Best saccos in Kenya BY MIRUKA ONGORO: Do you need to get reasonable returns, worth your cash? Are you busy in employment but need an extra income?

Have you received big money whose use you can’t decide at the moment, and fear to embezzle? Worry not. I have an answer.

When I was in high school, I learned much in business(Economics, Accounts, and Commerce). My Business teachers talked much about investment and saving schemes, including various banking products, like savings, Fixed Deposit Accounts, and Current Accounts.

I gone to college and working but after critical observation, I have realised that: bank savings, insurance policies, fixed deposit accounts are not the best for you, but business making catchwords.

There are better ways of making money without even raising your arm but some may require more cash, altogether, but if you have the cash, go for them, like agribusinesses, real estate, money market, treasury bills/bonds/ debentures apart from Savings and Credit Co-Operative Societies(SACCO’S). In a Sacco, you can start investing with as little as Sh500 or less.

SACCO’S! Yes, SACCO’S. If you are working and poor at saving, the Sacco is for you. Besides, Sacco’s pay an annual dividend of not less than 10% of your shares and you can always access cheap credit in terms of BOSA and FOSA, annnuity, insurance among other services. And if you’re salaried and your pay point is the Sacco, the better! You can’t lack cash.

However, let me explore the investment suitability of a Sacco. In Kenya, apart from the executive, judges, MPs CEOs, CSs, parastatal heads and blue chip company managers and thieves, no employed worker makes an annual one million mark in Kenya.

Most earn about Sh169,000, that is an average of Sh15,000 per annum.
Then how can you boost your income?
Invest in a Sacco. Pay through check-off system via your employer, or pay in cash or through mobile or a bank standing order service.

What if you invested Sh. 1,000,000 today in a Sacco today? It means every year you must get over Sh. 100,000 as dividends which is 10% of your share capital. Some Sacco’s give up to 13% of your shares.

Isn’t it a good investment, especially when you have schools going children, and your only income is the salary, no time to do business? Supposing you saved 10 million? You get Sh. 1 million annually. Is that small money, when your job pays you less than 300 thousand annually?

The Sacco is the best bet for busy but monied or non-monied people with busy job schedules, barring them from a real business world.

The best Sacco’s in Kenya are teacher related Sacco’s like Mwalimu National Sacco, Metropolitan National Sacco(formerly Kiambu Teachers Sacco) Elimu Sacco, Kisii Mwalimu Sacco, Cosmopolitan Sacco (Dominant in the Rift Valley region), Kakamega Teachers Sacco among many others.

Other good non-teacher Sacco’s include Stima Sacco(Kenya Power), Harambee Sacco(initially for OP and military staff), Kenya Police Sacco among others. The choices are many. Invest today, earn good dividends. Make your money work for you!