Saccos have become among the top financial investment options for Kenyans. They are most common for their robust savings and loan products to members. However, they have also become top dividend payers in the country. Hence, below is a review of the top 20 best dividend paying Saccos in Kenya.

Top 20 Best Saccos to Join in Kenya 2022

What is a SACCO?

SACCO is an abbreviation for Savings and Credit Co-Operative Society. These financial institutions are formed by members who share a common interest or occupation. Therefore, unlike banks, they target a specific niche of customers.

In Kenya, the umbrella body of SACCOs is the Kenya Union of Savings & Credit Co-operatives (KUSSCO). Its main role is advocacy and representation of SACCOs.

Differences Between SACCOs and Banks.

Although both SACCOs and banks offer financial services, they also differ in some aspects. Below are some of the major differences between SACCOs and banks

  1. Banks are licensed by the Central Bank of Kenya while SACCOs are licensed and regulated by the SACCO Societies Regulatory Authority (SASRA). 
  2. Banks have no specified limit on the number of shares that an individual can own, however, the maximum number of SACCO shares you can buy is 5% of the total authorized shares.
  3. Voting rights by bank shareholders are determined by the number of shares you hold; however, SACCO members only hold 1 vote per member.
  4. Bank executives are appointed by the board of management while SACCO members elect their board of management. Therefore, SACCO members have control over who joins the board of management.

Benefits of joining a SACCO in Kenya

Since SACCOs are formed to provide financial support to the members, the benefits you will enjoy as a member will be majorly financial. Below are some of the main benefits you will reap from becoming a Sacco member.

  1. Facilitates saving– Traditionally, SACCOs were formed by members to hold their savings. SACCOs have an edge over banks when it comes to return on investment. SACCOs offer higher interest rates compared to banks. Thus, the money you save in a SACCO will yield higher returns compared to saving the same amount in a bank.
  2. Dividend payments –SACCOs are popular due to their regular dividend payments. Mostly, this happens annually with some giving a rate of up to 20% of the share price.
  3. Access to low-cost loans – SACCOs offer some of the lowest interest rate charges on their loans in the market. Another attractive aspect of the loan service provided by SACCOs is that you can borrow up to thrice the amount of your savings.

With these terms, loan services offered by SACCOs become more attractive than those offered by other financial institutions such as banks.

When do SACCOs pay dividends?

A dividend payment is the amount of money you receive from investing in the shares of a company or institution. Just like in other businesses, SACCOs make dividend payments when there is a surplus in their reserves at the end of the financial year.

SACCOs make 2 types of payments to their members depending on their portfolio. They reward members who have deposit accounts and those who hold shares with them using different rates. If SACCO has had a profitable financial year, the dividend payments on the shares held will be higher than the dividend payments on the deposit accounts.

The majority of the SACCOs pay the dividends at the end of the year, after the approval by the members during the Annual General Meeting (AGM). However, SACCOs can choose to make dividend payments semiannually, quarterly, or monthly should the members approve of this strategy.

Dividend payments on shares held vary across the years. This is because dividends on shares are paid according to the type of financial year that SACCO has had.

Top 20 best dividend paying saccos in Kenya

The list below is according to the dividend payments made during the 2021 financial year.

1. Nyati Sacco

Nyati SACCO was registered in 1977 and its initial members were the employees of Securicor Security Services (Currently G4S Security Services). It has thus expanded its membership to cater to other security services employees e.g. Tandu Alarms, Top Flight Security, Absolute Security Ltd, etc.

Nyati Sacco currently has 27,367 members as it also draws membership from the diaspora and the spouses of members and corporates on a non-check-off arrangement.

Nyati also offers both Front Office Services Activity (FOSA) and Back Office Services Activity (BOSA). FOSA is a product where Sacco offers banking services similar to those offered by commercial banks while BOSA is a product where the members can make non-withdrawable deposits and access credit services/ borrow against their savings.

In 2021, Nyati SACCO issued the highest dividend payment of 21% to their members, thus making the best dividend payment in 2022.

2. Mombasa Port Sacco

Mombasa Port Sacco was founded in 1966 by the employees of the then East African Harbours & Railways Corporation. However, in 2010, the SACCO allowed members from diverse groups to join the society. Currently, the SACCO draws membership from investment groups(chamas), corporates, and individuals in the diaspora.

Some of the FOSA products offered include:

  • Ordinary Savings Account
  • Holiday savings account
  • Children account
  • Biashara savings account
  • Group savings account
  • Fixed deposit account
  • Company savings account

In 2021, the Mombasa Port SACCO paid dividends at the rate of 20%, making it the 2nd highest dividend-paying SACCO in Kenya in 2022.

3. Magadi Sacco Society

The Magadi SACCO Society was founded in 1977. Its target to provide Magadi Soda employees with an avenue to save and borrow at a low cost for them to meet their needs.

In the last 45 years, the SACCO has accumulated over 7,000 members from the initial 50 members. The SACCO has an asset base of over 700 million and member deposits are over 530 million. The SACCO membership is open to all, unlike other SACCOs which restrict membership to a specific group.

