There are several best performing SACCOs in Kenya which offer such opportunities. However, not all have managed to safeguard the interests of its members to an efficient level.
Here is a detailed list of the best managed and best performing SACCOs in Kenya that you can join.
1. Stima Sacco
It is a leading countrywide fast-growing and licensed deposit-taking Sacco with an asset base of about Kshs. 30bn.
It offers amazing savings and credit products such as development loans, asset financing, biashara loans and mortgages.
The Sacco is open for any member to join. It has branches in Nairobi, Kisumu, Eldoret, Nakuru, Embu and Mombasa.
2. Mwalimu National Sacco
It is the largest African Sacco with a membership drawn from teachers in Kenya. It offers a wide range of products and services such as business loans, welfare services, Back Office Services Activities (BOSA) and FOSA products.
Membership is only for teachers, employees of the Sacco and employees of the Teachers Service Commission.
3. Hazina Sacco
It is a nationwide deposit-taking Sacco that was established in 1971 mainly to promote thrift and savings amongst the Sacco’s members. The Sacco draws its membership from government ministries, parastatals, county governments and the private sector.
4. Harambee Sacco Society
Harambee Sacco mainly draws its membership from the National government, County government, government parastatals, constitutional bodies, Kenya Defence Forces, National police service, National youth service and government departments. It is also open to members from the private sector.
5. United Nations Sacco
The Sacco commenced business in 1975. It’s asset base currently stands at Kshs. 12 billion. It offers a wide range of financial products and loan services to its members.
For one to become a member of the Sacco, one has to fill a membership application form and pay a fee of 1,000 shillings, raise a share capital of Kshs 50,000 and make monthly contributions of not less than Kshs 2,300.
6. Kenya Police Sacco
The Sacco started operating in 1973 to mobilise savings and provide affordable credit facilities. The Sacco has an asset base of 30 billion and a loan portfolio of Kshs. 26 billion.
It draws its membership from serving and retired police officers, employees of the Kenya police service, and Sacco, employees of the civil service, the business community, and employees from corporate entities.
7. Unaitas Sacco
It is a deposit-taking Sacco which was licensed under the Sacco Societies Act, 2012. It offers saving products and loan products such as development loan, biashara loan, inuka loan, project loan, kilimo poa advance, business quick fix and maono advance loan.
8. Kenya Medical Association Sacco
It was registered as a Sacco in 1998 and has tremendously grown as a major financier for medical practitioners countrywide. The Sacco has an asset base which currently stands at 3.655 billion.
9. Kenya Bankers Sacco
It was registered as a Sacco in 1975 to initially serve employees in the banking industry. It currently draws membership from banks, financial/micro-financial institutions, building societies, chamas and other institutions.
10. Waumini Sacco
It is a leading progressive Sacco with a membership of over 25,000 people drawn from catholic institutions, catholic church faithful, and previous employees of Catholic institutions.
The Sacco offers FOSA loans, Tulia loans, emergency loans, Mjengo loans, salary advance, and FOSA quick fix.
11. Maisha Bora SACCO
The SACCO was started in 1974 by a group of employees from the Unilever company. Currently, the SACCO offers membership to all interested persons.
The SACCO gives loans up to three times the member’s investment. The loans are charged an interest of 1% per month on a reducing balance. The loan periods in this SACCO do not exceed six years.
12. Hazina SACCO
This SACCO focuses on county government employees, National government employees, government organization employees, and those in the private sector.
The SACCO was founded in 1971 and has grown to become a deposit-taking SACCO society with a membership of over 15,000.
The SACCO offers loans up to 3.5 times the member’s savings. The interest charged is 1% per month on a reducing balance. The loan period is extendable to 72 months.
13. Wanandege SACCO
This SACCO was started in 1977 for Kenya’s airline and aviation staff. Currently, the Sacco has two branches, one in Nairobi and the other in Mombasa.
The SACCO is open to all members from both the aviation industry and other non-related companies. Members of the SACCO can access loans up to three times their savings. The loan period does not exceed four years, and interest of 1% per month with a reducing balance is charged.
14. Harambee SACCO
Harambee SACCO was started in 1970 by low-income earners and subordinate staff at the office of the president. Today, the SACCO commands an asset base of over Ksh.19 billion with a membership of over 80,000.
The SACCO membership is open to all. Although one has to qualify through the membership policy before being declared a member, members of the SACCO can access loans up to three times their savings for a period not exceeding four years.
15. Imarika SACCO
Imarika SACCO was started in 1974 by employees of the Teacher Service Commission in Kilifi. During its registration, Imarika SACCO had only 100 members. The SACCO has grown over time, and currently, it has over 37,000 members.
Members of Imarika SACCO can access loans up to two times their savings at a 12.5% monthly interest. The allowed repayment period for loans from Imarika SACCO is five years.
Different SACCOs have different modes of operation. Therefore, you should look for one whose conditions favor your interests as an investor. Investing in legitimate SACCOs is one of the best ways to safeguard your money for future use.