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What are SACCOS?

The top 10 SACCOS in Kenya, or Savings and Credit Cooperative Organizations, are member-based cooperative societies that provide
savings and credit services to their members. These organizations are rooted in the cooperative movement, which emphasizes mutual assistance, collective ownership, and shared benefits.

In Kenya, SACCOS play a crucial role in promoting financial inclusion, especially among low-income individuals and
communities.

Key Features of SACCOS:

1. Member Ownership:
   Each member is a part-owner of the SACCO, which empowers them to have a
   say in decision-making processes.
2. Pooling of Resources:
   Members pool their savings, which are then used to provide loans to fellow
   members at competitive interest rates.
3. Dividends:
   At the end of the financial year, SACCOS often distribute dividends to
   members based on their contributions.
4. Financial Education:
   Many SACCOS offer financial literacy programs to help members manage their
   finances better.

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Key Benefits of Joining a SACCO in Kenya

1. Access to Affordable Loans: SACCOs offer loans at lower interest rates compared to traditional banks, making them ideal for both personal and business needs.
2. Dividend Payments: As a SACCO member, you receive dividends at the end of the financial year, a benefit unique to cooperative societies.
3. Encouragement to Save: SACCOs provide a structured savings plan, encouraging members to grow their wealth over time.
4. Community and Networking: SACCOs bring people together, offering opportunities to network and collaborate on various ventures.
5. Long-Term Financial Growth: SACCOs help members build their financial future, offering both short-term and long-term investment opportunities.

How Many SACCOS are in Kenya?

As of recent statistics, there are over 4,000 registered SACCOS in Kenya. But these are the top 10 SACCOS known in Kenya.  These SACCOS cover various sectors, including agriculture, transport, housing, and even specialized fields
such as education and healthcare.

This vast network reflects the diversity of Kenya's economy and the importance of SACCOS in providing financial services.

Why are SACCOS Popular in Kenya?

SACCOS have gained immense popularity for several reasons:

• Affordable Loans:
  They typically offer lower interest rates compared to traditional banks,
  making them accessible to more individuals.
• Community-Based Support: SACCOS foster a sense of community and mutual support
  among members, encouraging a savings culture.
• Flexibility:
  Members can access loans for various purposes, including education, business
  ventures, and personal needs.
• Quick Processing:
  Loan processing times are usually shorter compared to banks, allowing
  members to access funds more rapidly.
• Encouragement of Savings: SACCOS incentivize saving through attractive interest
  rates on deposits, encouraging members to build their financial futures.

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Which Body Regulates SACCOS in Kenya?

The Sacco and Societies Regulatory Authority (SASRA) is the government body responsible for regulating and overseeing SACCOS in Kenya. SASRA's primary functions include:

• Ensuring compliance with the relevant laws and regulations.
• Protecting the interests of members.
• Providing a framework for good governance and management of SACCOS.
• Monitoring the financial health of SACCOS to prevent fraud and mismanagement.

How to Join a SACCO in Kenya

Joining a SACCO typically involves the following steps:

1. Application:
   Fill out a membership application form.
2. Identification:
   Provide valid identification (e.g., national ID or passport).
3. Registration Fee:
   Pay a one-time registration fee, which varies among SACCOS.
4. Minimum Deposit:
   Make a minimum savings deposit as stipulated by the SACCO.

Once your application is approved, you become a member and can start enjoying the benefits of saving and
borrowing.

How SACCOS Work in Kenya

SACCOS operate by pooling members' savings. Here’s a breakdown of how they function:

1. Savings Pool:
   Members contribute regular savings to the SACCO, which creates a common fund.
2. Loan Disbursement:
   This pooled fund is then used to provide loans to members at competitive interest rates.
3. Interest Earnings:
   Members earn interest on their savings, which can be higher than traditional banks.
4. Dividends:
   At the end of the financial year, profits are distributed to members based on their savings contributions.

