Savings and Credit Cooperative Organizations (SACCOs) have long been a cornerstone of financial empowerment in Kenya. These member-owned institutions offer a range of financial services, including savings, credit facilities, and investment opportunities. With over 14 million Kenyans involved in SACCOs, they play a critical role in wealth creation and financial inclusion across the country. However, with numerous SACCOs to choose from, finding the best one can be challenging. This article explores the top 10 SACCOs in Kenya, highlighting their strengths, services, and why they stand out in the competitive SACCO landscape.
1. Stima SACCO
Stima SACCO is one of the largest and most successful SACCOs in Kenya, primarily serving employees in the energy sector but open to other professionals as well.
- Membership: Over 130,000 members
- Services: Savings, loans, insurance, and investment opportunities
- Key Features: Offers competitive interest rates on savings and loans, including the “Development Loan” with a flexible repayment period of up to 72 months.
- Why Choose Stima SACCO? Stima SACCO is known for its stability, robust governance, and the wide range of financial products tailored to meet diverse member needs.
2. Mhasibu SACCO
Mhasibu SACCO was initially established for accountants but has since opened its doors to other professionals. It is renowned for its prudent financial management and member-centric approach.
- Membership: Over 18,000 members
- Services: Savings accounts, loans, insurance, and investment in real estate
- Key Features: Offers products like the “Emergency Loan” with quick disbursement and the “Asset Financing Loan” for purchasing assets like vehicles and equipment.
- Why Choose Mhasibu SACCO? Mhasibu SACCO’s reputation for financial discipline and its focus on wealth creation through investments makes it a top choice for professionals seeking long-term financial growth.
3. Unaitas SACCO
Originally known as Muramati SACCO, Unaitas has grown into a major player in the Kenyan financial sector, offering services to individuals, groups, and businesses.
- Membership: Over 320,000 members
- Services: Savings, loans, insurance, and investment products
- Key Features: Unaitas offers the “Wezesha Loan” tailored for business expansion and the “Lipa Pole Pole” savings plan designed to help members save towards specific goals.
- Why Choose Unaitas SACCO? Unaitas is lauded for its innovation in product offerings and its commitment to uplifting small and medium enterprises (SMEs).
4. Kenya Police SACCO
Founded in 1972, Kenya Police SACCO serves members of the National Police Service, Kenya Defense Forces, and other disciplined forces. It has since grown to include members from other sectors.
- Membership: Over 63,000 members
- Services: Savings, loans, and insurance products
- Key Features: Known for its “Emergency Loan” with quick processing and “Development Loan” for larger projects with a repayment period of up to 96 months.
- Why Choose Kenya Police SACCO? The SACCO’s long-standing history, strong financial base, and tailor-made products for disciplined forces make it a reliable choice for members of these services.
5. Harambee SACCO
Harambee SACCO is one of the oldest SACCOs in Kenya, established in 1970 to serve government employees. It has since expanded to include members from the private sector.
- Membership: Over 80,000 members
- Services: Savings, loans, insurance, and investment services
- Key Features: Offers “Boresha Loan” for personal development and “Tujenge Loan” for housing and real estate investment.
- Why Choose Harambee SACCO? With its rich history, solid reputation, and extensive product offerings, Harambee SACCO is a dependable choice for both public and private sector employees.
6. Tower SACCO
Tower SACCO primarily serves the education sector, including teachers and other employees in the education industry, but is open to other professions.
- Membership: Over 30,000 members
- Services: Savings, loans, insurance, and investment products
- Key Features: Offers the “Educators Loan” for education-related expenses and the “Project Loan” for development projects with flexible repayment terms.
- Why Choose Tower SACCO? Tower SACCO’s focus on the education sector and its member-first approach make it an excellent choice for educators looking to grow their wealth.
7. Hazina SACCO
Hazina SACCO, established in 1971, serves public sector employees and has a reputation for reliability and strong financial performance.
- Membership: Over 15,000 members
- Services: Savings, loans, insurance, and real estate investment opportunities
- Key Features: Known for its “Hazina Loan” for personal development and the “Asset Financing Loan” for purchasing vehicles and equipment.
- Why Choose Hazina SACCO? Hazina SACCO is a solid choice for public sector employees looking for a trustworthy SACCO with competitive interest rates and a strong service record.
8. Waumini SACCO
Waumini SACCO is a faith-based SACCO established by the Catholic Church to provide financial services to its members. It has grown to include members from all faiths.
- Membership: Over 35,000 members
- Services: Savings, loans, and investment products
- Key Features: Offers the “Divine Loan” for personal use and the “Development Loan” for larger projects with a repayment period of up to 84 months.
- Why Choose Waumini SACCO? Waumini SACCO’s focus on ethical banking, coupled with its strong financial performance, makes it an appealing choice for those seeking value-based financial services.
9. Imarika SACCO
Imarika SACCO, based in Kilifi County, primarily serves employees in the education sector but is open to other professions.
- Membership: Over 20,000 members
- Services: Savings, loans, and insurance products
- Key Features: Offers the “Jijenge Loan” for personal development and the “Elimu Loan” tailored for education-related expenses.
- Why Choose Imarika SACCO? Imarika SACCO’s strong community presence, especially in the coastal region, and its commitment to member welfare make it a top choice for those in the education sector.
10. United Nations SACCO (UN SACCO)
UN SACCO serves employees of the United Nations and its affiliated organizations. It is one of the most prestigious SACCOs in Kenya.
- Membership: Over 5,000 members
- Services: Savings, loans, and investment products
- Key Features: Offers the “Development Loan” for large projects and the “Emergency Loan” with quick disbursement and competitive interest rates.
- Why Choose UN SACCO? UN SACCO’s strong financial base, international exposure, and member-centric services make it an ideal choice for employees of international organizations.
Conclusion
Kenya’s SACCO sector offers a wide array of options for individuals seeking financial services tailored to their needs. Whether you’re looking for a SACCO that serves a specific profession, offers ethical banking options, or provides strong investment opportunities, the top 10 SACCOs listed above represent some of the best options in the market. By choosing the right SACCO, you can enjoy the benefits of collective savings, access to affordable credit, and opportunities for long-term wealth creation.
