A SACCO (Savings and Credit Cooperative) is a financial institution owned and operated by its members, who pool their resources to provide savings and credit services to one another.
It serves as a community-based cooperative, allowing individuals to save money regularly and access affordable credit when needed.
SACCOs are crucial because they promote financial inclusion, especially in underserved areas, by offering accessible financial services, fostering a culture of savings, and empowering members to achieve their financial goals.
Some of well managed Saccos in Kenya include:
Stima Sacco, Mhasibu Sacco, Waumini Sacco, Kimisitu Sacco, Safaricom Sacco, Gusii Mwalimu Sacco, Metropolitan National Sacco Ltd, Sheria Sacco, Kenya Police Sacco, Mwalimu Sacco, Harambee Sacco, Unaitas Sacco, Hazina Sacco, Kenya Bankers Sacco, and United Nations Sacco Society
How to pick the best saccos in Kenya to invest in
Research: Look into the reputation, history, and financial stability of various SACCOS. Check their annual reports, membership size, and performance over the years.
Membership and Eligibility: Ensure you qualify for membership and understand the terms, conditions, and benefits of joining the SACCOS.
Interest Rates and Returns: Compare the interest rates offered on savings and loans, as well as any dividends or returns on investments.
Services and Products: Assess the range of financial products and services offered by the SACCOS, such as savings accounts, loans, insurance, and investment options.
Governance and Management: Evaluate the SACCOS’s management structure, board of directors, and transparency in operations.
Location and Accessibility: Consider the convenience of the SACCOS’s branches or service points in relation to your location.
Reputation and Reviews: Read reviews, testimonials, and opinions from existing members to gauge their satisfaction and experiences.
Regulatory Compliance: Ensure the SACCOS is registered and regulated by the relevant authorities, such as the Sacco Societies Regulatory Authority (SASRA) in Kenya.
Fees and Charges: Understand any fees, charges, or penalties associated with various transactions and services.
Seek Professional Advice: If needed, consult a financial advisor or expert who can provide insights based on your specific financial goals and risk tolerance.
Summary of the best saccos you can invest in Kenya
| SACCO Name | Enrollment Fee | Minimum Monthly Savings | Ownership Stake | Loan Limit Multiplier | Earnings on Equity | Member Deposit Interest |
|---|---|---|---|---|---|---|
| Nyati SACCO | Ksh 500 | Ksh 1,200 | Ksh 9,000 | 3 | 21% | 11% |
| Magadi SACCO | Ksh 2,000 | – | Ksh 20,000 | 3 | 20% | 14% |
| Tower SACCO | Ksh 500 | Ksh 500 | Ksh 10,000 | 3 | 20% | 13% |
| Mombasa Port SACCO | Ksh 500 | Ksh 1,000 | Ksh 40,000 | 4 | 20% | 12.5% |
| TransNation SACCO | Ksh 500 | Ksh 400 | Ksh 10,000 | 3 | 18% | 13.1% |
| Biashara SACCO | Ksh 2,000 | Ksh 2,500 | Ksh 50,000 | 5 | 18% | 13% |
| Bandari SACCO | Ksh 1,000 | Ksh 1,500 | Ksh 10,500 | – | 18% | 11.5% |
| Mafanikio SACCO | – | – | – | – | 18% | 11% |
| Hazina SACCO | Ksh 1,000 | Ksh 1,000 | Ksh 16,000 | 4 | 18% | 10.6% |
| Kenya Police SACCO | Ksh 2,000 | Ksh 1,000 | Ksh 20,000 | 4 | 17% | 10.8% |
| Unison SACCO | – | Ksh 2,000 | Ksh 1,000 | 5 | 16% | 12.5% |
| Sheria SACCO | Ksh 1,000 | Ksh 2,000 | Ksh 20,000 | 4 | 16% | 9% |
| Nation SACCO | Ksh 1,000 | Ksh 2,000 | Ksh 10,000 | 2 | 15% | 9% |
| Kimisitu SACCO | Ksh 1,000 | Ksh 2,000 | Ksh 30,000 | 4 | 15% | 8.5% |
| Stima SACCO | Ksh 500 | Ksh 1,000 | Ksh 25,000 | 5 | 14% | 11% |
| Imarika SACCO | Ksh 1,000 | Ksh 1,000 | Ksh 30,000 | 2 | 14% | 8% |
| Imarisha SACCO | Ksh 360 | Ksh 1,000 | Ksh 30,000 | 5 | 13.9% | 11.2% |
| Mwalimu SACCO | Ksh 2,000 | Ksh 2,000 | Ksh 30,000 | 6 | 13% | 9.3% |
| Safaricom SACCO | Ksh 1,000 | Ksh 3,000 | Ksh 40,000 | 3 | 13% | 8.2% |
| Waumini SACCO | Ksh 500 | Ksh 300 | Ksh 15,000 | 4 | 19.25% | – |
Here is a comprehensive list of 18 of the best Saccos in Kenya.
