Best SACCOs in Kenya: A SACCO is a savings and credit cooperative society. This type of financial institution is owned and democratically controlled by its members, who are usually people with a common bond, like those who work in the same industry or live in the same area.
SACCOs offer a wide range of financial services to their members, including savings accounts, loans, and insurance.
They are an important source of financial inclusion for many Kenyans, as they offer access to formal financial services for those who may not be able to access them through traditional banks.
Benefits of Joining a SACCO in Kenya
There are many benefits to joining a SACCO in Kenya, including:
- Access to formal financial services: As mentioned above, one of the main benefits of joining a SACCO is that it provides access to formal financial services for those who may not be able to access them through traditional banks. This is especially important in rural areas, where formal banking services are often not available.
- Affordable loans: SACCOs offer affordable loans to their members, which can be used for a variety of purposes, including business expansion, education, and housing.
- Savings: SACCOs also offer savings accounts to their members, which help people to grow their savings over time.
- Insurance: SACCOs offer insurance products to their members, which can help to protect them in case of illness, death, or other unforeseen events.
Now that we’ve discussed what a SACCO is and the benefits of using one, let’s take a look at some of the best SACCOs in Kenya.
Best SACCOs in Kenya
1. Unaitas SACCO
Unaitas SACCO is one of the largest and most well-known SACCOs in Kenya. It is also the best SACCOs to save with in Kenya. It was established in 1993 and currently has over 700,000 members. This SACCO gives loans to its members for a variety of purposes, including business, education, and housing. It also offers savings accounts and insurance products.
Unaitas SACCO is known for its transparency and good governance practices. It was the first SACCO in Kenya to be ISO certified, and it has won several awards over the years, including the Best SACCO in Kenya award from the Kenyan government.
Unaitas SACCO has a wide network of branches, which makes it convenient for members to access its services. It also has an e-banking platform, which allows members to transact online.
2. Stima Sacco
This is one of the best SACCOs for youths in Kenya. Stima SACCO is a renowned investment company with branches all across the country.
It is one of the best land-buying SACCOs in Kenya The first branch was opened in 1974 and since then they have seen immense growth that continues to this day!
3. Kenya Police SACCO
This is one of the best SACCOs to invest in Kenya. The Kenya Police SACCO was founded in 1972 to serve those who worked within the Kenyan police force.
Now, it is open and welcoming for all Kenyans and it is one of the best asset financing SACCOs in Kenya.
The loans offered to members are three times the amount of their investment.
4. Waumini SACCO
This is one of the best SACCOs in Kenya to save money. Waumini SACCO was founded by the Catholic Church to provide loans for congregation members.
The maximum loan that can be taken is three times your savings, and it’s repayable within five years at a 12.5% per anum interest rate.
It’s important you know how much this will cost before taking out any money so make sure not only do they offer low-interest rates but also reasonable fees!
5. K-Unity SACCO
The SACCO is the highest dividend-paying SACCO in Kenya and a major player in the Kenyan market, with its headquarters centered around Nairobi and Kiambu regions.
It was registered in 1974. Through vetting processes, it now only accepts members who can truly afford to pay for access privileges at an affordable price tag.
K-Unity SACCO is one of the best-performing SACCOs in Kenya.