Best SACCOs in Kenya with Great Reputation

There are numerous SACCOs in Kenya, which can make it difficult to decide which one to join. Based on our findings, and considering factors like dividends and reputation, below are the best SACCOs in Kenya to join.

Stima Sacco

Stima Sacco is one of the leading Saccos in Kenya with low interest rates on loans. The Sacco was established to serve East African Power & Lighting Company employees but currently it accepts members from individuals in employment from all sectors. Their products include Insurance, savings accounts, mortgage facilities, loans, and Investment options.

Hazina Sacco

Hazina Sacco was started by employees of the Ministry of Finance and Planning before it expanded to other civil servants and then private-sector employees. Membership in Hazina Sacco is open to employees of national and county governments, parastatals, and private companies. Its major goal is to allow its members to build savings.

Mwalimu Sacco

Mwalimu National Sacco is a Sacco in Kenya that mainly comprises TSC employees in post-primary, TVETA, and Mwalimu Sacco staff. It is the largest African sacco that aims to provides teachers with access to affordable financial services.

Unaitas Sacco

Unaitas Sacco is a deposit-taking Savings and Credit Cooperative (SACCO) organization that provides medium-tier financial services in Kenya. It is the first SACCO to automate its operations, their products include loans, savings, Insurance and investments.

Kenya National Police Sacco

Kenya National Police DT Sacco is aimed for regular and administrative police officers, but it is also available to public servants and salaried staff. They offer loans, credit products, savings accounts, and insurance services. The Sacco's product and service offerings aim to improve its members' financial well-being and general quality of life.

Nyati Sacco

Nyati Sacco is a Sacco in Kenya whose majority of members work as private security guards. It began with G4S security workers. It also accepts membership from the diaspora, members' spouses, registered groups, and corporates on a non-check-off basis. It provides its members with financial services such as savings, loans, and investments.

Kimisitu Sacco

Kimisitu Sacco was formed by staff of World Agroforestry (ICRAF). The Sacco provides loans, savings accounts, and a variety of other services to its members. They recruit members from international organizations, corporates, and registered enterprises, as well as spouses and children of members and business owners.

Ollin Sacco

Ollin Sacco is a Sacco in Kenya whose members comprise primary school teachers, post-primary school teachers, secondary school teachers, civil servants, e.t.c. Their product and services are; personal savings, borrowing facilities and other banking services. The Sacco is located in Kerugoya town, Kirinyaga County in the central region 120km from Nairobi.

Waumini Sacco

Waumini Sacco is a Kenyan Sacco whose members are mostly Catholic Church members and staff of Catholic institutions, however it has expanded to accommodate individuals and organizations that share its values and purposes. The Sacco essentially mobilizes savings and deposits to provide loans to its members.

Trans Nation Sacco

Trans-Nation Sacco, formerly known as Tharaka Nithi Teachers Sacco, was formed following the split of MERU TEACHERS SACCO SOCIETY LIMITED. The Sacco's headquarters are in Chuka Town with branches in Kitui, Samburu, Isiolo, Meru and Marsabity counties. They offer banking services, various loan products, variety of savings products that guarantee value in terms of good dividends, interest, and affordable credits.

Kenya Bankers Sacco

The Kenya Bankers Sacco was founded by the employees of the banking industry. The Sacco was formed mainly to provide affordable financial services to its members and customers. It is known for its lower Insurance premiums, low-interest loans, and high returns on deposits. Their head office is located along Ngong Avenue, off Ngong Road -Nairobi.

Safaricom Sacco

Safaricom Savings and Credit Co-operative Society was founded in 2001 by Safaricom employees to provide members with loans to help them develop and improve their economic and social status. They offer Sacco membership, deposits, long and short-term loans, savings, and virtual Sacco services.

Factors to Consider Before Joining a SACCO

Joining a SACCO is easy, but exiting is not because most SACCOs make it nearly impossible to transfer your shares, and if you are lucky, it will be at a loss. Below are other factors to consider before joining a SACCO

Dividends: The most important factor when joining a SACCO is to earn extra income. Look at the financial performance of the Sacco and the latest dividend payouts. Besides loans, thriving Saccos invest in other businesses that generate income for members.
Requirements: Read the terms of the SACCO and understand all the requirements for joining, taking a loan, and leaving. Make sure that you are comfortable or meet these requirements before joining.
Loans: Look at the interest rates charged on loans issued to members, the loan recovery process, and the loan amount limits. If you only want to invest or save, then this is something you should not be worried about.
Shared Interest Group: Majority of Saccos in Kenya are started by a group of workers in a company before expanding to the public. It is important to join a SACCO where you share common interests with other members. This will make it easier to get a guarantor when applying for a loan and to sell your shares if you face financial difficulties.
Reputation: Use social media to find out what existing or past members say about the Sacco. Take keen interest in whether the SACCO pays dividends on time and its financial status. Also, look at the management of the SACCO and its transparency policies.
Fees: Besides membership registration fees, consider other fees that are charged by the Sacco, such as transaction fees, processing fees, penalty fees, statement fees, share transfer fees, etc.
Technology: Consider how easy it is to access and manage your account. A Sacco with automated processes will save you a lot of money and time from having to contact customer service. Ideally, a Sacco should have an online portal or mobile application where you can log in and keep track of loans, and savings, and interact with other members.