Have you ever wanted to make some money with a savings and credit cooperative but never knew what to do? Well, in this blog post, we have listed the top 10 best saccos to join in Kenya in 2023 based on various factors such as membership size, loan interest rates for borrowers, total assets owned by the sacco, and more.
It is no secret that financial institutions in Kenya have been hit hard by the COVID-19 pandemic. With many businesses struggling to stay afloat and people losing their jobs, many Kenyans are looking for alternative ways to save and grow their money. One such alternative is joining a sacco.
What is a Sacco?
A Sacco is a cooperative financial society owned and run by its members. It is a savings and credit institution that offers its members a wide range of financial services. Some of the services offered by Saccos include loans, deposits, money transfers, mobile banking, and insurance products.
For many Kenyans, saccos are a lifeline, providing much-needed financial assistance during times of need. If you are considering joining a sacco, here is a list of the top 10 best saccos to join in Kenya in 2023.
Top 10 Best Saccos to Join In Kenya in 2023
1. Police SACCO
The Police Sacco is one of Kenya’s oldest and most well-established saccos. It was founded in 1974 and has since grown to over 80,000 members.
The Police Sacco offers various financial services, including savings, loans, investments, and insurance. The Police Sacco is a great option for members looking for a safe and reliable place to save money. The Sacco has a strong track record of stability and growth, making it a popular choice for members looking for long-term security.
The Sacco also offers competitive interest rates on savings accounts and loans, making it a good option for members looking to grow their wealth.Learn More About the SACCO
2. Stima SACCO
If you want a Sacco to join in Kenya, Stima Sacco is a great option. Founded in 1974, Stima Sacco is one of Kenya’s oldest and most reputable Saccos. They offer various financial services, including loans, savings, and investments.
Stima Sacco has a strong focus on customer service and providing members with the best possible experience. They have a dedicated member service team that is always available to help with any questions or concerns you may have. Additionally, they offer online and mobile banking services so that you can access your account anytime, anywhere.
When it comes to loans, Stima Sacco offers competitive rates and flexible repayment terms. They also have a special loan product for women called the Stima Loan for Women Entrepreneurs (SWEE). This loan is designed to help women grow their businesses by providing them with access to capital.Learn More About the SACCO
3. Tower SACCO
Tower SACCO is a great option if you are looking for a Sacco to join in Kenya. This Sacco was established in 1976 and is one of the largest and most well-known Saccos in the country. They offer a wide range of services, including savings and loans, insurance, and investment products. They have over 100 branches nationwide, so you are sure to find one near you.Learn More About the SACCO
4. Safaricom SACCO
There are many reasons to join a Safaricom Sacco in Kenya. For one, Safaricom is the leading telecommunications provider in the country, so joining their Sacco gives you access to exclusive deals and discounts on phones, data, and airtime. Plus, as a member of the Safaricom Sacco, you’ll have a say in how the company is run – including voting rights at the annual general meeting.
But that’s not all! The Safaricom Sacco also offers competitive rates on loans and savings accounts, so you can make the most of your money. And with over 500,000 members nationwide, you’re guaranteed to find like-minded people to connect with.
So why wait? Join the Safaricom Sacco today and enjoy all the benefits of being part of Kenya’s leading telecom provider.Learn More About the SACCO
5. Mwalimu National SACCO
Mwalimu National SACCO is one of the best Saccos to join in Kenya due to its many benefits and features. For starters, it is a member-owned financial cooperative that provides its members with a wide range of banking and financial services. This includes savings and credit products, loans, insurance, investment, and more. In addition, Sacco offers its members competitive rates on all of its products and services.
Another reason to join Mwalimu National SACCO is for its excellent customer service. The Sacco has a team of highly trained and experienced staff that is always ready to assist members with any banking or financial needs they may have. The staff is also very friendly and helpful, making the overall experience of banking with Mwalimu National SACCO a very positive one.
Finally, Mwalimu National SACCO is a very well-managed and reputable organization. It has been in operation for over 40 years and has an excellent track record of providing its members with high-quality banking and financial services. If you are looking for a top-notch financial institution to do business with, then Mwalimu National SACCO is definitely worth considering.Learn More About the SACCO
6. Hazina SACCO
Hazina Sacco is one of the best saccos to join in Kenya. It was established in 1971 and has since then grown to become one of the largest and most diversified financial services providers in the country. The sacco offers a wide range of products and services, including savings, loans, investments, cards, mobile banking, and insurance.
Members of Hazina Sacco enjoy competitive rates on savings and loans, as well as access to a wide network of ATMs and branches across the country. The sacco also offers 24/7 online and mobile banking services, making it convenient for members to manage their finances on the go.
