Best SACCOS In Kenya 2018

SACCOs are an important part of the dynamic cooperative movement in Kenya.  And although it’s hard to say with certainty how many SACCOs are there in the country, there’s no denying that these institutions hold a special place in the hearts of Kenyans.  Indeed, SACCOs hold as much as shs.250 Billion in member deposits which translates to about 8.3% of Kenya shs.3 Trillion budget (2018). Besides, the best SACCOs in Kenya pay higher dividends than banks on savings making them a popular choice among people looking for savings/investment opportunities.

What is a SACCO in Kenya?

A SACCO ( Savings & Credit Cooperative Organization) is an institution started, owned, and managed by the members – who are joined together by a shared interest.

For example, matatu owners have come together across the country and formed some of the best managed saccos in Kenya, specifically addressing their interests.

Who Governs Saccos in Kenya?

SACCOs fall under the ministry of industrialization’s state department of cooperatives while deposit-taking SACCOs are under SASRA Kenya (Sacco ’s Regulatory Authority) within the sasra act and sasra regulations.

SACCO members develop by- laws which then become the foundation on which the SACCO is governed.

Each year, members are invited for the compulsory AGM to deliberate and pass resolutions on how they want their SACCO to be steered.

It’s during the AGM that board members are elected whenever there’s a vacancy.

list of registered saccos in kenya

How Do SACCOs Differ From Banks?

Many Kenyans confuse leading SACCOs such as unaitas sacco with banks. However, while they share some common operational procedures, SACCOs are quite different from banks.

Here are some prominent differences:

Basis SACCOs Banks
Ownership sasra licensed saccos are owned by the members. Each member holds 1 vote. Banks are owned by their shareholders based on the share capital contributed.
Regulation SACCOs are licensed by the co-operatives department and/or SASRA under the ministry of industrialization. Banks are licensed by the central bank /treasury under the ministry of finance.
Management SACCOs are controlled by the elected board of management. This board comes exclusively from the membership of the relevant SACCO, meaning shareholders have a major say regarding how their SACCO is managed. Banks are controlled by an executive which is appointed (not elected)by the board. Bank clients ,therefore, have no say in the bank’s management
Relationship SACCOs have shareholders/members who are also owners. To a bank, you are a client.

How SACCOs Work

  • All SACCOs including the popular shirika sacco ltd require a minimum shs.1000 contribution (monthly) from members.
  • SACCOs are all about saving discipline so the money saved isn’t accessible unless you take a loan or when withdrawing membership from the SACCO.
  • Savings deposited in a SACCO are not subjected to any bank charges so you get the full amount.

 

Difference between FOSA and BOSA in the Best Saccos in Kenya

SACCOs can run either FOSA(Front Office service activities)savings) or BOSA(Back office service activities) depending on the awarded license.

FOSA is operated like a bank meaning the sacco will accept deposits and allows members to withdraw cash over the counter/ATM/Mobile at their own convenience.

Organizations offering FOSA are commonly called depositing-taking saccos and are closely monitored by the aforementioned SASRA.

BOSA services are principally savings and credit and is the traditional way of doing things in SACCOs.

Benefits of Joining A SACCO

Like many Kenyans,  I started my savings journey in a bank. However, over time, I got tired of the meager returns on my deposits and quit my bank in a huff.

I have since found a warm home in one of the giant SACCOS and I am loving it. Here’s how you can gain by joining any of the best saccos in kenya 2018;

·         Money Saved In A Sacco is an Investment

If you deposit your earnings in a bank, most banks are happy to pay the minimum 70% of the prevailing CBR (Central Bank Rate).

At the time of writing this, the CBR was 9% which translates to an interest of at least 6.3%.

But the best paying saccos in kenya have, at times, paid as much as a 12% dividends on member’s shares- that’s almost double!

For this reason, local SACCOs are rated as one of the best investment opportunities in Kenya.

