Top 10 Best Saccos in Kenya

Why should you be concerned about the best saccos in Kenya? Well, SACCOs in Kenya have had a great impact on the day-to-day life of the people. From owning homes, buying shamba, starting businesses, sorting emergencies, and educating children SACCOs have proven to be life changers for a lot of people.

We have a total of 175 DT-SACCOs in Kenya with an asset base of Kshs 627.68 Billion and a membership of 5.47 million people registered. This goes to show the significance of Saccos amongst Kenyans.

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In this article, we will be looking at the reasons why you should join a SACCO, the top SACCOs you can join in Kenya, and the things to look out for before joining a SACCO.

What are the Benefits of Joining a SACCO?

Saccos acts as the best alternative to banking as it provides you with the best interest rates when applying for a loan as well as high dividends. SACCOs make it easier for most people to access credit facilities that would otherwise be hard to find.

Dividends refer to the amount of money you earn from your SACCO out of the profits they make in a certain time frame. Depending on the SACCO, dividends are paid either quarterly, twice a year, or annually and as such you should know the best saccos in Kenya that you can join. 

The dividends you earn from a SACCO depend on the share you have as well as the returns the SACCO has gained from its investments. This implies that the better the investment decision made by your SACCO the better returns you’ll get. As a member, you also get to earn interest on the deposits you have in the SACCO.

Which is the Largest SACCO in Kenya

The DT-SACCOs in Kenya are categorized into 3 tiers based on their asset base. The large tier consists of the SACCOs with a total asset base of more than Kshs. 5 Billion.

The medium tier consists of the SACCOs with a total asset base of between Kshs. 1 Billion to Kshs. 5 Billion. The small tier consists of SACCOs whose total asset base is below Kshs. 1 Billion.

According to the 2020 SASRA report, In the large tier, there were a total of 34 DT-SACCOs, in the medium tier we had 57, and in the small tier, we had 84 SACCOs.

Mwalimu National SACCO Society Ltd is the largest DT-SACCO in the country by total asset base which was posted at Kshs. 57.73 Billion in 2020. Ushuru Sacco LTD tops amongst the medium-tier DT-SACCOs with a total asset base of Kshs 4.85 Billion. The small tier is led by Mafanikio SACCO Society Ltd based in Mombasa County with a total asset base of Kshs 0.97 Billion.

Things to Look Out for When Joining a Sacco

There are very many SACCOs popping up in every town in Kenya today and we urge you to be very cautious before joining any. You need to do thorough research to avoid losing your money. These are the things to look out for before joining a SACCO in Kenya. 

#1. Registration by SASRA 

Saccos Society Regulatory Authority (SASRA) is the government agency that is responsible for the supervision and regulation of SACCOs in Kenya. All the SACCOs in Kenya are required by law to register with SASRA and you should always find out from their website or through a phone call whether any particular SACCO is registered before joining.

You can also look at its membership. If it has a large membership then it has some credibility and your savings will be safe with them. Also, check when the SACCO was registered, the older it and the more thriving the SACCO has been the better for you. 

#2. If the Deal is Too Good, Think Twice

Most of these SACCOs market themselves in such a way that the deal sounds so good not to take it. They offer to give you ridiculous returns on your investments but just remember nothing comes so easy. When presented with such an offer, don’t be in a rush to take it without doing due diligence. 

#3. What’s your Goal/ Objective 

Having a clear understanding of what your objective for joining a SACCO is will help you in making an informed decision. Some SACCOs are well known for purchasing properties, others are well known for emergency services, others for education, and others for planning vacations for you and your family.

Depending on what your needs are then you will be able to make a wise decision on which SACCO to join. Some SACCOs in Kenya have different packages so it is good to have that information before engaging them. 

Top 10 Saccos in Kenya 

#1. Bandari Sacco 

This is one of the largest SACCOs in the coast region and among the best saccos in Kenya based on the asset base. It’s also one of the top SACCOs in terms of the returns on dividends. In 2020, members earned 22 percent dividends on share capital and 12.15 percent interest on member deposits.

The SACCO was founded in 1975 and you can contact them through

Website: https://www.bandarisacco.co.ke/

Email: info@bandarisacco.co.ke

Phone :(+254) 41-2316685 / (+254)-724-002525 / 735-336685

#2. Stima SACCO

Stima SACCO is one of the best SACCOs in Kenya that pays the highest dividends. In 2020, SACCO paid a dividend of 14 percent per share. The SACCO was formed in 1974 and has grown to become one of the largest SACCOs in the country. It’s a leading financial partner with a large asset base, dynamic products, huge membership, and good dividends thus making it among the best saccos in Kenya.

You can contact them through

Website: https://stima-sacco.com/

Email: customercare@stima-sacco.com/

Phone: 0703 024000

#3. Kimisitu SACCO

The SACCO was formed in 1985 and it has grown over time to become among the best SACCOs in Kenya. The SACCO has a variety of products for its members such as Little Angel Savings, Holiday Savings, and Shoulder of Solace among others.

They are well known for their fast loan processing, timely support, and dedicated team. In 2020, the dividend on share capital was at 15 percent and interest on member deposits was at 8 percent.

