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. 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.
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;
· 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!
· 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 (the law has been since repealed).
And most small business people always end up empty handed.
SACCOs are in stark contrast to banks and will readily lend loans (usually X3-or more- 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 also provide emergency and top-up loans to qualifying members.
Other Loans Offered By SACCOS
SACCOs also offer other useful credit facilities including;
- School fees loans.
- Mobile Okoa Loans.
- Holiday loans.
- Loan repurchase.
- 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 20 SACCOS In Kenya
After some thorough research, we have compiled a list of the 20 best SACCOs in kenya.
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: List Of Registered Saccos In Kenya (Deposit 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 30th June 2019
| 1. | Miliki Sacco Society Limited | Nairobi |
Source: SASRA Kenya (we will be updating the list as frequently as possible)
Best SACCOS In Kenya : 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 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.