Top 20 Best Saccos to Join in Kenya 2023

Sacco movement in Kenya has become a top financial player with billions in customer savings and loans. Currently, millions of Kenyans are enjoying Sacco services across the country. A trend that can only grow in the future as financial inclusion deepens. This article will focus on the top 20 best SACCOs to join in Kenya.

The first Savings and Credit Co-operative Society (SACCO) was formed in the 1960s to empower members through mobilizing deposits and later extending them loans. Since then, there have been hundreds more that have come online with the list growing steadily.

These basic operating principles of Saccos remain the same to date. That is giving members a platform to save and access credit at better rates.

As per the Sacco Society Regulatory Authority (SASRA), Kenya currently has 176 deposit-taking SACCOs and 185 Non-deposit taking SACCOs.

Benefits of joining a Sacco in Kenya

There are various benefits you get by joining a Sacco in Kenya. Some of these include;

Facilitating savings – Savings form the basis of Sacco’s existence. As a key element to financial success.  There are also existing limitations to savings withdrawals that acts to limit cashing them out.

Payment of dividends– Kenyan saccos regularly pay dividends on your savings from the income generated for the year. This mostly happens yearly within the first quarter. The average dividend payment by most saccos is 10%.

Saccos pay 2 types of dividends. This includes both the share capital dividends and deposit rebates. Dividends are paid off the core share capital that you can’t withdraw as a member while rebates are paid on savings deposits. These are withdrawable through a notice. Normally, the notice takes 60 days to effect.

Access to loans – Through savings, you can access loans as a multiplier. Mostly, the loans are through a guarantee mechanism making them easier to access even without tangible security.

Participation in Leadership – the Sacco leadership is chosen by members through a voting process. This allows you to get a leader whom you believe is best suited to manage your funds.

Top 20 Best Saccos to Join in Kenya 2022

Below is a list of the top 20 best saccos to join in Kenya. Some of the factors informing this list include elements such as leadership, asset base, membership, and dividend payments.

1.  Stima Sacco

Stima Sacco is among the largest saccos in the country. Joining the Sacco requires you to pay 500 shillings membership fees. You should also have at least 25000 shillings in share capital and a minimum contribution of 1000 shillings to your savings monthly.

In the last financial year, Sacco paid 14% in dividends and 10.7% in rebates. To open an account, you need to fill in the membership application form and provide key documents such as a national identity card, passport photo, and KRA PIN.  Learn more about the different accounts offered by Sacco.

The Sacco offers interest rates of loans at 12% P.A on a reducing rate basis.  Some of the common products you can get from the Sacco include emergency loans, insurance products, fixed deposit investments, and Chama products.

2.  Kenya Police Sacco

Kenya police Sacco started as an institution targeting members of the police service in 1972. However, it has expanded to accommodate everyone across the country. Currently, the Sacco has over 60,000 members.

The Sacco has 8 branches across the country in major towns such as Nairobi, Nakuru, Eldoret, Kakamega, and Meru. In the last financial year, it paid dividends of 17% and rebates of 10.8% making it one of the highest dividends paying saccos in the country.

Kenya police Sacco offers various products to its members such as savings accounts and fixed deposit accounts. It also has credit products such as normal loans, school fees loans, and emergency loans. These loans attract an interest rate of 12% yearly on a reducing basis.

To join the Sacco, you need to fill in the membership form at any of their branches.

3.  Safaricom Sacco

Safaricom Sacco offers various BOSA and FOSA services to members. Some of the key products include mortgage financing, asset financing, and development loans.

The Sacco paid dividends at the rate of 13% and 8% for rebates in the last financial year. The Sacco was formed in 2001 and mainly serves members in the technology sector. It currently has a membership exceeding 13,000 and an 8 billion asset base.

4.  Hazina Sacco

Hazina Sacco was established in 1971. Initially, it targeted members from the ministry of finance but has diversified to accommodate members from other industries such as parastatals, county governments, and the private sector.

Currently, Sacco has over 19,000 members and it offers both FOSA and BOSA services.  In the last financial year, Hazina paid dividends at 18% and rebates at 10.6%.

To become a member, you need to fill in the nominee form and provide both the national ID, passport photo, and KRA pin details. You should also pay a joining fee of 1000 shillings. Other requirements include a monthly savings of at least 1000 shillings or 5% of your basic salary whichever is higher.

The sacco offers various products to members such as school fees, development, and emergency loans at a rate of 12% on a reducing basis.

