10 Best SACCOs in Kenya to Save Money
Discover the best SACCOs in Kenya for savings and loans. Compare top SACCOs based on reliability, benefits, and services for smarter financial choices.
Understanding What SACCOs Are and Why They Matter in Kenya
As a strategy to foster to savings, SACCOS (Savings and Credit Cooperative Societies) are associations of like-minded people who join hands to pull money or resources into a common account or fund for development purposes. The money contributed by each member is called shares or just savings that allow them to get affordable loans. Apart from loans, members’ shares or savings can be invested by the SACCO to generate dividends.
The Importance of SACCOs in Promoting Financial Inclusion
While financial services by the banks may have more restrictions and requirements, SACCOs are all about membership and contributions. It is easy to join a SACCO, get services such as loans and other support. SACCOs are also democratic and member centered. Members in the SACCO participate in making decisions. They also elect leaders who represent and them.
Empowering Communities Through the Cooperative Movement
At community level, SACCOs are very important when it comes to educating and sensitizing the masses about pertinent issues such as health, finances, agriculture and environmental. Through SACCOs, the community can learn about important personal finance topics such as savings, investing, budgeting, debt repayment and overall financial planning. These topics support community empowerment and development.
Discover the Top 10 SACCOs in Kenya Worth Joining
There are so many SACCOs in Kenya for anyone willing to save money. However, there are also some considerations to put into account before joining a SACCO such as customer support, financial health of the SACCO and how easy or difficult it is to borrow money. Also, there are some requirements on your side that you should meet basing on the particular SACCO. Having said that, let us now look at top SACCOs in Kenya.
1. Stima SACCO – Powering Your Financial Goals
Stima SACCO was started by employees and stakeholders in energy sector in 1970s for the purpose of saving money and raising credit. The SACCO has gone through series of steps from being employee centered to now serving people from all corners of the country. Being regulated by SASRA (Sacco Societies Regulatory Authority), Stima SACCO is one of the largest SACCOs in Kenya and is known for its excellent loan products, impressive dividends and competitive interest rates on savings. The SACCO also provides a wide range of financial solutions such as emergency loans.
2. Mwalimu National SACCO
Mwalimu National SACCO is the largest SACCO in Kenya and Africa by assets size. Started in 1970s by teachers under Kenya Teachers’ Service Commission, the SACCO has grown to accommodate civil servants and businesspeople. It is regulated by SASRA, and it gives financial services such as loans, banking and consultancy to members. Mwalimu SACCO has invested heavily in real estate and banking which provide dividends and competitive interest rates on savings to members.
3. Hazina SACCO
Hazina SACCO was started in 1970s to serve the workers in the ministry of finance and planning. The SACCO has undergone growth and expansion, opening up to employees under different government agencies and even private sector. Being under the regulation of SASRA, it provides loans to members, and it also has better repayment terms. It also provides investment and financial advice to members. Financial services at Hazina SACCO are digitized making them easily available to members.
4. Unaitas SACCO – Empowering Businesses and Entrepreneurs
Unaitas SACCO was started in 1990s by local tea growers in central Kenya to serve the interest of tea farmers. Over time, the SACCO has undergone changes and transformations from a local to regional and now a national SACCO in Kenya, serving not only tea farmers but employees in the government sector, private and businesspeople. Unaitas provides competitive savings rates and loan products to members. Being a licensed SACCO, it is also regulated by SASRA.
5. Kenya Police SACCO – Financial Security for Law Enforcers
Established in 1970s, Kenya Police SACCO was started to serve the members of the National Police Service by building a savings spirit and provision of credit to members. Over time, the SACCO has grown beyond being just a Kenya police to now a national SACCO serving both civil and private employees in Kenya. It is one of the best managed SACCOs in Kenya providing high dividends, low-interest loans and reliable customer service through its physical branches and mobile platforms.
6. Safaricom SACCO – Tech-Driven Financial Solutions
Started in the 2000s, Safaricom SACCO was established by employees of Safaricom PLC for the purpose of their financial growth. The SACCO has grown from serving employees of Safaricom PLC and is now open to all employees, individuals and businesspeople in the country. In 2024, Safaricom SACCO was rebranded to Qona SACCO, and the word ‘qona’ in English means ‘corner’, referring to all parts or corners of the country. The SACCO is also regulated by SASRA, and it provides emergency loans, development funding and school fees loans. It has also built a reputation for excellent customer satisfaction.