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Magadi Sacco offers FOSA and BOSA services, with the members qualifying for loans of up to 3 times their deposits. The SACCO paid dividends at the rate of 20%, making one of the highest dividend payments by a SACCO in Kenya during the 2021 financial year.

4. Tower Sacco

Tower SACCO was registered in 1976 to serve primary school teachers. It was initially registered as Nyandarua Teachers SACCO and later rebranded to Tower Sacco in 2002.

They provided their members with a platform where they could save regularly and borrow loans easily.  However, the SACCO has grown immensely and draws membership from Government ministries, TSC, Kenya Defense Forces, County Governments, Administrative Police, and Kenyans in the diaspora, among others. Tower Sacco currently has 22 branches across the country.

In 2021, Tower SACCO had the 2nd highest dividend payment rate of 20%, which is an impressive fete.   

5. Trans-Nation Sacco

Trans-Nation Sacco was formerly known as the Tharaka Nithi Teachers Sacco. It was founded in 1993, after the amicable split of Meru Teachers SACCO whose operation was the larger Meru district. The headquarters are in Chuka town.

Similar to the majority of the SACCOs, Trans-Nation SACCO offers both FOSA and BOSA. In the 2021 financial year, Sacco made dividend payments at the rate of 18%, ranking it among the highest dividend-paying SACCOs.

6. Solution Sacco

Similar to Trans-Nation Sacco, Solution Sacco was formed after the split of Meru Teachers SACCO in 1993. Solution SACCO is based in Meru town and has more than 16,000 members who are majorly teachers.

Their products were initially restricted to savings mobilization through share capital and normal SACCO loans, but they later introduced new products. Some of the products they offer to their members are FOSA, BOSA, and SACCO atm services.

In the 2021 financial year, Solution SACCO paid dividends at the rate of 18%, ranking among the highest dividend-paying institutions in Kenya.

7. Bandari Sacco

Bandari SACCO was founded in 1975 by members of the East African Harbours and Railways Corporation. It was initially registered as Harbours workers SACCO before rebranding to Bandari SACCO in 1985. The objective of the SACCO was to support one another during hard times and to also ferry deceased kinsmen who hailed from far away to their rural homes for burial.

The common bond was employees of KPA, Kenya Ferry Services, and Kenya Maritime Authority before the SACCO opened its common bond in 2005 to incorporate diverse membership within the Sacco.

Bandari Sacco is a tier 1 Sacco with an asset base of 10 billion and membership of 16,000 up from its initial 20 members. Bandari Sacco has a high dividend payout, with its highest dividend payout being 22%.

In the 2021 financial year, their dividend payout was 18%, ranking among the top SACCO dividend payouts in the country.

8. Biashara Sacco

Biashara Saco was formed by business-oriented individuals in Nyeri who were also members of the KNNCCI. It was registered in 1990 and began operations in 1991.

The SACCO currently has 11 branches across the country and 4 satellite offices. It was licensed to offer FOSA services in 2006 and the first branch to offer banking services was opened in Nyeri. The SACCO membership is open to all citizens across the country.

In the 2021 financial year, Biashara SACCO issued dividends at the rate of 18%.

9. Hazina Sacco

Started in 1971, the initial members of this Sacco were from the Ministry of Finance and Planning. The SACCO later opened its common bond and drew memberships from other ministries, parastatals, and even the private sector. Currently, the Sacco has more than 19,000 active members.

The Sacco provides both FOSA and BOSA services to its members. In the 2021 financial year, Hazina Sacco made dividend payouts at a rate of 18%.

10.  Mafanikio Sacco

Mafanikio SACCO was established in 1976 by teachers under the Teachers Service Commission. However, they later opened their common bond to include private school teachers and members of the public. Currently, the SACCO has over 3000 members.

Similar to other SACCOs on this list, Mafanikio SACCO offers both FOSA and BOSA services to its customers. The SACCO issued dividends at a rate of 18% during the 2021 financial year. 

11.  Ollin Sacco

Ollin SACCO was founded in 1976, with an initial membership of 163. The SACCO is located in Kerugoya town, Kirinyaga county. It was the first SACCO in Africa and the country to offer FOSA services in 1995.  Ollin SACCO draws membership from teachers, public officers, Sacco employees, employees in private institutions, and members of the business community.

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Currently, Ollin Sacco has more than 20,000 registered members. In the 2021 financial year, the Sacco made dividend payouts at the rate of 17.5% ranking among the top SACCOs in the country in terms of dividend payments. 

12.  Kenya National Police Sacco

The Kenya National Police DT SACCO, a tier 1 Sacco, was registered in 1972, with an initial membership of 690. The number of members has since increased to over 63,450. Although the Sacco was initially meant for police officers, the Sacco has since opened its common bond.

Therefore, membership is open to regular and administration police officers, employees of; the Kenya police service, police DT SACCO society, Utumishi investment limited, Ruaraka housing estate limited, the civil service etc.

