If you’re looking for the best SACCOs in Kenya, you’ve come to the right place. In this blog post, we will discuss the 5 best SACCOs in the country and what makes them stand out from the rest. Read on for information about some of the top players in the Kenyan SACCO market!
What is a SACCO and how does it work?
A SACCO is a savings and credit cooperative society. This type of financial institution is owned and democratically controlled by its members, who are usually people with a common bond, like those who work in the same industry or live in the same area.
SACCOs offer a wide range of financial services to their members, including savings accounts, loans, and insurance. They are an important source of financial inclusion for many Kenyans, as they offer access to formal financial services for those who may not be able to access them through traditional banks.
Benefits of Joining a SACCO in Kenya
There are many benefits to joining a SACCO in Kenya, including:
- Access to formal financial services: As mentioned above, one of the main benefits of joining a SACCO is that it provides access to formal financial services for those who may not be able to access them through traditional banks. This is especially important in rural areas, where formal banking services are often not available.
- Affordable loans: SACCOs offer affordable loans to their members, which can be used for a variety of purposes, including business expansion, education, and housing.
- Savings: SACCOs also offer savings accounts to their members, which help people to grow their savings over time.
- Insurance: SACCOs offer insurance products to their members, which can help to protect them in case of illness, death, or other unforeseen events.
Now that we’ve discussed what a SACCO is and the benefits of using one, let’s take a look at some of the best SACCOs in Kenya.
Best SACCOs in Kenya
Unaitas SACCO is one of the largest and most well-known SACCOs in Kenya. It is also the best SACCOs to save with in Kenya. It was established in 1993 and currently has over 700,000 members. This SACCO gives loans to its members for a variety of purposes, including business, education, and housing. It also offers savings accounts and insurance products.
Unaitas SACCO is known for its transparency and good governance practices. It was the first SACCO in Kenya to be ISO certified, and it has won several awards over the years, including the Best SACCO in Kenya award from the Kenyan government.
Unaitas SACCO has a wide network of branches, which makes it convenient for members to access its services. It also has an e-banking platform, which allows members to transact online.
This is one of the best SACCO for youths in Kenya. Stima SACCO is a renowned investment company with branches all across the country. It is one of the best land-buying SACCOs in Kenya The first branch was opened in 1974 and since then they have seen immense growth that continues to this day!
Kenya Police SACCO
This is one of the best SACCOs to invest in Kenya. The Kenya Police SACCO was founded in 1972 to serve those who worked within the Kenyan police force. Now, it is open and welcoming for all Kenyans and it is one of the best asset financing saccos in kenya.
The loans offered to members are three times the amount of their investment.
This is one of the best SACCOs in Kenya to save money. Waumini SACCO was founded by the Catholic Church to provide loans for congregation members. The maximum loan that can be taken is three times your savings, and it’s repayable within five years at a 12.5% per anum interest rate. It’s important you know how much this will cost before taking out any money so make sure not only do they offer low-interest rates but also reasonable fees!
The SACCO is the highest dividend paying sacco in Kenya and a major player in the Kenyan market, with its headquarters centered around Nairobi and Kiambu regions. It was registered in 1974. Through vetting processes, it now only accepts members who can truly afford to pay for access privilege at an affordable price tag. K-Unity SACCO is one of the best-performing SACCOs in Kenya.
How to choose the right SACCO for you
When choosing a SACCO, there are a few things you should consider, such as:
- The type of services you need: Make sure the SACCO offers the services you need, such as loans, savings accounts, or insurance products.
- The location of the SACCO: If you want to be able to access the SACCO’s services easily, make sure it has branches near you.
- The fees and charges: Make sure you are aware of all the fees and charges associated with the SACCO before joining.
- The reputation of the SACCO: Do some research to make sure the SACCO is reputable and has a good track record.
How to save money in a SACCO
There are a few things you can do to save money in a SACCO, such as:
- Invest in long-term products: SACCOs offer various investment products, such as bonds and shares, which can help you to grow your savings over time.
- Make regular deposits: The more you deposit into your account, the faster your savings will grow.
- Use automatic transfers: You can set up an automatic transfer from your salary account to your SACCO account, which will help you to save money automatically.
- Take advantage of discounts: Some SACCOs offer discounts on products and services for their members. Make sure to take advantage of these discounts to save money.
Importance of saving money in a SACCO
Saving money in a SACCO is important for several reasons, such as:
- It can help you to grow your savings: The more you save, the more interest you will earn, and the faster your savings will grow.
- It can provide you with financial security: If you have an emergency fund saved up, you will be able to cover unexpected expenses without going into debt.
- It can help you to reach your financial goals: If you have a specific goal in mind, such as buying a house or starting a business, saving money in a SACCO can help you to reach that goal.
Can one join two SACCOs in Kenya?
You can join multiple SACCOs in Kenya, but it is important to consider the fees and charges associated with each one before doing so. You should also make sure that you will be able to meet the requirements of each SACCO, such as making regular deposits or investing in long-term products.
There are many best SACCOs in Kenya, each with its own unique benefits. When choosing the best SACCO in Kenya, it is important to consider the services offered, the location of branches, the fees and charges, and the reputation of the institution. It is also important to remember that saving money in a SACCO can help you to reach your financial goals, providing you with financial security in the process. Whether you decide to join one SACCO or multiple SACCOs, make sure to do your research to find the best option for you.