7. Waumini SACCO – Faith-Based Savings and Loan Services
Waumini SACCO was established in 1980s by a group of catholic faithful and until now it serves members of the Catholic Church and employees of catholic institutions in Kenya. The society has grown in assets and membership, serving more than 30,000 members. Waumin SACCO is regulated by SASRA, and it also provides FOSA – Front Office Service Activity such as deposits, withdrawals, salary and savings processing. It provides competitive interest on savings and affordable credit to members
8. Nation SACCO
Nation SACCO was formed to serve employees of the Nation Media Group and the media industry at large. Having been in existence for more than 50 years, it has opened its doors to the members of the public who can now join and plan for their finances. The SACCO has also embraced technology by introducing N-Kash mobile app that allows members to join and manage their accounts online. Members can also apply for loans online. This SACCO is known for affordable loans and good dividend payouts.
9. Afya SACCO
Afya SACCO was established by a group of health care workers to encourage the spirit of savings and also provide affordable credit to members. It also has a deposit taking license and is regulated by SASRA. Afya SACCO has several FOSA offices across Kenya that provide banking services to members. Members can access financial services online in addition to competitive interest rates on savings and affordable credit or loans.
10. Imarika SACCO – Building Strong Financial Foundations at the Coast
Imarika SACCO was started in 1970s by a group of teachers in the coastal region. The SACCO transformed from a Malindi teachers’ SACCO to now Imarika SACCO, opening its doors to civil servants, private employees and businesspeople in the coastal region. It has earned a good reputation for excellent service delivery. Members enjoy various financial products including welfare packages, high interest on savings and flexible loans. Their mobile banking platform allows members to manage their finances remotely.
How We Chose the Top 10 SACCOs in Kenya
To compile this list, we looked at several factors such as financial stability, customer satisfaction, membership size and the quality of services offered. We also checked how easy it is to join and benefit from each SACCO.
Comparing Interest Rates and Member Benefits
We analyzed interest rates and various member benefits to get a clear picture of how the SACCOs rank. SACCOs with high returns on savings and affordable loan interest rates ranked higher. Member benefits such as dividends, education and insurance also played a large part.
Service Quality and Accessibility Across Kenya
We also considered how accessible the SACCOs are. This includes online services, customer care, and branch networks. SACCOs with user-friendly platforms and good customer support ranked at the top.
The Financial Benefits of Joining a SACCO in Kenya
Growing Your Savings with SACCO Membership
Primarily, joining a SACCO is for the purpose of saving money. Since savings lay the foundation for the financial growth and independence, joining a SACCO is the first step to this goal. SACCOs provide digital savings solutions such as check off where money is directly deducted from the paycheck to the savings accounts.
Members of the SACCO receive benefits such as dividends and ownership of the SACCO through shares. They also receive expertise financial advice on sensitive personal finance areas such as investing decisions. SACCOs also provide CSR services to the community such as supporting health and education sectors and even sensitizing the society on important matters.
Getting Easy and Affordable Credit
SACCOs offer loans with lower interest rates compared to many banks. Members can borrow up to three times their savings, and repayment terms are usually flexible. This makes SACCOs a great option for financing education, home improvement, or small businesses.
Building a Supportive Financial Community
Beyond money, SACCOs create a sense of community. Members support each other, share advice, and even invest in joint projects. This collective strength encourages personal and social development.
Tips for Choosing the Right SACCO for You
Understand Your Financial Goals First
Before choosing a SACCO, you must first define your savings objective by clearly outlining what you aim to achieve in future. Savings objectives could be plans like saving for education, building or buying a home and starting a business. After defining your savings objective, you can easily identify SACCOs that support such goals.
Look at the SACCO’s Values and Services
Your services should align with those of the SACCO. As we have discussed the top SACCOs in Kenya, you can realize that they were started by groups of professionals such as teachers, doctors, police service and farmers. These SACCOs uphold the values of the respective professionals, and they provide services that support them. On the same note, if you are a farmer, go for a SACCO that provides agricultural loans.
Compare Interest Rates, Benefits, and Fees
The main objective of joining a SACCO is to save money and raise credit. Going by this goal, you should make comparisons among the SACCOs to choose the one with higher interest on savings and low interest on loans. Also consider other benefits such as dividend payments and FOSA services. Don’t ignore the hidden costs for the sake of your savings.
Conclusion: Start Your Journey to Financial Growth by Joining a Top SACCO Today
SACCOs provide avenues for people to save money and raise credit for financial growth. In Kenya, most SACCOs allow people to take loans of up to 300% of their savings. This is a good strategy to achieve long-term financial goals such as buying homes, starting businesses and other projects. There is no right time to join a SACCO or start saving money, the right time is now. In the list of top SACCOs above, choose any of that aligns with your goals and start saving.