The 15 Best SACCOs in Kenya

Kenyan SACCOs are taking the financial industry by storm by giving their members new opportunities for financial empowerment. However, we need to always remember that there are hundreds if not thousands of SACCOs out there. While some of them are really good at what they do, others are, well…outright scams, often leaving their members in worse off financial conditions.

So, therein comes the question – what are the best SACCOs in Kenya? And how exactly do you identify the best from the rest?

Well, the SACCO sector in Kenya is regulated by a government body called SASRA (short for The Sacco Societies Regulatory Authority). So, that should always be your starting point when searching for the ideal SACCO. This authority maintains a database of these organization and publishes annual reports on the same.

In this article, we base our list of the best SACCOs on the latest SASRA report – and particularly with reference to asset base. A strong asset base is one of the strongest indicators of how stable or well-run a society or institution is.

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What Are SACCOs?

Saccos are member-owned and managed savings/credit cooperative societies. They are created by a group of members who pool their finances in order to access affordable financial services rather than those given by commercial banks. Saccos majorly focus on pooling funds and providing affordable credit to members.

Best Saccos in Kenya as Per SASRA 2023 Report

1. Mwalimu National SACCO

With an asset base of 66.43 Billion shillings, Mwalimu National SACCO ranks among the largest Saccos in Kenya. The Sacco focuses on giving teachers access to affordable financial services. Just like its name ‘Mwalimu”, the Sacco majorly targets teachers of all calibers, from primary to tertiary level. Also included are TSC secretariat members and children or spouses of members who aren’t formally employed.

The Mwalimu National Sacco services include welfare services, business loan products, FOSA and BOSA products. The FOSA (Front Office Services Activities) provides banking services such as loans, salary advances, and instant credits. Business loans offered include asset financing, insurance premium financing, mortgage financing, and collateral-based loans.

Besides savings, Mwalimu National Sacco provides welfare services to its members, including risk funds, last expense benefits, and burial benevolent funds. The BOSA (Back Office Services Activities) offers members different loan products against the deposits they’ve made.

The head office of Mwalimu National Sacco is located at Mwalimu Towers, situated along Mara Road, in Uperrhill, Nairobi. This Sacco was founded in 1974 with just 9 members. Currently, it has 18 branches and over 123,000 members.

2. Stima SACCO

Stima SACCO started operations in 1974 with a mandate of serving the formerly known East African Power & Lighting Company employees. It has since evolved to be among Kenya’s top saccos thanks to its broad coverage of members from different sectors including corporations, groups and business persons. The Sacco also ranks second in terms of asset base and thus has a high stability ratio.

Stima Sacco has many firsts; it was the first to be licensed by SASRA, the first to induct mobile banking, and the first to launch ATM services. It was also the first to unveil Sharia-compliant product services and the first to issue cheque books. The Sacco offers various services like savings options, investment options, credit facilities, insurance, mortgage, and diaspora services.

Stima Sacco embraces its core values of teamwork, innovation, integrity, and professionalism to fulfill its objectives. The Sacco currently has over 200,000 members which includes both residents and non-residents. Finally, Stima Sacco has 14 branches, and its head offices are at the Stima Sacco Plaza, Mushembi Road, in Parklands, Nairobi.

3. Kenya National Police SACCO

The Kenya National Police Sacco started in 1972 with a total of 690 members and has since grown to host over 73,000 members. This Sacco employs its core values of quality, integrity, teamwork and innovation to dispense its mission of providing members with competitive financial solutions.

Some of the services offered by the Kenya National Police Sacco include credit, savings, loans and investment services. The members who are drawn majorly from the police service enjoy low loan interest rates, interest on deposits, high annual dividends, instant loans, etc. However, the sacco membership isn’t limited to the police service as civil servants and individuals from business communities can join.

As part of its achievements, the Kenya National Police Sacco was recently awarded the “Best Managed Sacco in Kenya” at the Ushirika Gala Awards 2024. The Sacco has 7 branches in Kenya’s major towns, and its head office is at the Kenya Police Sacco Plaza situated along Ngara Road, Nairobi.

4. Harambee SACCO

Harambee was Kenya’s first president Jomo Kenyatta’s favorite slogan which means “Pooling together.” The history of Harambee Sacco dates back to 1969 when members drawn from the then Office Of the President(OPP) joined to form a merry-go-round. Their vision was to encourage members to have a savings plan to help them access short-term loans.

The need for growth saw the merry-go-round transform into a full sacco-society under the name Harambee DT SACCO Society, which was formed in 1970. Despite its humble beginnings, Harambee Sacco now ranks among Kenya’s best and largest saccos. It boasts an asset base of 38.57 Billion and over 80,000 members.

