needs, according to St. Louis Public Radio.
Michael Anani, the credit union’s CEO, told the news outlet many Black and African residents avoid large banks because of experiences tied to systemic racism.
“People don’t feel comfortable going to them anymore,” Anani was quoted as saying. “So, this might be different. We understand each other’s needs.”
Basic Product Offers
For now, the credit union will offer basic savings and lending services, including share and share draft accounts, as well as personal and auto loans. It also plans to provide financial literacy programs for children and adults and low-interest loans for education and small businesses. As the CU Daily reported earlier, NCUA granted the charter in May.
Anani told St. Louis Public Radio the idea dates back nearly two decades, when he was studying poverty in communities of color and exploring ways community-based financial institutions could help address it.
According to St. Louis Public Radio, a key focus will be serving non-English-speaking Africans. Employees collectively speak more than 20 major African languages, said board member Rayo Animashaun, and the credit union plans to work with local African associations to provide interpretation when needed.
‘Eager to Invest’
Community members welcomed the opening. Kenyan native Anthony Kamnao said he is eager to invest with a financial institution owned by people who look like him, while Florissant resident Marie Vail said she joined to support a Black-owned institution and explore refinancing her home loan, St. Louis Public Radio said.
Board Chair Charles Bryson said the credit union’s cultural competence sets it apart. “This is home for us,” he said.
