E27 - Ajamu Webster on Black Wealth and Owning Our Own
Ajamu Webster is back in Kansas City, and he brought a challenge with him.
He spent 42 years here as a structural engineer and community organizer before moving to Ghana, and he sits down with Kim Davis to talk about the thing he's been building for more than a decade: WeDevelopment Federal Credit Union, a Black-owned, community-owned financial institution at 3123 Prospect. It earned its charter in 2022, opened its doors, and already has more than 1,000 members. Here's the part most people miss. When you join, you don't become a customer. You become an owner, with a share and a vote.
Ajamu walks Kim through why that matters, and he starts way back in 1787, when Richard Allen and Absalom Jones pooled resources in Philadelphia and planted what grew into the first Black insurance companies and banks. By 1940 there were 132 Black-owned banks in this country. None of this is new, he says. It was just forgotten.
They get honest about wealth, too. Home ownership gets all the attention, but Ajamu makes the case that Black commerce is the engine we keep skipping over: the loans, the mortgages, and the small-business capital that keep dollars circulating close to home instead of leaving the neighborhood. He breaks down the real difference between a bank and a credit union, explains why WeDevelopment can never pack up and leave Kansas City the way Liberty Bank or the old Douglass bank did, and shows how the credit union is already stepping into the space payday lenders used to own.
There's big news in this one. Kim announces that the Heartland Black Chamber has voted to make its own deposit into WeDevelopment and to bring its members in as owners. You're watching the partnership take shape in real time.
If you've ever said we need to build our own, this is the conversation that tells you it's already built. What's left is walking through the door. Membership starts at $5. Live, work, or worship in the field of membership, or simply carry a heart for the community, and you're in.
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