A credit union for African immigrants and African Americans opened in St. Ann to help build wealth

ambale
2 days ago
2 min read

St. Louis Public Radio |

Published Dec. 17, 2025 at 5:00 a.m. CST

A financial institution for African immigrants and African Americans opened Monday in St. Ann to help Black St. Louisans and African communities build wealth, strengthen their families and create opportunities.

The African Diaspora Federal Credit Union was established by the African Diaspora Council Inc., a local cultural organization. The credit union will allow its members to pool their resources and personalize the financial services they receive from the institution.

This credit union is important for Black and African communities, because many do not trust larger financial institutions due to their deeply rooted history of systemic racism, said Michael Anani, CEO of African Diaspora Federal Credit Union.

“They don't feel comfortable going to them [banks] anymore and explaining to them what their problem is, and that's why we have a lot of people in our community who don't bank anymore,” he said. “They have their money under the mattress, or whatever way they want to save it … so this might be different. We understand each other's needs.”

Although credit union members will be able to tailor their experience to their needs, board members say it will offer financial literacy programs for children and adults. It will also provide low-interest loans for education and businesses. For now, the African Diaspora Federal Credit Union will offer its members basic savings and lending services, including personal and auto loans, share accounts and share draft accounts. The National Credit Union Administration chartered the credit union in May.

Anani came up with the idea for the credit union 19 years ago. He was studying poverty in communities of color and pondered the idea of creating financial institutions to help get African immigrants and African Americans out of poverty. He started researching the poverty levels in different states and how they are plaguing their communities.