In addition, Hazina Sacco provides members with access to a team of financial experts who can offer advice on a range of topics such as investment planning, retirement planning, and risk management.Learn More About the SACCO
7. Unaitas SACCO
Unaitas Sacco is one of the most well-established saccos in Kenya. It was founded in 1993 and has since grown to become one of the largest saccos in the country, with over 10,000 members.
The sacco offers a wide range of financial products and services, including savings accounts, loans, investments, and insurance. Unaitas also has a strong social responsibility program that supports education and health initiatives for its members.
Joining Unaitas Sacco is easy – you can simply visit their website or any of their branches nationwide.Learn More About the SACCO
8. Imarika Sacco
Imarika Sacco is one of the best saccos to join in Kenya. It was established in 1974 and has since grown to become one of the largest and most successful saccos in the country. It offers its members a wide range of financial services, including savings and loans, insurance, and investment products.
The Sacco has a strong focus on member education and empowerment and offers a variety of training and development programs. It also has an active social responsibility program, including health care, environmental conservation, and poverty alleviation initiatives.Learn More About the SACCO
9. Kenya Teacher’s Sacco Association
Kenya Teacher’s Sacco is another excellent choice for those looking for a sacco to join in Kenya. It was established in 2012 and is the largest teachers’ sacco in the country. It offers its members a wide range of financial services, including savings and loans, insurance, investments, and pension products.
The Sacco has a strong commitment to professional development and offers a variety of training programs for its members. It also operates an active social responsibility program that supports healthcare, education, environmental conservation, and poverty alleviation initiatives.Learn More About the SACCO
10. Harambee Sacco
Harambee Sacco is one of the most popular and well-known saccos in Kenya. It was founded in 1970 and has grown to become one of the largest financial institutions in the country. Harambee Sacco offers various products and services, including savings, loans, investments, insurance, etc.
Harambee Sacco is a great option for those looking for a reliable and reputable financial institution to join. The sacco has a long history of helping members reach their financial goals, and its products and services are top-notch. If you’re looking for a sacco that can help you grow your wealth over time, Harambee Sacco is definitely worth considering.Learn More About the SACCO
11. Waumini Sacco
Waumini Sacco is a great Sacco to join in Kenya. Members can take advantage of a wide range of services and products. These include savings and investment products, loans, insurance, and more.
Membership with Waumini Sacco is open to all Kenyan citizens over 18. To join, fill out an application form and pay the required membership fee. Once you’re a member, you can start taking advantage of all the benefits on offer.Learn More About the SACCO
How to Join a Sacco in Kenya?
In Kenya, there are many Saccos that one can join. The process of joining a Sacco is not complicated. One needs to fill out an application form and submit it to the Sacco office. Some of the information that is required in the application form includes the applicant’s name, address, phone number, email address, and intended purpose for joining the Sacco.
After submitting the form, the applicant will be contacted by the Sacco to schedule an interview. During the interview, applicants will be asked questions about their financial goals and needs.
After the interview, if both parties agree that the applicant is a good fit for the Sacco, then a membership agreement will be drawn up, and both parties will sign it.
Benefits of Joining a Sacco in Kenya
Joining a Sacco has several benefits. Perhaps the most obvious benefit is that it allows you to save money on a regular basis. This can be helpful if you are trying to save for a specific goal, such as buying a house or investing in a business.
Another benefit of joining a Sacco is that it can help you access loans at favorable interest rates. This can be useful if you need to borrow money for an emergency expense or something else you cannot pay for upfront.
Finally, being a member of a Sacco can help you build up your credit history. This can be beneficial if you ever need to take out a loan for a major purchase in the future.
How to Choose the Right Sacco in Kenya
Kenya has a wide range of Saccos to choose from, each with its own unique offerings and benefits. So, how do you choose the right one for you? Here are a few things to consider:
-What are your financial goals?
-Do you want short-term or long-term savings?
-What is your risk tolerance?
-How much can you afford to save monthly?
Once you’ve answered these questions, you can start looking at different Saccos and compare their features. Some things to look at include the following:
-Minimum balance requirements
-Withdrawal limits and fees
-Loan terms and conditions
By doing your research and comparing different Saccos, you’ll be able to find the one that best suits your needs.
There are many factors to consider when choosing a Sacco in Kenya, but we hope our list has given you a good starting point. With over 10 years of experience in the Kenyan financial sector, we know a thing or two about what makes a great Sacco. We’ll be keeping an eye on these Top 10 Best Saccos to Join in Kenya in 2023 and beyond, and we think you should too.
You can also check the Top 10 best insurance companies in Kenya