Saving in a Sacco can be a great way of building wealth over time. 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.

Whats more, most Saccos in Kenya are affordable as some require as low as Sh1,000 monthly contribution meaning anyone can join despite of their financial class.

Some of these institutions have so far announced dividends and interest payouts for the financial year ending December 2023, with some investors expecting dividends of up to 20 percent.

Here are some of the top affordable Saccos with high dividends.

Kenya Police SACCO

The Kenya Police SACCO Limited is one of the oldest SACCOs in the Country. It’s one of the best-performing Saccos, with a membership of over 70,000 people.

The Sacco is the third biggest in terms of asset base and boasts an asset base of Sh54 Billion. In the 2023 financial year, the Sacco recommended a dividend payout on a share capital rate of 17 percent, amounting to Sh552 million.

Similarly, the interest on their deposits was paid at a rate of 11%, amounting to Kshs.2.7 billion. The Sacco’s monthly investment deposit is Sh1,000.

Help! I am employed but Sacco loans leave me with just Sh. 13,000 net salary

Stima SACCO

Stima DT Savings and Credit Cooperative Society Limited is a leading, country-wide, fast-growing, and licensed DTS (Deposit Taking Sacco). It is commonly known for land investment and has over 9 branches countrywide.

The SACCO offers loans up to four times the member’s savings. Members of this Sacco also enjoy unlimited membership benefits, including Subsidized prices for all products, e.g., on land and houses.

While Stima Sacco is yet to declare dividends for the financial year ending December 2023, in the previous year, the society paid dividends on share capital at a rate of 15% and interest on deposits at 11%.

Its minimum monthly contribution is Sh1,000, and it boasts an asset base of Sh53.8 billion.

Hazina SACCO

Hazina Sacco promotes thrift and savings amongst members, thereby creating a source of loanable funds. The SACCO offers loans up to 3.5 times the member’s savings.

In the financial year ending December 2023, Hazina Sacco paid dividends on shares and interest on member deposits at 17% and 10.8%, respectively.

The Sacco minimum monthly contribution stands at KSh 1,000 and has an asset base of Sh12.7 billion.

Imarika SACCO

Imarika SACCO was started in 1974 by employees of the Teacher Service Commission in Kilifi. The Sacco has, over the years, grown to become a steady and reliable financial institution.

During the review period, it proposed an increase in dividends to members from Sh105 million to Sh140 million in 2023.

Mwalimu National Sacco

Mwalimu National Sacco targets employees in the public education sector. The Sacco’s minimum monthly contribution is Sh1,000 and has an asset base of Sh64 billion.

In the last financial year, the Sacco paid a 10.5 percent dividend on shares and 10 percent interest on member deposits.

Harambee Sacco

Harambee Sacco’s minimum monthly contribution is slightly higher at Sh3,000. The Sacco boasts an asset base of Sh38.5 billion, a growth  from Sh37.01 billion in 2022.

During the review period, it declared a 12 percent dividend payout to its shareholders. The Sacco also declared an 8.5 percent interest on deposits.