best saccos in kenya you can invest in
Last updated on June 9th, 2023 at 09:58 pm
|SACCO||YEAR OF ESTABLISHMENT||MEMBERSHIP|
|Harambee||1970||Government and parastatal employees|
|Mwalimu||1974||eachers, TSC employees, and employees of the Sacco, education students|
|Safaricom||2001||Employees of Safaricom Ltd, spouses of employees, former employees of the company, the general public|
|Kenya Police||1973||General Public|
|Mhasibu||1986||Members registered under the ministry of industry, trade, and cooperation.|
best saccos in kenya
1. Safaricom Sacco
Safaricom Sacco was established in 2001 to provide its members with various products and services. It currently has over 8,000 members and a resource base of over $2.8 billion.
It has two branches in Nairobi. One is along Mombasa road and the other is at Safaricom Care Center in Westland.
All members are employees of Safaricom Limited, who have retired or resigned. It accepts a couple of Safaricom services and sacco services. Also, members of the public are welcome. Sacco is one of the most profitable in terms of distribution.
2. Stima Sacco
Since its inception in 1974, the Sacco has been one of the best Saccos in Kenya. Membership is open to Kenya Power employees and the public. It has 8 branches spread across the country and its headquarters in Parklands, Nairobi.
Members benefit from a loan of up to three times their savings on the loan at 1% interest and a declining balance.
Stima Sacco helps its members acquire assets such as land and property.
3. Mwalimu Sacco
Mwalimu sacco opened in 1974. Sacco membership is open to all teachers, sacco workers and Community Service Commission workers. In addition, academic students are also welcome.
Sacco members benefit from various products and services such as loans, BOSA and FOSA products and social services.
It has total assets of over 46.2 billion shillings and 18 branches across the country.
4. Harambee Sacco
Since its creation in 1970, sacco has grown by leaps and bounds to count over eighty thousand people.
It is among the top ten saccos with the highest number of members and branches. The Sacco boasts of being a multi-billion dollar enterprise worth over 19 billion shillings.
Membership is open to government officials and public servants. Members benefit from a variety of products and services, such as low-interest loans and personal insurance.
5. Police Sacco Kenya
Initially, this Sacco served the veterans, but the group opened to the public later. The Sacco was established in 1973 to raise funds and provide credit facilities to its members.
With an asset base of 30 billion and a loan portfolio of 26 billion, it is one of the best saccos to invest in.
It has M-Pesa and USSD payment services to facilitate transactions.
6. Waumini Sacco
This Sacco was established by the Catholic Church in 1980. Today, it is one of the leading Saccos with over 33,000 members in all 26 Catholic dioceses.
The Sacco attributes its success to innovative leaders, excellent products and services, dedicated teams and committed employees.
In March 2009, the bank opened its doors to its members by offering a front office service (FOSA).
The Sacco empowers its members socially and economically by collecting money and deposits and extending credit services at affordable rates.
7. Mhasibu Sacco
Account is a Swahili word meaning accountant. The Sacco was established in 1986 by the Institute of Chartered Accountants of Kenya (ICPAK).
The Sacco prides itself on being a leading Sacco with an asset base of over 5 billion shillings.
Mhasibu Sacco is a popular Sacco open to members registered with the Ministry of Industry, Trade and Cooperation.
8. K-Unity Sacco
The Sacco serves the people of Kiambu and Nairobi, where it has many branches. The membership is open to anyone, but you must be approved according to the membership rules.
Members benefit from credit products that quadruple their savings and balance interest rates drop by 1%. Small businesses have benefited from the services and products of K-Unity Sacco.
9. Unaitas Sacco
Unaita Sacco was established in 1993 as Muranga tea growers. In 2007 it changed its name to Muramati Sacco, and later in 2012 it changed its name to Unaitas.
The Sacco has experienced tremendous growth over the past decade. The group is open to all who wish to participate.
Members benefit from savings and loan products such as development loans, business loans, inuka loans, project loans, kilimo poa advance, quick business solutions and maono loans.
10. Hazina Sacco
This Sacco has been operating since 1971 and has seen its operations and growth succeed over the decades. Its membership is over 16,000.
Members can get a loan up to 3.5 times the savings amount with a repayment period of 72 months. In addition to loans, the Sacco offers BOSA and FOSA products to its customers.
There are many saccos in Kenya that one can choose to join. However, some are not regulated and authorized by SASRA. Investing and saving in such saccos can be a big risk because you have no guarantee on your money.
There have been times when saccos went bankrupt and members lost their money and property.
It is important to know the best saccos in Kenya if you are keen on investing. Top saccos in Kenya tend to enjoy support from millions of members, have government regulation to insulate members from loss of investments and they keep members at the center of their decision making process.