The sacco’s members come from diverse backgrounds, including civil servants, corporates, groups or chamas, and CBOs (Community Based Organizations). This sacco offers its members different services ranging from savings and loans to investment opportunities. Harambee Sacco has 5 branches, and its head offices are at the Harambee Plaza, Heile Sellasie Avenue, Nairobi.

5. Tower SACCO

Tower SACCO was formed in 1976 by a group of primary teachers in Ol’Kalou, Nyandarua County. The Sacco’s membership has since expanded to cover the police service, farmers, parastatals, business community, county government employees, etc. It currently has over 250,000 members and a 23.23 billion asset base.

Tower Sacco offers members different financial services, including investment products, loans, savings and insurance. They’ve adopted innovative measures like mobile banking, internet banking, visa-branded ATMS, and Tower Sacco agents to make service delivery easy. Finally, the Sacco has 25 branches, and its head office is at the Tower Sacco Plaza in Ol’Kalou.

6. Afya SACCO

If you’ve ever been to Nairobi, you are probably aware of the iconic green Afya Center Building located along Tom Mboya Street. This building houses the Afya Sacco head office. Afya Sacco was founded in 1971 by a group of 20 people but has since grown to host over 38,000 members.

The Afya Co-op Sacco Society services include FOSA, investments, land acquisition and loan services. This sacco has embraced technology by introducing E-services like the tender portal, dividends portal, recruitment portal and customer inquiries for better service delivery.

7. UNAITAS SACCO

This deposit-taking Sacco was registered in 1993 and was then known as Murang’a Tea Growers cooperative society. It comprised a group of like-minded farmers who combined to encourage the spirit of saving and getting loans at affordable rates.

However, the Sacco later changed its name to Muramati in 2007 hence expanding operations beyond Murang’a and opening doors for other entrepreneurs. Muramati later changed its name to the currently called Unaitas Sacco in 2012 by incorporating members form different sectors and developing client-tailored products.

Unaitas has 31 branches in Kenya’s major towns, and its head office is at the Cardinal Otunga Plaza, Kaunda Street, Nairobi. The services offered by Unaitas include savings, investments, and loans.

8. Imarisha SACCO

With only 14 branches, Imarisha Sacco has an asset base of 21.78 billion and over 160,000 members. This broad membership is attributed to Imarisha Sacco’s commitment to providing effective yet efficient financial services through accountability, integrity, equity and transparency. The incorporated services include savings, loans, digital banking and diaspora services.

Imarisha Sacco Society opened its doors in 1978 under the name Kipsigis Teachers Sacco, which was formed by a group of 100 teachers. In 2014, the Sacco rebranded to its current name, Imarisha Sacco and began to accept non-teaching members. The Sacco has 14 branches, and its headquarters are at the Imarisha Sacco Building, in Kericho town.

9. United Nations SACCO

The United Nations Sacco was formed in 1975 with only 131 members and aimed to provide financial services to UN (United Nations) employees. Nonetheless, the Sacco has since expanded its membership to include United Nations-related agencies, staff and selected international organizations.

This Sacco has since grown to be home to over 6900 members and an asset base of 18.21 billion. The United Nations Sacco services include mobile banking, savings, money transfer, safe custody, loans and investments. Its offices are located at the UN SACCO Building, United Nations Complex, Gigiri, and Nairobi.

10. Ukulima SACCO

Ukulima Sacco was formed in 1972 when employees of the Ministry of Agriculture pooled funds to help empower themselves financially. This Sacco doesn’t put restrictions on membership. For instance, formerly employed or self-employed Kenyans can join the sacco, no matter their country of residence, as long as they are Kenyan citizens. Thus, it accepts membership from individuals, corporations, chamas/groups, etc.

Members of Ukulima Sacco can access different services, such as borrowing, saving, or investing. With only 8 branches and over 58,000 members, this is more than enough proof of the trust that Kenyans have in the sacco. The head offices of Ukulima Sacco are at the Ukulima Cooperative House, Haile Selassie Avenue, Nairobi.

11. Hazina SACCO

Hazina Sacco was founded in 1971 by the Ministry of Finance and Planning employees. Currently, Hazina Sacco has expanded its membership to include staff from county governments, other government ministries, parastatals and individuals from the private sector. As of now, Hazina Sacco has more than 19,000 members.

The Hazina Saccco head offices are at Hazina Place, Kibera Road, Off Ngong Road, Nairobi. Moreover, the sacco has satellite offices in Mombasa, Vihiga, and Siaya. This sacco provides FOSA and BOSA services to guarantee quality financial empowerment to its members.

12. Gusii Mwalimu SACCO

Gusii Mwalimu Sacco started operations in 1979 and comprised TSC teachers in the Gusii region. Right now, the Sacco accepts members from different sectors like NGOs, civil servants, government ministries, and county governments. It focuses on improving the economic well-being of its over 31,000 members by offering diverse services, including BOSA, FOSA, and mobile banking.