As they say, in SACCOs, you literary have your money work for you!

best managed saccos in kenya

·         It’s Easier To Get a Loan In A Sacco Than a Bank

Since the passage of the law that caps interest rates in Kenya in 2016, getting a loan from the mainstream banks has become like a game of musical chairs.

And most small business people always end up empty handed.

SACCOs are in stark contrast to banks and will readily lend loans (usually X3 of your savings) without asking too many blood-sugar-raising questions.

The only requirement is that you have other members willing to guarantee you. Additionally, you must have saved for at least 3 months and have maintained a positive relationship with your SACCO.

As a bonus, SACCO’s like stima sacco in Kenya offer the cheapest loans with the interest being about 1% per month on average.

·         SACCOs Offer Plenty of Opportunities To own Property

The best SACCOs in Kenya help their savers to own property and have multiple options for facilitating this.

For instance, some of the top 20 saccos in Kenya buy huge parcels of land and subdivide it before selling to members usually on very friendly terms.

Others in the list of top 100 saccos in Kenya advice their shareholders to apply for an asset finance facility.

Under the arrangement, you identify a piece of land, car, commercial machinery, boda boda, or even a taxi but instead of paying from your pocket, you ask your SACCO to pay on your behalf.

You will be making small installments until you pay off the asset value. It’s true that banks have similar facilities but they set tougher conditions. To make matters worse, they charge exorbitant interests rates- either directly or as hidden charges.

Problems With SACCOs

  • The major drawback is that you can’t access the funds. But this is understandable considering that their main objective is to instill a savings culture.
  • Some SACCOs aren’t well managed so there is always some risk. However, all those named in the list of registered saccos in Kenya are well-managed and secure.

Borrowing In A SACCO

  • First you join your chosen sacco.
  • Then save for at least 3 months. In most saccos, including unaitas sacco Kenya, the minimum you can save is shs.1000 per month.
  • After this period, you qualify to borrow a maximum of 3 times your savings.
  • The best saccos in kenya 2018 also provide emergency and top-up loans to qualifying members.

stima sacco in kenya

Other Loans Offered By SACCOS

SACCOs also offer other useful credit facilities including;

  1. School fees loans.
  2. Mobile Okoa Loans.
  3. Holiday loans.
  4. Loan repurchase.
  5. Car loans.

Factors To Consider When Selecting A SACCO to Join

There are an estimated over 4000 SACCOs operating in Kenya (BOSA & FOSA). From housing saccos in Kenya, k unity sacco, OASIC SACCO….you name them.

But how do you avoid falling into the trap of signing up for a poorly managed SACCO?

·         Investigate What Their Current Customers Say

Do your research and listen to what their current members are saying. If most of their existing shareholders are satisfied, then you can bet on them. If not, run!

·         Is the SACCO registered?

All the best SACCOs in Kenya (deposit taking) are licensed by SASRA while those offering BOSA are supervised by the department of cooperatives so check whether your target sacco’s name is in the in the list of registered saccos in kenya.

Needless to say, joining an unregistered SACCO is akin to signing your own suicide note.

·         Their terms

Some credit facilities like sheria sacco loans come at fairer rates than others. We also have saccos whose interest rates and monthly saving requirements are quite high.

Select a SACCO which you can afford.

·         Availability of Mobile banking

We are living in the digital age so telling me to queue in a sacco will not make sense. I only consider a SACCO which has a fully-fledged mobile banking app. as it allows me to save conveniently.

·         Financial Health and Dividend Payments

So, how does the SACCO perform financially? Do they have adequate assets like land, buildings, and motor vehicles?

Have they been paying dividends and at what percentage?

Do they have a history of prudential financial management?

Financial strong SACCOs offer you peace of mind as they rarely crash.

·         Where Are Your Friends?

Joining a SACCO where you know people is awesome since you won’t struggle to get guarantors when applying for a loan.

 

Must-Read: 13 Awesome Tips To Help You Save Money Easily in Kenya

What if I Want To Quit My SACCO?

Some people have been emailing us about whether SACCOs refund the amounts deposited with them (shares).

