Top 12 Best Saccos to Consider in Kenya
SACCOs are popular in Kenya because they charge lower interest rates on loans to their members than other financial institutions like banks, and most enable you to borrow up to three or four times your savings.
SACCOs are a wonderful and flexible credit option because their objective is to mobilize their members’ finances and issue credit for the members’ personal or collective development. A SACCO is one of the greatest ways to invest your money, in addition to creating a culture of saving and formalizing the idea of saving groups known as chamas.
Who can a SACCO join, is the major question?
The following is a list of Top 12 Best Saccos to Consider in Kenya for savings and investments in 2023:
1. Tai Sacco Society Ltd
Kiambu Tea Growers Sacco was established in 1992 as a Bosa activity. With over 28 years of operation, Tai Sacco society limited is highly regarded as the Best Sacco in Kenya, having been voted in the Best Managed Saccos in Kenya category in January 1999.
In 2009, the Kiambu Tea Growers Society was renamed Tai Sacco Society Limited. The constant increase of their customer base necessitated the need for a more complete identity, which necessitated this re-branding.
The Sacco is a market leader, offering customized loan and savings solutions for individuals, groups, and enterprises to its members, who can access them through their 9 offices across the country or through mobile and WhatsApp banking for speedy transactions.
2. Stima Sacco
Stima Sacco, which was founded in 1974, now has nine locations in Nairobi (Parklands), Mombasa, Kisumu, Nakuru, Olkaria, Eldoret, Nairobi CBD, Embu, and Kawi Centre (South C). The Sacco established the Front Office Service Activity (FOSA) in April 2003 to address its members’ financial needs.
3. Safaricom Sacco
The Sacco was founded in 2001 with only 222 members and now has over 12,000 members from Safaricom Ltd. The Sacco was established with the strategic goal of instilling a savings culture in its members and providing them with access to credit products to help them develop and improve their economic and social position.
4. Harambee Sacco
Back Office Sacco Activities (BOSA) and Front Office Savings Activities (FOSA) are the two key divisions/departments of Harambee Sacco (FOSA) Harambee Sacco has over 8000 members and is already a multi-billion shilling institution.
5. Amica Sacco
Amica is one of Kenya’s greatest SACCOs to join. It is a Tier 1 Sacco that was founded in Muranga in 1966 by coffee producers, but has since expanded its connection to service other industries. The Sacco underwent a rebranding in 2016 and is now known as Amica Savings & Credit, or simply Amica Sacco.
Mobile Financial, Sacco Agency, Visa Card, Cheque books, Pay bills, and money transfer services like Pesalink and RTFT are among Amica Sacco’s banking channels. The Sacco is distributed over Nairobi, Kiambu, and Muranga counties, with 18 branches and around 360 agents.
Members are granted Investa loans, which are ten (10) times their deposits. Loans are repayable for up to 5 years, with interest starting as soon as the loan is taken out.
6. Mwalimu National Sacco
It is the largest African Sacco, with a membership made up of Kenyan teachers. Business loans, welfare services, Back Office Services Activities (BOSA), and FOSA products are among the products and services it provides. Teachers, Sacco employees, and Teachers Service Commission personnel are the only ones who can join.
7. Hazina Sacco
It is a nationwide deposit-taking Sacco that was founded in 1971 with the goal of encouraging members to save and be thrifty. Members of the Sacco come from the government, parastatals, county governments, and the private sector.
8. United Nations Sacco
The Sacco first opened its doors in 1975. It presently has a Kshs. 12 billion asset base. It provides its members with a wide choice of financial products and loan services. To join the Sacco, one must fill out a membership application form and pay a membership fee of 1,000 shillings, raise a share capital of Kshs 50,000, and make monthly contributions of at least Kshs 2,300.
9. Unaitas Sacco
It’s a deposit-taking Sacco that was established in 2012 under the Sacco Societies Act. Development loans, biashara loan, inuka loan, project loan, kilimo poa advance, company fast repair, and maono advance loans are among the savings and lending options available.
10. Kenya Medical Association Sacco
It was established as a Sacco in 1998 and has since evolved to become a key funder for medical practitioners around the country. The Sacco’s asset base is now valued at 3.655 billion dollars.
11. Kenya Bankers Sacco
It was founded in 1975 as a Sacco to serve personnel in the banking business. Banks, financial/micro-financial institutions, building societies, chamas, and other institutions are currently members.
12. Waumini Sacco
It is a leading progressive Sacco, with over 25,000 members recruited from Catholic institutions, Catholic church members, and former Catholic institution employees. FOSA loan, tulia loan, emergency loans, mjengo loan, salary advance, and FOSA rapid fix are some of the goods offered by the Sacco.
As of 2022, this is a list of the finest SACCOs to join in Kenya. Saccos in Kenya primarily aim to connect people together who have similar financial histories or qualities for the purpose of saving and investing. In Kenya, there are various Saccos that provide such chances. However, not all have succeeded in effectively safeguarding the interests of their members.
