The Best Saccos in Kenya in 2022

April 21, 2022

top 10 best saccos in kenya

Saccos mean Savings and Credit Co-operative Society. It is a financial institution that enables members to access financial services from saving and loans access.

What is the importance of joining a Sacco? Sacco membership comes along with a lot of benefits such as access to loans with simple interests, a safe heaven for keeping your savings to achieve your financial goals, and also, unlike banks, you are entitled to receive dividends at the end of its fiscal year. For you to get dividends from a banks, you must buy its shares to qualify, a weak spot.

In Kenya, Saccos are regulated and supervised by Sacco And Societies Regulatory Authority (SASRA) to ensure the protection of its consumers. There are a lot of Saccos in Kenya, and one can easily fall into the trap of fraudsters who ran Saccos for individual gains, and their Saccos end up dead after taking deposits from uninformed Kenyans.

Saccos that are successful are always spearheaded by sound management, and they usually wield their roles with utmost integrity and openness when it comes to financial practices. That is just a tip of knowing a thriving Sacco. So which are the best Saccos in Kenya?

Top 10 best investment Saccos in Kenya

Below is a list of the best Saccos in Kenya.

1. Kenya Police Sacco
2. Unaitas Sacco
3. Safaricom Sacco
4. Harambee Sacco
5. Sheria Sacco
6. Stima Sacco
7. Mhasibu Sacco
8. Mwalimu Sacco
9. Wanandege Sacco
10. Maisha Bora Sacco

Kenya Police Sacco

Kenya Police Sacco is the best credit union in Kenya and has been operational since November 20, 1972. It started with only 690 members, and its outstanding financial services have seen it grow immensely to having over 60,000 members.

The Sacco is not reserved only for the police force, but entrepreneurs and eligible members above 18 years can join it. It offers loans with affordable interest rates of 15% per annum with repayment periods ranging from 12 to 48 months.

top 5 best saccos in kenya

Its headquarters is in Ngara Road, off Muranga Road, Nairobi.

Unaitas Sacco

Unaitas Sacco was formed on May 14, 1993, under the name Murang’a Tea Growers. It was registered as a deposit-taking cooperative Society that served tea farmers from Murang’a and offered them loans and advances to boost their farming.

It later changed to Muramati Sacco in 2007 when it extended its services beyond Murang’a boundary lines. It was serving salaried employees and entrepreneurs at that time until 2012, when it rebranded to Unaitas to operate countrywide.

It provides loans such as; Biashara Loan Project Loan, Asset Finance Loan, Inuka Loan, Kilimo Poa Advance, and Salary Advance to consumers.

Safaricom Sacco

Safaricom Sacco was started in 2001 as a cooperative society to boost social and economic status of its consumers. It started with 222 members and has grown to boast over 12,000 members, drawn from all sectors of the economy – manufacturing industry players, technology to service industry experts.

It has an asset base of Ksh6.6 billion, and this has made it to become one of the best Saccos in Kenya. Safaricom Sacco is regulated by Sacco Society Regulatory Authority (SASRA), and it has its headquarters in Nairobi.

Harambee Sacco

harambee sacco

Harambee Sacco began from humble beginnings. It started as a ‘chama’ in 1969 by employees of the Office of the President (OOP) Jomo Kenyatta. In 1970, it was officially registered as a deposit-taking cooperative society and has grown to have over 70,000 members countrywide. It has an asset base of Ksh32.5 billion and has branches in Nairobi, Mombasa, Kisumu, Eldoret, Nakuru, and Nanyuki.

Harambee Sacco guarantees members affordable loans, mortgage facilities, and security of their funds. Members contribute a minimum of Ksh300 per month, and those who would wish to get dividends are required to pay a one-time capital of Ksh30,000.

Sheria Sacco

Sheria means law, and Sheria Sacco was formed in 1972 with the majority of the members pooled from the Judiciary. It has currently over 10,000 members, and Sacco membership is open to all so long as you are above 18 years.

Consumers mostly opt to invest with Sheria Sacco because of its low-interest loans, and the interests paid on every loan are channeled back as interests of deposits.

To join Sheria Sacco, one can visit any of their branches or do it online. A registration fee of Ksh1,700 and Ksh1,000 for Sacco registration is submitted upon registration.

Stima Sacco

Stima Sacco was formed in 1974 by East African Power and Lighting Company employees but has grown tremendously to become a leading financial partner and allow memberships from all Kenyans. It also operates in the diaspora.

It has nine branches spread all over the country, and it’s popular for its loans with 1% interest rates per month. Stima Sacco’s headquarters is in Parklands, Nairobi.

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Mhasibu Sacco

Going by their name ‘Mhasibu,’ which means accountant and their vision ‘To be a Sacco of Excellence among the best managed in the world,’ it brings out a clear picture that Mhasibu Sacco is among cooperative societies with good financial standings as it hosts membership from many fellows in Institute of Certified Public Accountants of Kenya (ICPAK).

It was started in 1986 by 37 members but has thrived to register 20,000 members and has a welfare asset worth over Ksh7.5 billion.

Mhasibu Sacco continues to grow exponentially, thanks to its risk management program and insurance coverage on the assets of its members.

Mwalimu Sacco

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Mwalimu National Sacco, popularly Mwalimu Sacco, was formed in 1984 to check on the welfare of Kenyan teachers in a bid to drive them to financial independence.

More than three decades later, it has grown to have over 18 branches all over the country, and has several success stories of members who have achieved economic stabilization due to the low-interest loans and salary advances given to members.

Wanandege Sacco

Wanandege Sacco was insituted on June 22, 1977. The sacco primarily mobilizes savings and deposits of its members, who are mostly in the aviation industry, and gives them back in form of loans to empower them financially.

Apart from cultivating the saving discipline in its members and providing them with credit, Wanandege Sacco also offers cheap rental spaces to boost their business activities.

Its headquarters is in Wanandege Plaza, Off old Airport North Road, Nairobi.

Maisha Bora Sacco

Maisha Bora Sacco is determined to upscale the financial might of their members, ‘good life’ it is. It was instated by East Africa Industries Ltd workers in 1974 under the name Kimbo Sacco. In 2005, it re-branded and changed its name to Maisha Bora Sacco. East Africa Industries Ltd also changed to Unilever in October 2000.

It is a commercially autonomous financial institution that has always been ready to provide a financial cushion to consumers, owing to its assets worth Ksh2.08 billion and a share capital of Ksh101 million to guarantee big dividends to its investors.

Anyone with a national ID can join and start investing in this giant sacco, which is headquartered in Commercial Street, Industrial Area, Nairobi.

NOTE – Saccos are also fundamental as banks. They contribute over 30% of the gross national savings and 40% of Kenya’s Gross Domestic Product (GDP).

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