You can contact them through

Website: https://www.kimisitusacco.or.ke/

Email: customercare@kimisitusacco.or.ke

Phone: +254 709 136 000

#4. Nation SACCO

The SACCO was formed in 1965 to facilitate its members with an opportunity to accumulate savings and deposits. This has remained their core business thus providing credit facilities at a fair and affordable interest rate.

The SACCO has a variety of products such as a Chama account, school fees account, and junior account among others. In 2020, the dividend on share capital was at 15 percent and interest on member deposits was at 8 percent. Nation sacco has remained to be is among the best saccos in Kenya today.

You can contact them through 

Website: https://nationsacco.com

Email: nationsacco@ke.nationmedia.com

Phone: +254 719 038 571

#5. Kenya Police SACCO

Contrary to what the name may suggest, Kenya police Sacco is open for all people to join and it was formed in 1972 and began operations in 1973. It’s one of the largest SACCOs in Kenya with an asset base of more than Kshs 39 Billion and a membership of more than 63,000 members.

Its headquarters are located in Nairobi, with branches in Mombasa, Nakuru, Eldoret, Kakamega, Meru, Nyeri, and Kisii making it easily accessible.

The Sacco has been awarded severally as one of the best SACCOs in Kenya and ranked as one of the highest dividend payers. In 2020, members earned 17 percent dividends on share capital and earned 10.5 percent interest on member deposits.

You can contact them through:

Website: https://policesacco.com/

Email: info@policesacco.com

Phone: 0709 825 000

#6. Hazina SACCO

Hazina SACCO is another prominent SACCO in Kenya and its open to government employees, parastatals, private organizations, corporates, and chamas. It was registered in 1971 and today has a membership of over 19,000 active members.

In 2020, members earned 20 percent dividends on share capital and 10.3 percent interest on deposits making it among the best saccos in Kenya.

You can reach them through:

Website: https://www.hazinasacco.or.ke/

Email: Info@hazinasacco.or.ke

Phone: 020-2719098/020-2722106/0202428634/0701820219/0701819685/0735926900

7. Safaricom SACCO

Safaricom SACCO was formed in 2001 and is one of the most innovative and fastest-growing SACCOs in Kenya. It started with 222 members and today it has more than 12,000 active members mostly from Safaricom Ltd and other tech companies.

In 2020, members earned 12 percent dividends on share capital and 7.5 percent interest on Member deposits making it among the best saccos in Kenya.

You can reach them through:

Website: https://safaricomsacco.com/

Email: sacco@safaricom.co.ke

Phone: (+254) 0111 222 226, (+254) 0111 222 227

#8. Mwalimu National SACCO

This is the largest SACCO in Kenya with deposits of more than Kshs 36.9 Billion and a membership drawn from teachers all over Kenya. They have 18 branches all over the major towns in Kenya for easy access by its members. 

Its vision is to be a world-class cooperative financial institution. Its mission is to mobilize savings and provide competitive financial services that transform members’ lives socially and economically. They have been in the game for a long time and they recently acquired a stake in Spire bank. This makes Mwalimu National Sacco among the best saccos in Kenya.

You can reach them through:

Website: https://www.mwalimunational.coop/

Email: mwalimu@mwalimunational.coop

Phone: 020 295 60000, 0709 898 000

#9. UN SACCO

UN SACCO is one of the SACCOs in Kenya that has grown to high levels of achievement since its registration in 1975. The Sacco has an asset base of more than Kshs. 12 billion with member deposits of more than Kshs. 10.7 billion. It has a membership of more than 6,800 active members making it among the best saccos in Kenya.

Who is Eligible to Join UN Sacco?

UN Sacco membership is open to the employees of UN agencies, employees of Diplomatic Missions and International Organizations in Kenya, spouses, and children of the primary members, and employees of the SACCO.

You can reach them through:

Website: https://unsacco.org/

Email: unsacco@unon.org

Phone: +254 20 512 2700/3, +254 20 512 4737 & +254 20 512 3852

#10. Harambee SACCO

Harambee Sacco is among the best SACCOs in Kenya that transformed from a merry-go-round to a multi-billion institution. The SACCO was registered in 1970 and has an asset base of more than Kshs. 32.5 billion and serves the needs of more than 70,000 Kenyans.

The Sacco has been awarded severally by well-known institutions such as KUSSCO Ltd, CAK, CIC, and Co-op Bank amongst others showing their credibility and making it among the best saccos in Kenya.

You can reach them through:

Website: https://www.harambeesacco.com/

Email: info@harambeesacco.com

Phone: +254 709 943 000

Conclusion

There are 175 DT-SACCOs in Kenya and we have just listed the top 10 best SACCOs in Kenya. You can explore the others depending on what your goals are to determine which one fits your needs. As mentioned be sure to do due diligence before registering with any SACCO.

All the SACCOs in Kenya are required by law to register with SASRA and you should always find out from their website or through a phone call whether any particular SACCO is registered before joining. You can also look at its membership.

If it has a large membership then it has some credibility and your savings will be safe with them. Also, check when the SACCO was registered, the older it and the more thriving the SACCO has been the better for you. 

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