How to Invest in SACCOS in Kenya

Investing in SACCOS is straightforward:

• Become a Member:
  To invest, you must first join a SACCO and start saving.
• Regular Contributions:
  Make regular deposits to increase your savings and eligibility for loans.
• Participate in Programs: Some SACCOS offer investment programs or opportunities for members to invest in projects that yield returns.

How to Join Matatu SACCOS in Kenya

Joining a matatu SACCO typically requires specific criteria, such as being a matatu owner or driver.
The process generally involves:

1. Application:
   Fill out an application form specific to the matatu SACCO.
2. Documentation:
   Provide identification and proof of ownership or employment as a driver.
3. Membership Fee:
   Pay a registration fee along with any initial contributions required by the SACCO.

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Top 10 SACCOS in Kenya

Here’s a look at ten of the best SACCOS in Kenya 2024, based on their membership, services, and opportunities they
offer:

1.Kenya Police Sacco

The Kenya National Police DT SACCO was registered November 1972 with a membership of only 690. Today, it boasts of more than 63,000 members.

It has also garnered an award of being the best managed SACCO in Kenya.

Members can take loans of three times their investment. The interests in loans from the Kenya Police DT SACCO are slightly high, and loans can be repaid to a maximum period of 48 months. However, this SACCO is well known for its excellence in services to investors.

It offers low interest loans, high annual dividend and interest on deposits, affordable property with investment cooperative and allows loan clearance on behalf of members.

Minimum Requirements:

• Must be a member of the Kenya Police Service or related
  departments.
• Completion of membership application form.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Contact: info@police.sacco, 0709825000

 2. Teachers Sacco

This SACCO caters to teachers and education professionals, providing them with tailored financial products,
including loans for education-related expenses.

The main objective of KETSA is to advocate for the interests and challenges affecting the member SACCOs in their day to day operations of their business.

It has over 500,000 members. With the below requirements, you can easily join them.

Minimum Requirements:

• Must be a registered teacher or employed in theeducation sector.
• Completion of the membership application form.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
•  Website: Teachers SACCO

3. Nairobi City County Sacco

Serving employees of the Nairobi
City County, this SACCO is known for its competitive loan rates and efficient
customer service.

Minimum Requirements:

• Must be a Nairobi City County employee or a member of
  related groups.
• Completion of the membership application form.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Website: Not available.

4. Stima Sacco

Stima Sacco was established in 1974 to serve employees of the then East African Power & Lighting Company, but currently draws members from individuals in employment from all sectors, business persons’ groups, and corporates.

The objective was and has been to provide members with a haven for savings, avail affordable credit to members and return impressive dividends. The Sacco has grown to become a leading financial partner in the country with a huge asset base, massive membership, dynamic products, and impressive dividends.

Stima 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 fulfilment of membership opening requirements.

Minimum Requirements:

• Must be employed in the energy sector or related fields.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Opportunities: Offers loans of up to two times the member’s savings at low-interest rates.

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5. 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 primarily mobilizes Savings and Deposits and extends Credit to its members thereby empowering them economically and socially.

Waumini Sacco has prospered through visionary leaders, dedicated staff, committed membership and economic environments over the course of our rich history. We have continued to grow in diverse membership and inclusive service delivery to individuals, corporate institutions and organized Catholic Church groups.

• Minimum Requirements: Open to members of the Catholic Church and affiliated groups.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Opportunities: Loans of up to three times savings, best for short-term projects.
• Website: Waumini SACCO

6. Mhasibu SACCO

This SACCO is one of the top 10 SACCOS in Kenya and has been in existence since 1986. It prides itself in being one of the best platforms where all professionals globally can save their money for whatever purposes they choose.

To be a Mhasibu SACCO member, the following are the requirements;

• Minimum Requirements: Must be a member of ICPAK or other recognized professions.
• Minimum Fee: Ksh 1,000 (one-time registration fee)
• Minimum monthly contribution: Ksh 1,000
• Opportunities: Loans of up to four times total deposits, ideal for long-term projects.
• Contact info:

7. Hazina SACCO

With over 24,000 members, Hazina SACCO is open to the following groups;

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

To join Hazina SACCO, you have to download the membership application form from the website. After doing so, submit the duly filled form together with a copy of your national ID and passport size photograph through the email address provided on the form.

