Top 10 List Of Best SACCOs In Kenya 

This Top 10 List Of Best SACCOs In Kenya as of December 2023. Saccos in Kenya mainly strive to bring together people with similar financial backgrounds/ characteristics for a common purpose of saving and investment.

How Much Does It Cost To Join A SACCO?

• A copy of National ID /Passport.
• Cash of  Kshs.1, 700/= entrance fees;
• SACCO Registration- Kshs. 1,000.

Most Kenyans have shun away from Banks and instead joined several SACCOs because;

1. Bank rates are ever high compared to SACCOs
2. Banks have loan interest rates and again they’re never the same, this is where most people won’t imagine how costly it can be to find a bank with low loan interest to get a loan from.
3. At any given time, interest rates for SACCOs are lower than those of banks
4. Saccos makes investments in assets like lands, homes, and enterprises and provides members with low-cost access to such assets. The only thing at risk when you join a SACCO is your funds or shares.
5. The assets of Sacco members who were not directly involved in fraudulent behavior or bankruptcy would not be affected.

There are several Saccos in Kenya that offer such opportunities. However, not all have managed to safeguard the interests of their members to an efficient level.

Here is a detailed list of the best SACCOs in Kenya that you can join.

List Of Best Managed and Performing Saccos In Kenya as of December 2023

Top 10 List Of Best SACCOs In Kenya 

1. Amica SACCO

Amica SACCO is a financial institution that offers products such as savings, investments, loans, and insurance.

Amica is one of the best SACCOs to join in Kenya. It is a Tier One Sacco that was started in 1966 by coffee farmers in Muranga but later opened its bond to serve all sectors. The Sacco rebranded in 2016 and is currently operating as Amica Savings & Credit, or simply as Amica Sacco.

Amica Sacco’s banking channels include Mobile Banking, Sacco Agency, Visa cards, checkbooks, Pay bills, and Money transfer services like Pesalink and RTFT. The Sacco has 18 branches and more than 360 agents spread across Nairobi, Kiambu, and Muranga Counties.

Advantages Of Joining Amica Sacco

You can use your Amica Membership Card for:-

• Cash withdrawal on any ATM and bank agents
• Shopping
• Online payments
• Bill payments
• Account balance inquiry
• Access Statement
• Members are also given loans at ten (10) times their savings, popularly known as Investa.
• Loans are repayable for up to 5 years
• Interest is charged from as low as 1% per month on a reduced balance.

More Info

• Contact: 0729 333 444
• Join Via: JOIN US
• Check out more of their services at www.amicacs.co.ke

2. Stima SACCO

Sacco is a member-owned business and membership is open to all resident and non-resident Kenyans anywhere in the world. The Sacco admits eligible individuals, groups, or corporates for membership of the Society upon fulfillment of membership opening requirements.

• 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.
• Benefits-The savings account earns interest rebates and dividends annually. Access loans at affordable rates

To qualify for a loan at Stima SACCO,

• The general requirement is that one must have been a member of the Sacco for three months for individual members and 6 months for Corporate members.
• One must fulfill all requirements of a specific loan product
• The minimum deposit amount is Kes. 5,000.
• Funds can be fixed either for 3, 6, or 12 months.

Dividends for Stima SACCO range between 12-14% and are usually paid out annually not later than March to individuals whose loan repayments are up-to-date. All members who receive dividends receive an SMS alert with the credited amount.

3. Mwalimu National SACCO

The minimum share contribution for Mwalimu National Sacco is Kshs.1, 000.00 per month.

• 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.

Mwalimu Sacco will pay Equity Group up to Sh510 million for taking over the troubled Spire Bank in a deal that will see the teachers-backed lender lay off all its workers. The deal backed by the Central Bank of Kenya (CBK) is modelled as an asset purchase transaction.

4. Hazina SACCO

Monthly Deposits Members are required to make minimum monthly contributions of 5% of their basic salary or Ksh. 1,000 whichever is higher. Private members are required to contribute at least Ksh. 1,000 every month to maintain the activity of the account.

Who Can Join Hazina Sacco?

Eligibility:

1. National Government ministries and parastatals.
2. County employees.
3. Private sector.
4. Organized groups e.g. youth groups, women groups, etc.
5. Immediate family of an existing member.

Other Terms of Hazina SACCO

• The loan is given at 5 times of a member’s deposits. Maximum repayment period of 96 months. The interest rate of 1.15% per month on reducing the balance.
• To become a member of Hazina Sacco as an individual, you are required to submit the below documents which include a copy of your national ID. Copy of current payslip. 2 passport-size photographs.
• 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.