Well, Yes!

If, at some point, you feel that you would like to change SACCOs, you are required to make a written request to withdraw your membership and funds.

You will be required to wait for a certain period (between 30-90 days) in a majority of SACCOs after which you should finally receive your clean cheque with the money intact.

top 100 saccos in kenya

Top 20  SACCOS In Kenya

After some thorough research, we have compiled a list of the 20 best SACCOs in kenya 2018..

Here is how we scored them?

  • How quickly you can access a loan.
  • Customer service.
  • Availability and quality of their mobile banking service.
  • What online reviewers are saying.
  • Dividends and returns on shares.
  • Distribution of branches

Please note that the numbering is random;

Name of SACCO Description
Stima SACCO Started in 1974 for Kenya Power staff. It’s now one of the biggest and most popular.
Unaitas

 

The former Muramati SACCO is gearing to become a bank. They have mammoth assets and have invested heavily in modernizing operations.
Imarika SACCO

 

Formerly Kilifi Teachers SACCO, this sacco offers an extended loan period of up to 60 months.
Mhasibu SACCO Mainly targets accountants. One of the best managed overall.
Wanandege SACCO

 

Targeting Kenya airways staff, wanandege has spread its wings to Mombasa and runs one of the best mobile banking app.
Waumini SACCO Catholic based. Has been growing at phenomenal rates since opening its doors.
Maisha Bora SACCO

 

At 1% interest per month, maisha bora has one of the lowest priced loans in Kenya.
Safaricom SACCO One of the best in the business. They have excellent real estate plans and isn’t restricted to Safaricom staff
Hazina SACCO

 

Here you can get 3.5X your savings as a loan. The SACCO has members from all over the country.
Harambee SACCO This giant has been serving civil servants but its now open to the public. It’s one of the richest SACCOs in the country.
Kenya Police SACCO

 

Would you believe it? Kenya police has one of the cleanest and efficient SACCOs. And you don’t have to be a police officer to join!
K-Unity Sacco

 

K Unity is big and fantastic. They can allow you to borrow upto 4X your savings.
Sheria SACCO Registered wayback in 1972 and with about 10000 members, the SACCO is doing extremely well. It was initially targeting  Judiciary staff and people working in the legal sector.
UN Sacco Another shining star. Doing exceedingly well and with super affordable loans.
Mwalimu sacco This is arguably the largest in terms of membership. It boosts of over 80000 active shareholders and it’s not just teachers.
Kimisitu Sacco Kimisitu Sacco has also been attracting 5-star reviews from members.
Nation SACCO Ltd Another wonderfully performing sacco.
Kenya Bankers SACCO By bankers and for bankers. But it now accepts members from across the board.
Afya SACCO Yet another SACCO which has been in superb health for quite some time now.
Tower SACCO Opened in 1976, tower SACCO is one of the friendliest for business people.

OTHER SACCOs Deserving a Mention

  • Metropolitan National Sacco
  • Ukulima SACCO
  • Invest and Grow SACCO
  • Gusii Mwalimu SACCO
  • New Fortis SACCO
  • Boresha SACCO
  • Mentor sacco
  • Magereza SACCO
  • Cosmopolitan SACCO
  • Mombasa port SACCO
  • Bingwa sacco
  • Winas SACCO
  • Solution SACCO
  • Kitui teachers SACCO
  • NACICO SACCO
  • Ollin SACCO
  • Kwetu SaCCO
  • jamii SACCO

Best SACCOS In Kenya 2018: List Of Registered Saccos In Kenya (Dedosit Taking SACCOs Only)

According to the latest data from SASRA, these are the SACCOS licensed to offer FOSA services in our country as of today.