Gusii Mwalimu Sacco has 6 branches, which are located in Nyamira, Keroka, Ogembo, Kilgoris and Rongo. Gusii Mwalimu Sacco’s head office is at the Gusii Mwalimu Complex, Kisii County.

13. Invest and Grow SACCO

Invest and Grow SACCO is a premier deposit-taking Sacco that offers members diverse and innovative financial solutions. The services offered include FOSA, BOSA, M-banking, salary processing, banker’s cheques etc.

This Sacco society was founded in 1977 with only 115 members. Today, the Sacco accepts membership from different sectors, from individuals, civil servants, and corporate entities to self-employed persons. However, most of the current 46,000 members are teachers.

The Sacco was previously known as Kakamega Teachers Sacco and later rebranded to Invest and Grow Ltd in 2015. The head office is at the IG Sacco Plaza, Khalisia Road, Kakamega. This sacco’s branches are domiciled in the western part of Kenya namely; Mbale, Malava, Mumias, Butere, Serem, Luanda, and Lumakanda.

14. Mentor SACCO

Mentor Sacco was established in 1977 and was referred to as Murang’a District Teachers Cooperative Society. Right now, Kenyans of all levels, teachers, civil servants, or self-employed persons, can join. The Sacco gives all-inclusive services like FOSA, salary advances, loans or savings to members in Kenya and even those beyond the borders.

Currently, the Sacco has over 40,000 members, 8 branches and an asset base of 13.47 billion. The head office of Mentor Sacco is situated at the Mentor Complex, Uhuru Highway, Murang’a County.

15. Imarika SACCO

Imarika Sacco’s operations dates back to 1974. It was started by a group of 100 primary teachers but has grown to over 160,000 members comprising corporate entities, self-employed individuals and civil servants. Some of the services offered by Imarika Sacco include savings, loans, mobile banking, playbill, and Sacco agency banking.

The sacco has 8 branches, most of which are located in Kenya’s coastal region. Finally, its head office is in Kilifi town at the Imarika Plaza, along Charo Wa Mae Road, Kilifi County.

SACCO Categories in Kenya

In Kenya, saccos are categorized into two: deposit-taking and non-deposit-taking. Both saccos take savings from members which are used as security for accessing loans. Let’s look at them separately;

*Deposit-taking Saccos

The DT SACCOS or Deposit Taking Saccos take deposits from members and, in return, give them withdrawable savings accounts just like banks do. Deposit-taking saccos like the ones outlined above are regulated and licensed by SASRA to protect the interests of members.

The services of these saccos include savings, credits, mobile banking and ATM services through FOSA (Front Office Savings Activities). Deposit-taking saccos have gained more popularity over the years than banks since they offer high interest rates.

*Non-Deposit Taking Saccos

Unlike deposit-taking Saccos, which require you to open an account, non-deposit-taking Saccos require you to buy shares from them to become a member. Therefore, the only way you can gain access to funds is by requesting a loan. Alternatively, you can opt to leave the sacco in order to withdraw your funds.

Unlike the deposit-taking saccos, which SASRA licenses, the body only offers licenses to non-deposit-taking Saccos whose asset base exceeds 100 million. Non-deposit-taking Saccos with lower amounts are regulated by the Department of Cooperatives Development.

What are the requirements for joining a Sacco in Kenya?

While the requirements may differ from one sacco to the other, here are some of the basic pre-requisites you should be aware of;

Copy of your national ID/Passport
Duly filled membership application form
Minimum age of 18 years
Paying a one-off membership fee of between KSH 100 to 1,000
Proof of source of income, e.g. pay slips
Paying a minimum savings balance, if any
KRA PIN certificate

History of SACCOS in Kenya

Saccos have been around for over a century, and their history in Kenya dates back to 1908. The first Sacco Lumbwa was based in Rift Valley. This society majorly tackled the farmer’s livestock requirements, farming needs, and identified channels for marketing the products.

Since then, the demand for Sacco services has skyrocketed, leading to mushrooming of thousands of Saccos. What’s more, the migration of many Saccos to the digital space has led to efficient and quick service delivery.

For example, members can now transact digitally by connecting their Sacco accounts to mobile wallets. Moreover, they can request financial reports without having to visit the Sacco offices physically.

Conclusion

Kenya’s Sacco societies fill the gap left by banking institutions as they offer members a means of financial growth through affordable credit and returns on savings. While there are over 100 SASRA-registered Saccos in Kenya, the above fifteen stand out as the best-performing Saccos. These Saccos have a stable asset base, have several years of experience and offer members competitive interest rates on their savings or credit.

Lenah Wangwe

With a Diploma in Banking and Finance, Lenah boasts a good understanding of the Kenyan business landscape. She’s a seasoned freelance copywriter who enjoys reading the Bible during her free time.

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