5.  Tower Sacco

Tower Sacco started operation in 1977 as Nyandarua teachers Sacco whose target was the teachers in the area. However, it rebranded to Tower Sacco in 2002 and currently serves members from across all sectors. It has over 22 branches in the country in towns such as Naivasha, Nairobi, Nyahururu, and Nakuru. The main offices are located in Olkalau. The Sacco also has over 70,000 registered members.

Tower offers various services to members such as diaspora banking, insurance, and loan products. Some of the loan products include normal loans, emergency loans, and school fees loans.

To join the Sacco, you need to fill in the membership form, provide your documents and pay a 500-membership fee.

Tower ranks among the highest in dividend payments in the country. In the last financial year, it paid 20% in dividends and 13% in rebates.

6.  Harambee Sacco

Harambee Sacco was formed in 1969 to empower members of the public service. However, since 2020, the Sacco has been taking membership across other industries such as individuals and business people.

It currently operates 5 branches and has over 65,000 members. You can join as a member through the below process. The Sacco offers various savings and loan products. Some of the common loan products include development loans, emergency loans, and school fees loans at an interest rate of 1% per month on a reducing basis.

The Sacco paid dividends at 8% and 7% for rebates last year. Although the rates are lower compared to others, it is among the largest Sacco in asset base in Kenya.

7.  Sheria Sacco

Sheria Sacco was registered in 1972 targeting service members in the legal practice across Kenya. Currently, it has over 10,000 members.

The Sacco still accepts memberships from legal-related industries such as judges, lawyers, NGO members, and staff from government institutions such as parastatals. This is the list of requirements to join the Sacco.

Some of the products offered by Sheria include salary advances, emergency loans, and development loans. In the last financial year, Sacco paid 16% in dividends and 9% in rebates.

8.  Ollin Sacco

Ollin Sacco was registered in 1976 as a teacher’s society and has branches in various locations such as Kerugoya (Which serves as the headquarters), Kianyaga, Thika, and Kiserian. Currently, the Sacco has over 20,000 members and accepts membership across all industries both in the formal and informal sectors.

It was also the first Sacco to offer Front office services (FOSA) in the year 1995. Some of the products offered by Ollin include emergency loans, school fees loans, and salary advances. The loans are based on a 3 times multiplier of your savings.

To become a member, you should fill in the below application. In the last financial year, Ollin paid dividends and rebates at the rate of 17.5% and 12% respectively.

9.  Biashara Sacco

Biashara sacco was registered in 1991 by the members of the business community in Nyeri. However, it was allowed to operate FOSA services in 2006 when it opened its first branch.

Currently, the Sacco has increased its branch network across towns such as Nanyuki, Thika, Embu, Nairobi, and Nakuru. It accepts members from all sectors in the country.

As a business-oriented sacco, it offers most products to suit this category of customers. Some of these include soko loans, jipange loan, and corporate loan. Learn more about the Biahsara sacco products here.

Last year, the sacco paid an interest rate of 18% on dividends and 13% on rebates making it among the top in this category.

10.  Kitui Teachers Sacco

As the name suggests, Kitui teachers sacco focus on the teachers mostly in the ukambani region. The sacco was formed in 1975 and currently serves over 20,000 members.

With the head office located in Kitui town, the sacco also has branches in other towns such as Machakos, makindu, and mwingi. Some of the products offered by the sacco include normal loans, investment loans, school fees loan, and emergency.

In the last financial year, the sacco paid dividends of 14% and rebates of 12.5%.

11.  Mentor Sacco

Mentor sacco has been in existence for over 43 years now with over 35,000 current registered members. The sacco offers various BOSA and FOSA services.

To join the Sacco, you have to fill in the membership form and pay 1000 shillings as registration fees. Learn more about joining mentor sacco. It is also key to note that the sacco accepts memberships from both the formal and informal sectors.

Mentor paid 15% dividends and 12.1% rebates in the last financial year.

12. Bandari Sacco

Bandari sacco boasts of an asset base of more than 11 billion shillings and a membership exceeding 18,000. These figures make it among the largest saccos in the country in asset base.

The sacco was formed in 1975 by the port workers in the name of Harbour workers sacco. The name later changed in 1985 to bandari and currently serves members both in the formal and informal sectors.

The sacco has its head offices in Mombasa city. However, it also has offices in Nairobi and Kisumu. As a tier 1 sacco, bandari is also a leader in dividend payments having paid 18% and 11.5% for both dividends and rebates consecutively in the last financial year.

Below is the process of becoming a member of the sacco. As a member, you need to save at least 1500 shillings per month or 50 shillings per day.

Some of the products offered by the sacco include Chama loans and emergency loans.