Members who are on a check off system are also required to provide a copy of the current pay slip while individual members who wish to contribute directly to the SACCO are required to pay the non refundable membership fee of Kshs. 1,000 through Mpesa.

Minimum Requirements:

• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Opportunities: Loans of up to four times savings, with favorable interest rates and extended repayment periods.
• Contact: info@hazinasacco.or.ke, 0202719098

8. Wanandege SACCO

With 45 years of experience, the Wanandege Savings and Credit Cooperative Society has been a leading partner for members of the Aviation industry helping them to save, borrow and invest. Apart from that, you can also get loans for businesses, school fees, maisha loan and a Maternity Paternity leave loan.

To become a member, download the membership application form and send it to customercare@wanandegesacco.com attaching all the required documents.

• Minimum Requirements: Open to individuals in the aviation sector and related industries.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Opportunities: Loans of up to three times savings for education, medical, and business purposes.
• Contact: info@wanandegesacco.com, 0722 208557

9. Harambee DT SACCO

Harambee SACCO has over 80,000 members. For more information about how they operate, visit their website.

• Minimum Requirements: Open to the general public, subject to qualification through the membership policy.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Opportunities: Loans of up to three times savings, ideal for both personal and business growth.
• Contact: 0709943000

10. County SACCO

With a mission to mobilize resources and provide customized financial products and services within Kenya using appropriate technology and upholding the highest level of professionalism, it has grown from just serving tea farmers to the general public.

To become a member, visit their website or you can call them for detailed information.

Minimum Requirements:

• Must be a Nairobi City County employee or a member of related groups.
• Minimum Fee: Ksh 1,000 (one-time registration fee).
• Opportunities: Offers loan products for personal and business purposes.
• Contact:  info@countysacco.com, 0700 290 241

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CONCLUSION

In conclusion, we have learnt that SACCOs (Savings and Credit Cooperative Organizations) in Kenya are member-owned cooperative societies offering savings and credit services, especially catering to low-income groups.

They foster financial inclusion by pooling members' resources to provide loans at lower interest rates than banks, encouraging savings, and distributing dividends annually. SACCOs also promote financial literacy, helping members manage their finances better.

Key Benefits:

• Affordable Loans: Low-interest loans for personal or business needs.
• Dividends: Annual profit-sharing with members.
• Savings Encouragement: Structured savings plans help members grow wealth.
• Networking: Community-based support and collaboration.
• Financial Growth: Long-term investment opportunities and returns.

Popularity in Kenya:

SACCOs are favored for their affordability, flexibility, quick loan processing, and community-driven model. They provide tailored services for different sectors, including agriculture, education, transport, and housing.

Regulation:

SACCOs in Kenya are regulated by the SACCO Societies Regulatory Authority (SASRA) to ensure compliance with laws, protect members' interests, and prevent financial mismanagement.

Joining a SACCO:

To join, individuals fill out a membership form, provide identification, and pay a registration fee, with savings contributions determining loan eligibility.

Top 10 SACCOs:

1. Kenya Police SACCO: Loans up to 3 times savings.
2. Teachers SACCO: Loans tailored for educators.
3. Nairobi City County SACCO: Competitive loan rates for county employees.
4. Stima SACCO: Loans up to 2 times savings for energy sector workers.
5. Waumini SACCO: Loans for Catholic Church members.
6. Mhasibu SACCO: Up to 4 times deposits for professionals.
7. Hazina SACCO: Open to public and private sector employees.
8. Wanandege SACCO: Serving the aviation industry.
9. Harambee DT SACCO: Loans up to 3 times savings.
10. County SACCO: Tailored loans for Nairobi City County employees.

Each SACCO has unique membership requirements and offers distinct financial services, making them vital for personal and community growth. To choose the best one, all you have to do is make a call to them.

I hope you find your one! Incase of any hitches or advise on more SACCOS feel free to contact us.