5. HARAMBEE SACCO SOCIETY

Who Is Eligible For Harambee Sacco?

Groups (Chamas), Registered CBOs and NGOs

• This category consists of legally registered Self Help Groups,
• Community-Based Organizations (CBOs) and
• Non-Governmental Organizations (NGOs).
• The groups, CBOs, and NGOs shall be admitted into membership by the By-laws and the membership policy provided.

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 of the private sector.

What Are The Interest Rates For Harambee Sacco?

Interest rate: The mortgage Interest Rate is 8% p.a for loans paid in less than 10 years and 9% p.a for loans over 10 years. The interest rate is calculated on a reduced balance.

6. UNITED NATIONS SACCO

The Sacco commenced business in 1975. Its 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 out 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.

7. KENYA POLICE SACCO

Kenya Police SACCO  represents your ownership of the Sacco, currently, each member has a minimum of 500 Shares valued at KES 100. Deposits mean a balance that is established and maintained by a person at a SACCO that confers membership rights to that person, these are the regular monthly deposits.

• The minimum monthly contribution for Kenya Police Sacco is 2,000/- and the minimum share contribution is KShs. 20,000/-.
• Members are also encouraged to save at least Kshs. 1,000/- monthly investment deposit.
• Interest Rate – 9% P.A. Repayment period – 20 years. Loan processing fee – Kes. 1,000.
• You can deposit money into Kenya Police Sacco (Process of depositing money via M-PesYou can Deposit Money to your FOSA Account using our Paybill Number 4027903. Input Your FOSA Account 502****00, then Amount to Deposit, and then your M-pesa Pin. You will receive a confirmation message of the deposit made.

The Sacco started operating in 1973 to mobilize 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.

8. SAFARICOM SACCO

Safaricom Sacco still offers competitive benefits compared to its counterparts. It was founded in 2001 to serve Safaricom employees. Currently, the membership includes family members of Safaricom employees and employees of related tech companies.

Members are required to contribute Ksh 3,334 towards their share capital of Kshs. 40,000. This Sacco pays dividends on share capital to all the members who have met the statutory minimum shares.

9. 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 loans, biashara loans, inuka loans, project loans, kilimo poa advance, business quick fixes and maono advance loans.

• Unaitas is one of the most famous Saccos in the country. it was registered in 1993 to help farmers save and get loans. However, over the years, it has opened its doors to people from all walks of life.
• Today, it boasts over 320,000 members.
• It offers loans up to 3 times your savings with a payment plan of 72 months at attractive interest rates.
• The Sacco pays dividends from a net surplus at the end of a financial year.

10. KENYA MEDICAL ASSOCIATION SACCO (KMA SACCO)

Medical practitioners including doctors, dentists, and pharmacists for principal membership into the Sacco. Principal members can introduce their spouses, children, and employees. KMA Sacco employees and medical students also qualify for membership.

Benefits Of Being A KMA Member

• 20% discount on Pathcare services and 10% share of Pathcare revenue to Doctors who participate in pathcare shared infrastructure and customer acquisition program.
• The KMA Sacco Offers loans to members at low-interest rates, Deposits for life assurance, and inpatient medical schemes from UAP and savings products.

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 that currently stands at 3.655 billion.

11. KENYA BANKERS SACCO

They promote savings mobilization and offer financial services to employees in the banking sector

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.

12. WAUMINI SACCO

Waumini Sacco is a Savings and Credit Co-operative Society registered in 1980 under the Co-operative Societies Act of the Laws of Kenya

The Sacco draws its membership from employees of Catholic Institutions, Catholic faiths, Priests, Brothers and Sisters, spouses, and children above 18 years of existing members.

Waumini SACCO was first registered as a SACCO in 1980 to cater to the Catholic faithful’s financial needs and their families. 2021 saw SACCO registering a 9.25% dividend on share capital. Waumini offers FOSA and BOSA loans where you can get up to 4 times your total deposits.

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 products such as FOSA loans, tulia loan, emergency loans, mjengo loan, salary advances and FOSA quick fix.

Other Good SACCOs (Top 10 List Of Best SACCOs In Kenya )

1. Kimisitu Sacco
2. Nation Sacco
3. Bandari Sacco
4. Balozi Sacco
5. Mwito Sacco
6. Sheria Sacco