 

NO. NAME OF SACCO ADDRESS
1. 2NK SACCO  LTD NYERI.
2. AFYA SACCO  LTD NAIROBI.
3. AGRO-CHEM SACCO  LTD MUHORONI.
4. AINABKOI SACCO  LTD AINABKOI
5. ALL CHURCHES SACCO  LTD THIKA.
6. AIRPORTS SACCO  LTD NAIROBI
7. AMICA SACCO  LTD MURANG’A.
8. ARDHI SACCO  LTD NAIROBI.
9. ASILI SACCO  LTD NAIROBI.
10. AZIMA SACCO  LTD THIKA.
11. BANDARI SACCO  LTD MOMBASA.
12. BARAKA SACCO  LTD  KARATINA.
13. BARATON UNIVERSITY SACCO  LTD ELDORET.
14. BIASHARA SACCO  LTD NYERI.
15. BIASHARA TOSHA SACCO  LTD MANYATTA.
16. BI-HIGH SACCO  LTD MARSABIT.
17. BINGWA SACCO  LTD KERUGOYA.
18. BORESHA SACCO  LTD ELDAMA RAVINE.
19. CAPITAL SACCO  LTD MERU.
20. CENTENARY SACCO  LTD MERU.
21. CHAI SACCO  LTD NAIROBI.
22. CHUNA SACCO  LTD NAIROBI.
23. COMOCO SACCO  LTD NAIROBI
24. COSMOPOLITAN SACCO  LTD NAKURU.
25. COUNTY SACCO  LTD RUNYENJES.
26. DAIMA SACCO  LTD EMBU.
27. DHABITI SACCO  LTD MAUA.
28. DIMKES SACCO  LTD KIAMBU.
29. DUMISHA SACCO  LTD MARARAL.
30. ECO-PILLAR SACCO  LTD KAPENGURIA
31. EGERTON SACCO  LTD EGERTON.
32. ELGON TEACHERS SACCO  LTD KAPSOKWONY.
33. ELIMU SACCO  LTD NAIROBI.
34. ENEA SACCO  LTD KARATINA.
35. FARIDI SACCO  LTD BUSIA.
36. FARIJI SACCO  LTD GITHUNGURI.
37. FORTUNE SACCO  LTD KERUGOYA.
38. FUNDILIMA SACCO  LTD NAIROBI.
39. GITHUNGURI  DAIRY  &  COMMUNITY  SACCO LTD GUTHUNGURI.
40. GOOD HOPE SACCO  LTD NAROK.
41. GOODWAY SACCO  LTD KERUGOYA.
42. GUSII MWALIMU SACCO  LTD KISII.
43. HARAMBEE SACCO  LTD NAIROBI.
44. HAZINA SACCO  LTD , NAIROBI.
45. IG SACCO  LTD KAKAMEGA.
46. ILKISONKO SACCO  LTD LOITOKITOK.
47. IMARIKA SACCO  LTD KILIFI.
48. IMARISHA SACCO  LTD KERICHO.
49. IMENTI SACCO  LTD MERU.
50. JACARANDA SACCO  LTD RUIRU.
51. JAMII SACCO  LTD NAIROBI.
52. JOINAS SACCO  LTD KARURI.
53. KAIMOSI SACCO  LTD SIRWA.
54. KATHERA RURAL SACCO  LTD NKUBU.
55. KENPIPE SACCO  LTD NAIROBI.
56. KENVERSITY SACCO  LTD NAIROBI.
57. KENYA ACHIEVAS SACCO  LTD KISII.
58. KENYA BANKERS SACCO  LTD NAIROBI.
59. KENYA HIGHLANDS SACCO  LTD KERICHO.
60. KENYA POLICE SACCO  LTD NAIROBI.
61. KIMBILIO DAIMA SACCO  LTD  KIMULOT.
62. KINGDOM SACCO  LTD NAIROBI.
63. KIPSIGIS EDIS SACCO  LTD BOMET.
64. KITE SACCO  LTD KISUMU.
65. KITUI TEACHERS SACCO  LTD KITUI.
66. KMFRI SACCO  LTD MOMBASA.
67. KOLENGE TEA SACCO  LTD NANDI HILLS.
68. KORU SACCO  LTD KORU.
69. K – PILLAR SACCO  LTD  MOGOGOSIEK.
70. K – UNITY SACCO  LTD KIAMBU.
71. KWETU SACCO  LTD MACHAKOS.
72. LAINISHA SACCO  LTD WANG’URU.
73. LENGO SACCO  LTD MALINDI.
74. MAFANIKIO SACCO  LTD MOMBASA.
75. MAGADI SACCO  LTD MAGADI.
76. MAGEREZA SACCO  LTD NAIROBI.
77. MAISHA BORA SACCO  LTD NAIROBI.
78. MENTOR SACCO  LTD MURANG’A.
79. METROPOLITAN NATIONAL SACCO  LTD NAIROBI.
80. MMH SACCO  LTD MAUA.
81. MOMBASA PORT SACCO  LTD .MOMBASA.
82. MUDETE TEA GROWERS SACCO  LTD KAKAMEGA.
83. MUKI SACCO  LTD NORTH KINANGOP.
84. MWALIMU NATIONAL SACCO  LTD NAIROBI.
85. MWIETHERI SACCO  LTD EMBU.
