Savings and Credit Cooperative Organizations (SACCOS) bring together people with similar financial background. They are a great tool to empower members financially through savings and Credit support to the members. Some SACCOs have even set up projects to empower members financially.
SACCOS are regulated by The SACCO And Societies Regulatory Authority (SASRA). This is a government body tasked with keeping SACCOs at check. When looking for a SACCO to join, it is important you get to know if the SACCO is registered by SASRA.
Below is a list of some SACCOS in Kenya worth Joining
- Maisha Bora SACCO
- Mwalimu SACCO
- Kenya Police SACCO
- Harambee SACCO
- Stima SACCO
- Unaitas SACCO
- Ukombozi SACCO
- Hazina SACCO
- Imarika SACCO
- K-Unity SACCO
1. Maisha Bora SACCO
Maisha Bora SACCO started way back in 1974 by the Kenyan employees of Unilever, this Sacco was exclusive to the employees of this firm until just recently when membership was open for all.
Among the strengths of this Sacco is the fact that members are eligible to loans of up to 3 times their savings with the Sacco. Like most SACCOs on this list, Maisha Bora Sacco offers its loans at a 1 percent interest rate each month and on a reducing balance basis. These loans, however, are not allowed to exceed 6 months before they’re fully paid back.
2. Mwalimu SACCO
Mwalimu Sacco as formed and registered in the year 1974 under the Co-operative Societies Act as a SACCO Society whose main objective is to mobilize savings and provide credit to its members. It draws its members from the teachers service commission TSC as well as other sectors. Mwalimu SACCO offers loans to its members at a greatly reduced rate than most banks.
3. Kenya Police SACCO
Kenya Police SACCO was registered on 20th November 1972 and was issued with a registration certificate. The Society has had growth in its membership from a few hundred’s currently standing at 40,000 plus members
It has nine elected members who form the Board of Directors of the SACCO and three members of the Supervisory Committee. Kenya Police SACCO Society undertakes corporate social responsibility programs. Kenya police SACCO draws majority of its member from the police and anyone is welcomed into the SACCO.
4. Harambee SACCO
Harambee SACCO boasts of a net value of above Ksh.19.8 Billion. The sacco draws members from both government and private institution. They have branches in almost all parts of Kenya. Among the notable members of harambee SACCO from government institution are:
National police Service, National government, Kenya Defense forces, National Youth Service,Parastatals such as NEMA,KWS,KFS, County government.
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5. Stima SACCO
Stima Sacco is a licensed Deposit Taking Sacco established in 1974 with the Sole objective of uplifting the members’ social, economic well-being. In April 2003 the Sacco responded to members banking needs by introducing the Front Office Service Activity (FOSA) to offer banking services to its members. They are known to offer loans at a lower rate and members can take loan up to three times their deposit. This makes them one of the best Saccos in Kenya.
The Sacco has branches in most towns in Kenya
6. Unaitas SACCO
Unaitas Sacco charges very low-interest rates (between 1 and 1.5 percent each month). The interest areas are also on a reducing balance with the loans to be paid back within 72 months. The SACCO started in 1993 in Murang’a before it grew into one of the best Micro-finance institution in the country. It is majorly known to support small-scale businesses. It offers various benefits to its members such as loans at 3 times the size of a member’s savings.
7. Ukombozi SACCO
Ukombozi SACCO L.T.D was birthed in 2001 as a Christian SACCO under the leadership of Bishop Dr. Mark Karioki of the Deliverance Church. The SACCO has grown tremendously over a short period of time offering loans to members up to three times their deposit. The SACCO has 6 branches across Kenya. Their head office is in Nakuru with branches in Nairobi, Ongata Rongai,Eldoret,Kisii and Mombasa.
8. Hazina SACCO
Hazina SACCO is a nationwide Savings and Credit Co-operative Society established in the 1971 and registered under Co-operative Societies Act of the Laws of Kenya with the primary objective of allowing its members to accumulate their savings, thereby creating a source of loan-able funds. It provides members with low interest loans making them one of the best SACCOS for one to join.
Members of the Society are drawn from various Government Ministries, Parastatals, Non- Governmental Organizations, and Private Sector. Hazina Sacco has over 15,000 members.
9. Imarika SACCO
Imarika sacco is one of the Kenya’s premier Savings and Credit organizations. Members of Imarika SACCO can access loans up to two times their savings at a 12.5% monthly interest. The allowed repayment period for loans from Imarika SACCO is five years. The Sacco has over 37,000 members.
10. K-Unity SACCO
K-Unity is a well-established Sacco Licensed by SASRA as a deposit taking Sacco with operations in Kiambu, Nakuru, Narok and Nairobi County. K-Unity sacco allows members to take loans up to 4 times their savings. They also offer the loans at a low rate making then among the best SACCOS for one to join.