13.  Ukulima Sacco

Ukulima sacco started in 1972 and catered for members both in the formal and informal sectors including those in the diaspora. The headquarters are located in Nairobi. However, it has several branches in other towns such as Kisumu, Mombasa, Eldoret, Embu, and Kisii.

Learn more on how to become a member of Ukulima sacco.  Some of the key loans offered by the sacco include normal loan, school fees loan, jitegemee loan, and chipukizi loan. The sacco offers loans on a multiplier of 3 of your savings. However, you can also borrow against your deposits on a 100% basis to a maximum of 750,000 shillings.

Last year, the sacco paid 10% in dividends and 9% as rebates.

14.  Solution Sacco

The sacco was initially known as Meru teachers sacco. Formed in 1973, solution sacco boasts a membership of 16,000 drawn from various industries such as teachers, NGOs, and Chama’s.

The sacco offers various front and back office products such as savings and lending. Some of the loans offered include normal loan, development loan, and emergency loans.

It has its head office in Meru town. However, it has branches in various towns such as Nkubu, Nairobi, Isiolo, Nanyuki, and Maua.

In the last financial year, the sacco paid dividends at 18% and rebates at 13% making it among the highest paying dividends saccos in the country.

15.  Centenary Sacco

Centenary sacco was registered in 2003 and started offering FOSA service in 2009. Currently, it boasts over 30,000 members and over 100 million in asset base. It has its main offices in Chuka town and has branches in Meru, Kinoro, and Marimati.

Some of the products offered by the sacco include salary loan, kamua pesa loan, and vuna majani loan. The sacco paid in the last financial year 10% in dividends and 8% in rebates.

16.  Imarika Sacco

Imarika sacco is one of the largest saccos in Kenya in terms of members. It has over 110,000 members and the list continues to grow. Started in Kilifi over 49 years ago, the sacco has various branches in towns such as Malindi, Mtwapa, Ukunda, and Mombasa.

It offers both FOSA and BOSA services with various savings and loans products. Some of the key loans offered by the sacco include mavuno loan, fanikisha loan, and development loan. On the savings products, you can get various accounts such as holiday, school fees, and medical accounts.

Last year, the sacco paid 14% in dividends and 8% in rebates. It accepts members from both the formal and informal sectors.

17.  Cosmopolitan Sacco

Cosmopolitan sacco was registered in 1977 and was formerly known as Nakuru teachers sacco whose target was teachers in the area. However, it opened its doors in 2002 to accept members across all industries.

Currently, it has over 26,000 members, 4 branches, and an asset base of 8.5 billion shillings making it one of the largest saccos in the country.

The sacco offers both savings and credit products to its members. Learn more about cosmopolitan products here.

The sacco paid dividends of 15% and rebates of 12% last year putting it among the best dividend paying saccos in the country.

18.  Kenya Bankers Sacco

Kenya bankers Sacco was formed in 1975 targeting to provide services to members of the banking industry. The Sacco has its main office In Nairobi Ngong road and 8 branches country.

To become a member, you need to own at least 1500 capital shares with each going for 20 shillings. Hence, you must have at least 30,000 shillings in share capital.

The Sacco offers both BOSA and FOSA services to its member with savings and credit products. Some of the savings products include children savings account and education savings account. The loan products include aspire loan, express loan, and elimu bora loan.

19.  Mhasibu Sacco

Mhasibu sacco was started to target members of the accounting profession in 1986. However, it accepts members across all industries.

The Sacco offers various products both the in the savings and loan categories. Some of the main savings products include holiday schemes, child schemes, and fixed deposits. The loan products include mobi loan, gold loan, and swift loan.

To qualify for a loan with the Sacco, you need to have saved for at least 6 months and not negatively listed with the CRB.

Below is the joining process to become a member of Mhasibu. Some of the key conditions to joining the Sacco include a membership fee of 1000 shillings and 1600 minimum monthly contributions.

20.  Mwalimu National Sacco

Mwalimu National Sacco is a private Sacco that was started to serve teachers across the country in 1984 and closes the list of top 20 best saccos to join in Kenya. It is currently one of the largest saccos in the country with its main office in Upperhill Nairobi. It has 18 branches across the country in places such as Meru, Nyeri, and Kisumu.  Here is a full list of its branches and locations.

It offers various FOSA and BOSA products to its members across all its branches. The Sacco offers loans in a multiplier of 5 to the savings. Other conditions include 2 months’ recent payslips.

Some of the key loan products offered by the sacco include emergency loan, normal loan, and development loans. Learn more about the Sacco loan products.

In the last financial year, the sacco paid dividends worth 10.5% for share capital and 10% for rebates.