86. MWINGI MWALIMU SACCO  LTD MWINGI.
87. MWITO SACCO  LTD NAIROBI.
88. NACICO SACCO  LTD NAIROBI.
89. NAFAKA SACCO  LTD NAIROBI.
90. NANDI FARMERS SACCO  LTD NANDI HILLS.
91. NATION SACCO  LTD NAIROBI.
92. NAWIRI SACCO  LTD EMBU.
93. NDEGE CHAI SACCO  LTD KERICHO.
94. NDOSHA SACCO  LTD CHOGORIA  – MAARA.
95. NG’ARISHA SACCO  LTD BUNGOMA.
96. NOBLE SACCO  LTD ELDORET.
97. NRS SACCO  LTD KIKUYU.
98. NSSF SACCO  LTD NAROBI.
99. NUFAIKA SACCO  LTD KERUGOYA.
100. NYALA VISION SACCO  LTD NDARAGWA.
101. NYAMBENE ARIMI SACCO  LTD MAUA.
102. NYAMIRA TEA FARMERS SACCO  LTD NYAMIRA.
103. NYATI SACCO  LTD NAIROBI.
104. NEW FORTIS SACCO  LTD NYERI.
105. OLLIN SACCO  LTD KERUGOYA.
106. PATNAS SACCO  LTD LITEIN.
107. PRIME TIME SACCO ITEN.
108. PUAN SACCO  LTD NAROK.
109. QWETU SACCO  LTD WUNDANYI.
110. RACHUONYO TEACHERS SACCO  LTD KOSELE.
111. SAFARICOM SACCO  LTD NAIROBI.
112. SHERIA SACCO  LTD NAIROBI.
113. SHIRIKA SACCO  LTD NAIROBI.
114. SIMBA CHAI SACCO  LTD KERICHO.
115. SIRAJI SACCO  LTD TIMAU.
116. SKYLINE SACCO  LTD ELDAMA RAVINE.
117. SMART CHAMPIONS SACCO  LTD GITHONGO.
118. SMART LIFE SACCO  LTD KAPSOWAR.
119. SOLUTION SACCO  LTD MERU.
120. SOTICO SACCO  LTD SOTIK.
121. SOUTHERN STAR SACCO  LTD CHUKA.
122. SHOPPERS SACCO  LTD NAIROBI.
123. STAKE KENYA SACCO  LTD KEHANCHA.
124. STIMA SACCO  LTD NAIROBI.
125. SUBA TEACHERS SACCO  LTD MBITA.
126. SUKARI SACCO  LTD MUMIAS.
127. SUPA SACCO  LTD MARALAL.
128. TABASAMU SACCO  LTD KWALE.
129. TAI SACCO  LTD GITHUNGURI.
130. TAIFA SACCO  LTD NYERI.
131. TAQWA SACCO  LTD NAIROBI.
132. TEMBO SACCO  LTD RUARAKA NAIROBI.
133. TENHOS SACCO  LTD BOMET.
134. THAMANI SACCO  LTD CHUKA.
135. TRANSCOUNTIES SACCO  LTD KITALE.
136. TRANS NATION SACCO  LTD CHUKA.
137. TIMES U SACCO  LTD NKUBU.
138. TOWER SACCO  LTD OL’KALOU.
139. TRANS – ELITE COUNTY SACCO  LTD KAPSABET.
140. TRANSNATIONAL TIMES SACCO  LTD KITALE.
141. UFANISI SACCO  LTD NAIROBI.
142. UKRISTO NA UFANISI ANGLICANA SACCO NAIROBI.
143. UKULIMA SACO  LTD NAIROBI.
144. UNAITAS SACCO  LTD NAIROBI.
145. UNI–COUNTY SACCO  LTD NAKURU.
146. UNITED NATIONS SACCO  LTD NAIROBI.
147. UNISON SACCO  LTD NANYUKI.
148. UNIVERSAL TRADERS SACCO  LTD MACHAKOS.
149. VIHIGA COUNTY FARMERS SACCO  LTD CHAVAKALI.
150. VIKTAS SACCO  LTD NYAHURURU.
151. VISION POINT SACCO  LTD NYANSIONGO.
152. VISION AFRICA SACCO  LTD NAKURU.
153. WAKENYA PAMOJA SACCO  LTD KISII.
154. WAKULIMA COMMERCIAL SACCO  LTD MUKURWENI.
155. WANA – ANGA SACCO  LTD NAIROBI.
156. WANANCHI SACCO  LTD OTHAYA.
157. WANANDEGE SACCO  LTD NAIROBI.
158. WASHA SACCO  LTD MOMBASA.
159. WAUMINI SACCO  LTD NAIROBI.
160. WEVARSITY SACCO  LTD KAKAMEGA.
161. WINAS SACCO  LTD EMBU.
162. YETU SACCO  LTD NKUBU.
163. JITEGEMEE SACCO  LTD MOMBASA.
164. NANDI HEKIMA SACCO  LTD KAPSABET
NO. NAME OF POSTAL ADDRESS
165. NANYUKI EQUATOR SACCO  LTD NANYUKI.
166. UCHONGAJI SACCO  LTD MOMBASA.

