Top 6 SACCOs in Kenya

SACCOs are savings and credit organizations that are registered, owned, and run by a group of people. They are popular in Kenya because they charge low-interest rates on loans to their members. 

Most SACCOs allow members to borrow up to three or four times their savings. They enable members to save money and get personal or group development loans. In addition to cultivating a culture of savings, SACCOs are a great way to invest money.

Here are the top 6 SACCOs in Kenya:

1. Harambee Sacco

In 1970, a small group of low-income earners started Harambee Sacco. Today, it is one of the largest SACCOs in Kenya, with more than 80 851 members and an asset base of over Kshs.19.85 billion. 

Harambee Sacco provides its members a wide range of financial services, including savings accounts, loans, and investment products. It also offers a variety of member benefits, such as discounts on educational expenses and emergency assistance.

2. Kenya Bankers Sacco

As the name suggests, Kenya Bankers Sacco was established to help those who work in the banking industry with a place to save their money and access affordable loans. Some benefits of being a member include low-interest rates on loans, high returns on deposits, and the ability to build up a cash reserve. The SACCO offers loans at affordable rates to members so that they can improve their financial situation.

3. Stima Sacco

Stima Sacco is one of the best SACCOs in Kenya, offering banking and investment services to its members. It was founded in 1974 and has grown to become one of the leading financial institutions in Kenya. It offers a safe place for members to save money, access reasonably priced credit, and get a good return on investment. The Sacco also provides members with banking services through its FOSA services.

4. Mwalimu Sacco

Mwalimu SACCO is one of the best SACCOs in Kenya that was started in 1974. It focuses on providing its members with financial services such as banking and credit at reasonable rates. 

As the name suggests, most of society’s members are teachers, including those employed by the Teachers Service Commission (TSC). The SACCO’s low-interest rate loans have made it stand out from other SACCOs in the country.

5. Safaricom Sacco

Safaricom SACCO was formed in 2001 with just 222 members. It was created with the strategic objective of inculcating a savings culture among its members and providing them with the opportunity to access loan products to develop and improve their economic and social status. Today, the Sacco boasts of more than 12,000 members, pooled from Safaricom Ltd.

6. Kenya Police Sacco

Kenya police SACCO is a financial institution established in 1972 with a membership of 690 people. However, it has grown over the years and has more than 65 606 members today. 

Kenya Police SACCO provides diversified, reliable, accessible, and affordable financial products and services to is members, including various tailor-made affordable loans. Other services include access to savings accounts that members can open and earn a 4% per annum interest on their savings.