The Sacco made a dividend payment at the rate of 17% during the 2021 financial year.

13.  IG Sacco

The Invest & Grow (IG) Sacco began in 1977 with an initial membership of 115. It is currently a tier 1 Sacco with a membership of over 44,180 and an asset base of over 10 billion. The Sacco initially drew its membership from teachers in primary schools, secondary school teachers, and KNUT.

However, after they opened the common bond, the Sacco draws its membership from almost all occupations in the country.

Although the members from across the country, the majority are in the western region of the country, with its headquarters in Kakamega town.

The Sacco offers both FOSA and BOSA services to its members. For the 2021 financial year, the Sacco made a dividend payout of 17%.

14.  Mwito Sacco Society

Mwito Sacco was registered in 1979 and has since grown to a membership of 7,589. The Sacco draws its membership from the employees of Kenya Wildlife and Tourism, Kenya Marine, Fisheries Research Institute, private companies, and individuals.

Mwito Sacco has an asset base of 2.373 billion and a loan portfolio of 1.952 billion. The Sacco offers both FOSA and BOSA services. It made a dividend payment at the rate of 16% in the 2021 financial year.

15.  Cosmopolitan Sacco

Cosmopolitan sacco was registered in 1977, as Nakuru Teachers sacco. Its objective was to promote a saving culture amongst the members and create a pool of funds that the members could borrow at a fair cost.

The Sacco later rebranded in 2012 and opened the common bond to admit members from other sectors. Cosmopolitan Sacco is regulated by SASRA since 2011. It has about 26,900 members and an asset base of 8.5 billion.

Being among the largest Saccos in the country, Cosmopolitan Sacco made a dividend payout at the rate of 15% during the 2021 financial year.

16.  Winas Sacco

Winas Sacco was formerly the Embu teachers Sacco. It was established in 1977 to serve teachers in the larger Embu district. In 2012, the sacco rebranded to Winas sacco. The Sacco also opened the common bond to expand their potential customer base, which has greatly contributed to their success.

The Sacco offers both FOSA and BOSA services to its customers. It made dividend payouts at the rate of 15% during the 2021 financial year.

17.  Yetu Sacco

Yetu Sacco was formed by tea farmers in Meru County in 1990 and later registered in 1991. Since its inception, the Sacco has witnessed tremendous growth and has a membership of 59,341 members. It also has an asset base of 4.7 billion shillings. The headquarters are located in Nkubu, Meru County.

The Sacco made a dividend payout at a rate of 15% for the 2021 financial year.

18.  Nation Sacco

Nation DT-Sacco was registered in 1975 to provide members with an opportunity to accumulate savings and deposits. It is a deposit-taking Sacco that is licensed and regulated by SASRA.

The Sacco made a dividend payout at the rate of 15% during the 2021 financial year.

19.  Shirika Sacco

Shirika Sacco was registered in 1969. It drew its membership from the Co-operative Development and Marketing department of the Ministry of Industrialization and Enterprise Development. Later, the Sacco widened its scope to include all other government ministries, reputable public organizations, and cooperative-related organizations.

The Sacco has a membership of over 8,000 and an asset base of 4 billion. Members of the Sacco target to contribute monthly deposit of 10% of their gross salary as the minimum amount.

The Sacco offers both FOSA and BOSA to their members. The Sacco made a dividend payout at the rate of 15% in the previous financial year, ranking it among the top dividend-paying SACCOs in the country.

20.  Maisha Bora Sacco

Maisha Bora Sacco was formed in 1974 by a group of the then East Africa Industries Ltd (now Unilever). Initially, its name was Kimbo Sacco.

The Sacco rebranded to Maisha Bora Sacco in 2003 after the sale of the Kimbo brand by Unilever. The rebranding created an opportunity to open the common bond to accommodate diverse membership within the Sacco.

Kimbo Sacco currently has an asset base of 4.7 billion and a loan portfolio of 3.01 billion. The Sacco has maintained a double-digit interest payout for the last 5 years, with them making a payout of 15% in the 2021 financial year. This makes them among the top 20 best dividend paying saccos in Kenya.

Below is a recap of the top 20 best dividend paying saccos in Kenya.

  1. Nyati sacco
  2. Mombasa port sacco
  3. Magadi soda sacco
  4. Tower sacco
  5. Trans-nation sacco
  6. Solution sacco
  7. Bandari sacco
  8. Biashara sacco
  9. Haina sacco
  10. Mafanikion sacco
  11. Ollin sacco
  12. Kenya National Police sacco
  13. IG Sacco
  14. Mwito sacco society
  15. Cosmopolitan sacco
  16. Winas sacco
  17. Yetu sacco
  18. Nation sacco
  19. Shirika sacco
  20. Maisha bora sacco


Saccos provide a platform to save money while receiving high dividend payments. Since the return on investments in a Sacco is higher than that in a bank, you should consider joining any of the Saccos mentioned above. 


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