SCHEDULE II: SACCO’S WITH RESTRICTED LICENSED UP TO 31ST DECEMBER 2018

 

1. GOOD FAITH SACCO  LTD UPLANDS.
2. JUMUIKA SACCO  LTD AWASI.
3. KENYA MIDLAND SACCO  LTD BOMET.
4. LAMU TEACHERS SACCO  LTD LAMU.
5. MILIKI SACCO  LTD NAIROBI.
6. ORIENT SACCO  LTD THIKA.
7. TARAJI SACCO  LTD SIAYA.
8. TELEPOST SACCO  LTD NAIROBI.

Source: SASRA Kenya (we will be updating the list as frequently as possible)

Best SACCOS In Kenya 2018: List Of Fully Registered Saccos BOSA (back office)

To get the list of all registered sacco’s (BOSA), email ps@industrialization.go.ke  or enquire from the nearest co-operative office in your sub-county.

Best Saccos In Kenya :  Final Word

Joining any of the best SACCOs in Kenya 2018 could prove to be your most inspired decision today.

Not only do SACCOs pay handsome dividends, they also issue cheaper loans and more easily.

And considering the overwhelming number of SACCOs in kenya, you should surely get one to fit your needs.

John Gitahi

John Gitahi is a freelance writer and a pro digital marketer. He has a strong background in Entrepreneurship and ICT. Among his achievements is building a FaceBook page following from 0 likes to 25,000 likes in 2 years. When not writing and pushing stuff online, you will find him touring the remotest corners of the world. Reach him on waibochij@gmail.com if you would like to be featured.

Leave a Reply

Your email address will not be published. Required fields are marked *