Saccos continue to play a critical role in the country of enhancing financial inclusivity. Below is a list of the top 5 best SACCOs to join Kenya.

Why You Need to Have a Sacco Account in Kenya

The Sacco movement in Kenya keeps getting stronger. This can be seen through the increase in the number of members and products they offer. As more people understand the benefits, the demand for their services is also growing.

SACCOs refer to the Savings and Credit Cooperative Organizations. These are financial institutions formed by members with the same interest to facilitate savings and access to credit. However, this is changing with the majority of Saccos now opening up their services to non-members.

SACCOs are regulated by Sacco and Society Regulatory Authority (SASRA). The body is mandated to oversee their operations in ensuring member deposits are safe. Currently, there are over 170 Saccos registered in the country.

Why Join a SACCO?

There are various benefits when you become a member of a Sacco. These include;

  1. Enables savings– Most Saccos require members to save regularly ensuring your savings are constantly increasing. In case you want to access the savings, you have to give at least 60 days’ notice. This acts as a temporary barrier to minimizing access to savings.
  2. Access to affordable credit – Saccos enable members to access affordable credit easily and conveniently. This is made possible by the fact that funds belong to members making it easier to determine some key elements such as the interest rates.

Saccos also offer credit on a guarantee basis. An arrangement that enables members without security to access credit by using other members’ savings as collateral. A strategy that has worked well so far.

  • Payment of regular dividends – As a member, you receive regular dividends on your savings. However, the dividend rate varies per Sacco with most of them paying annually. The average dividend payment in the market is 10%.

With this in mind, let us now review the Top 5 best Saccos to Join in Kenya. Some of the key factors in coming with this list include Sacco stability, management, good and constant dividends payments, and easier access to loans by members.

1.  Stima Sacco

Stima Sacco is among the best and largest Saccos in the country. It was formed in 1974 to serve members of the energy sector. However, it has evolved over time and currently serves everyone as long as you become a member.

Stima Sacco offers various types of financial products including savings accounts, insurance, loans, and Sharia-compliant products. To open an account with them, you need to fill in an account opening document at any of their branches.

It also has various credit facilities that members can access such as working capital loans, asset financing, salary advance, plot financing, and emergency school fees loans.

From the recent reports, it paid 14% interest on the members’ share capital and 10.75% on deposit rebates. This represents some of the highest returns in the market. Currently, it boasts an asset book of at least 46 billion Kenyan shillings.

2.  Kenya Police Sacco

Kenya police is also a tier 1 Sacco that has been operating in the country since 1972. Over time, the Sacco has grown to become a major financial institution with over 65,000 members currently.

As the name suggests, the Sacco’s initial target was members of the police force. However, it has since opened up to other Kenyans over time. Currently, the Sacco has an asset base of 44 billion Kenyan shillings making it among the largest in asset base.

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To become a member, you should visit any of their branches and fill in the membership form. Some of the benefits that come with this membership include high dividends payout. As per last year, it paid a 17% interest on the members’ capital and 10.8% on the member deposits

The Sacco also has various products that you can access as a member such as Emergency loans, school fees loans, Muslim loan, and asset financing loan.

3.  Tower Sacco

Tower Sacco has been operating in the country since 1976 as a teacher Sacco targeting those in primary schools. However, it has evolved to become among the top 5 best SACCOs in the country. It has also opened up membership to all Kenyans.

Currently, it has 22 branches spread out across the country. To open an account with the Sacco, you need to complete member registration in any of their branches. Tower Sacco boasts of a huge membership of more than 180,000 members. This makes it bigger than some banks in the country.

Some of the key products and services the Sacco offers include Normal loans, emergency loans, and school fees loans.

Last year, Tower Sacco paid 20% on members’ share capital and 13% as rebates on deposits. This makes it among the highest in dividend payments. A reason why it continues to attract members across the country.

4.  Hazina Sacco

Hazina Sacco was established in 1971 targeting members in the finance and planning ministry. However, just like the rest, it has opened up and currently offers services to all Kenyans. The Sacco has a current membership of 19,000.

Some of the products and services by Hazina Sacco include savings products, development loans, Emergency Loans, and school fees loans.

To access these services, you need to be a member of the Sacco. This happens by opening an account in one of its offices.

As per last year’s performance, Hazina Sacco paid an 18% dividend to its members. This makes it a top competitor in the lucrative dividend market.

5.  Harambee Sacco

Harambee Sacco is among the oldest and largest SACCOs in the country. Established in the year 1970, the Sacco initially targeted workers at the office of the president. However, it has since expanded its services to all Kenyans with a current membership base of 70,000 members.

The Sacco has an asset base of 32 billion Kenyans making it among the top 10 best Saccos to join in Kenya. It also has branches spread out across the country.

This financial muscle allows it to offer various products to members such as asset financing, school fees loans, and development loans.

To become a member, you should visit the Sacco offices and fill in membership documents. In the last financial year, the Sacco paid an 8% dividend on member shares.

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Conclusion on Top 5 best SACCOs to join in Kenya

The above Saccos represents just a small number at the top in an industry that is fast growing. It is also necessary to choose your Sacco based on the location. This is because different SACCOs are located in different regions across the country.

Below is a recap of the top 5 best Saccos in Kenya.

  1. Stima Sacco
  2. Kenya police Sacco
  3. Tower Sacco
  4. Hazina Sacco
  5. Harambee Sacco


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