1. Equity Bank Sacco
Equity Bank Sacco is one of the largest Saccos in Kenya with over 800,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 11 billion.
2. Kenya Police Sacco
Kenya Police Sacco is a member-owned financial institution that offers specific financial products and services to its members. It has over 150,000 members and offers competitive interest rates and savings products.
3. Family Bank Sacco
Family Bank Sacco is one of the most popular Saccos with over 500,000 members. It offers competitive interest rates, savings and loan products, and has an asset base of over Kshs. 10 billion.
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4. Co-operative Bank of Kenya Sacco
Co-operative Bank of Kenya Sacco is one of the top Saccos in the country with over 700,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 8 billion.
5. FOSA Sacco
FOSA Sacco is one of the largest Saccos in Kenya with over 900,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 16 billion.
6. Kenya Meat Commission Sacco
Kenya Meat Commission Sacco is one of the oldest Saccos in Kenya with over 500,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 9 billion.
7. Kenya Aviation Sacco
Kenya Aviation Sacco is one of the top Saccos in Kenya with over 100,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 4 billion.
8. Post Bank Sacco
Post Bank Sacco is one of the profitable Saccos to invest in with over 800,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 6 billion.
9. Kenya Power Sacco
Kenya Power Sacco is one of the most popular Saccos in Kenya with over 500,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 5 billion.
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10. Mumias Sacco
Mumias Sacco is one of the largest Saccos in Kenya with over 900,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 13 billion.
11. Kenya Airports Authority Sacco
Kenya Airports Authority Sacco is one of the top Saccos in Kenya with over 300,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 4 billion.
12. TSC Sacco
TSC Sacco is one of the most popular Saccos in Kenya with over 400,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 6 billion.
13. KQ Sacco
KQ Sacco is one of the largest Saccos in Kenya with over 700,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 10 billion.
14. PCEA Sacco
PCEA Sacco is one of the oldest Saccos with over 400,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 7 billion.
15. Safaricom Sacco
Safaricom Sacco is one of the top Saccos in Kenya with over 200,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 3 billion.
16. NSSF Sacco
NSSF Sacco is one of the most popular Saccos in Kenya with over 700,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 12 billion.
17. First Community Bank Sacco
First Community Bank Sacco is one of the largest Saccos with over 500,000 members. It offers competitive interest rates, savings and loan products and has an asset base of over Kshs. 8 billion.
18. Jamii Bora Bank Sacco
Jamii Bora Bank Sacco is one of the top Saccos in Kenya with over 250,000 members. It offers competitive interest rates, savings and dividends.
19. Imarisha SACCO
Imarisha SACCO originated as an educators’ cooperative in 1978. Over time, it has expanded its membership to include medical professionals, entrepreneurs, and other skilled individuals. Guided by principles of openness, respect, and ingenuity, Imarisha achieved a 13.9% dividend return on invested capital and an 11.2% interest yield on member savings during the year 2021.
To enroll, a registration fee of Ksh 360 is required, alongside a monthly contribution of at least Ksh 1,000. The initial investment amount is Ksh 30,000. Furthermore, members are eligible for an Imarisha SACCO loan of up to five times their contributed sum.