Savings and Credit Cooperatives (SACCOs) play a pivotal role in Kenya’s economic landscape, serving as crucial pillars in fostering financial inclusion and empowering communities.
Unlike other financial institutions, Saccos offers members a way of accessing credit by allowing them to borrow up to three or four times against their savings.
The amount that members contribute every month is used to provide loans to other members. By being a member of a Sacco, you are a shareholder.
You earn a dividend as an owner and interest on deposits as a shareholder, unlike in banks where your savings are used to make profits for the institution, but you end up getting nothing.
For the Kenyans in the Diaspora, Saccos serve as the best saving avenue, especially for those experiencing difficulties entrusting family and friends with their investments back home.
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This article features some of the best Saccos for Kenyans in the Diaspora.
Kenya Qatar Diaspora SACCOÂ
This is one of the best Saccos for Kenyans in the Middle East. The Sacco is based in Nairobi and gives Kenyans in the Middle East the opportunity to Save, get Affordable Credit, and tap various investment opportunities.
Among the services offered are Member Deposits, Fixed Term Deposits, Personal Loan, Emergency Loan, School Fees Loan, Mjengo Loan, Medical Loan, Asset & LPO Financing.
Members can make their contributions either through M-Pesa or Local Bank RTGS and can access the services without a bank account.
To be a member of Kenya Qatar Diaspora Sacco, one must:
- Be a Kenyan citizen residing or returning to Qatar and in gainful employment
- Be at least 18 years old and of sound mind and good character
- Pay Kshs. 2,500 non-refundable registration fee
- Deposit at least Kshs. 1,400 or up to Kshs. 10,000 towards share capital
- Attach a passport-sized photograph and a copy of Kenyan national ID or passport
Kenya Germany Diaspora SACCO
This Sacco targets Kenyans living in Germany and neighboring countries.
The Sacco partners with various banks in Kenya, including Equity Bank, Cooperative Bank, Family Bank, KCB Bank, and I & M Bank, to present its members with well-researched investment opportunities back home.
It offers various loans, including Personal Loan, Development Loan, Emergency Loan, and Instant Loans, as well as investment opportunities in Real Estate, Shares & Stocks, Treasury Bills & Bonds.
The requirements for joining this Sacco are;
- A Kenyan citizen residing or returning to Germany or its neighboring countries
- Be in gainful employment
- Be at least 18 years old and of sound mind and good character
- Pay Kshs. 5,000 non-refundable registration fee
- Make Kshs. 5,000 or equivalent monthly contributions
- Own at least 50 shares valued at Kshs. 50,000
Kenya Australia Diaspora Investment Cooperative Society (KADI SACCO)
This is the first and the only Kenyan Diaspora Cooperative Society in Australia.
KADI Sacco offers various services to Kenyans abroad, including Main Saving, Maendeleo Loan, Elimu Loan, and Emergency Loans, as well as investment products, including Properties, Government Securities, and Member-approved Investments.
Members can make their contributions either through TransferWise, World Remit, M-Pesa, or Local Bank RTGS.
To join KADI Sacco, one must;
- Be a Kenyan citizen residing outside Kenya
- Be of sound mind and moral character
- Pay Kshs. 5,000 one-off non-refundable registration fee
- Buy at least 20 shares valued at Kshs. 20,000 within six months of joining
- Make at least Kshs. 5,000 monthly contributions
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AWE Diaspora SACCO
African Women in Europe Diaspora Saving and Credit Co-Operative Society Ltd (AWEDS) targets Kenyan men and women in Europe.
The Sacco offers various services, including Main Savings, Fixed Deposit, Call Deposit, Junior Savings, Holiday Savings, and Chama Savings.
Members can access various loans including Asset Finance, Working Capital, Insurance Premium Financing, Home Improvement Loan, Holiday Loan, Land/Plot Purchase Loan, and Construction Loan.
The mode of payment is through TapTap Send, Local Bank RTGS, or M-Pesa.
To join AWE Diaspora Sacco, one must;
- Be at least 18 years and of sound mind and good character
- Be a member of AWE
- Be a Kenyan residing in Europe and in gainful employment or business
- A Kenyan who was once residing in Europe and engaged in business for not less than a year before returning to Kenya
- Deposit share capital Kshs. 5,000 and another Kshs. 20,000 non-refundable registration fee
Kenya USA Diaspora SACCO
If you are a Kenyan in the USA, you can be a member of this Sacco. Among the services offered are main Saving, and Mavuno Term Deposit.
Members can also access various loans such as Normal Loan, Normal Special Loan, Emergency Loan, Development Loan, and Loyalty Loan.
Contributions can be made through PESA Direct for online deposits, WAVE, PoaPay, M-Pesa, Western Union, Money Gram, Local Bank RTGS, or US Bank Wire Transfer.
To be a member of this Sacco, one must;
- Be a Kenyan aged at least 18 years and in gainful employment
- Possess a valid Kenyan national ID or passport
- Provide a colored passport-size photograph
- Details for a designated next of kin
- Pay Kshs. 10,000 non-refundable registration fee
- Make at least Kshs. 10,000 monthly contributions towards savings
- Buy 20 shares valued at Kshs. 20,000 within six months of joining
