Kenyan Savings and Credit Cooperatives (SACCOs) serve as financial communities for their members.

They offer secure savings and loan services, with the best SACCOs known for their reliability, competitive interest rates, and excellent member support.

Imagine a financial club tailored for people with similar needs as you. That’s the concept behind SACCOs.

They bring together individuals from similar backgrounds to pool resources and support each other. There are some widely recognized leading SACCOs in Kenya.

They offer all sorts of ways to save and invest your money, making them the go-to choice for growing your nest egg. Furthermore, they’ve become small-scale financing champions in Kenya by helping people achieve their financial dreams.

The list below shows the top 10 SACCOs in Kenya that one can join.

1. Mwalimu SACCO

This is the largest SACCO in Kenya. Its members include:

• Primary school teachers
• Secondary school teachers
• Lecturers Members from the TSC secretariat
• The spouses and children of the members who are in informal employment.

The SACCO aims to be a one-stop shop for teachers to manage all their financial matters. This means teachers can access various financial services like loans, savings, and other benefits offered by the SACCO.

Its products and services include BOSA loan products, FOSA products, business loans, welfare loans, and more.

Benefits of joining Mwalimu SACCO

• Offers competitive loans.
• Has over 100 branches countrywide.
• Has premium banking services.
• Pays very competitive dividends to members.

2. Stima SACCO

Founded in 1974, Stima SACCO offers a variety of financial services to Kenyans across various sectors.

They focus on providing savings opportunities, affordable loans, and good returns on investment for their members.

Stima SACCO expanded its offerings in 2003 to include banking services through FOSA.It’s always a good idea to research and compare dividend payouts among different SACCOs before making a decision.

Benefits of Stima SACCO

• Has a presence across major towns.
• Offers competitive interest rates on loans.
• Has a diversified loan portfolio.
• Good customer service and cash handling.

3. Waumini SACCO

You can as well consider Waumini SACCO, a Kenyan credit union known for its commitment to savings.

Founded to serve the Catholic Diocese of Kenya, it has grown to over 33,000 members. Waumini SACCO empowers its members financially and socially.

Benefits of Waumini SACCO

• Offers a variety of loan products for its members.
• Offers salary advance to members.
• Has a very strong capital base and excellent liquidity.
• Distributes a portion of its profits back to its members in the form of dividends.

4. Safaricom SACCO

The Safaricom SACCO was formed in 2001 to allow members to access loans to develop and improve their economic and social status.

It started with 222 members. Today, it has more than 12,000 members. The membership is pooled from Safaricom Ltd and other tech-related companies.

Its objective is to inculcate a savings culture among the members and allow them to access loan products to develop and improve their economic and social status.

Benefits of Safaricom SACCO

• Provides members with loans at favorable interest rates.
• Offers attractive interest rates on savings accounts.
• Ensures financial security through well-managed funds.
• Distributes annual dividends to members based on their savings and shares.
• Provides easy access to financial services through digital platforms.

5. Gusii Mwalimu SACCO

Gusii Mwalimu SACCO is a member-owned and member-controlled financial institution offering its members various financial products and services at reasonably low-interest rates.

It started operations in 1979. Services offered include BOSA and FOSA products.

Its membership stands at more than 31,000 members who are drawn from various organizations, including the TSC secretariat, primary and secondary school teachers, lecturers, university staff, civil servants, national and county government employees, pensioners and NGO employees.

They allow its members to accumulate their savings

Benefits of Gusii Mwalimu SACCO

• Offers loans at competitive interest rates for various needs.
• Provides annual dividends based on member savings and shares.
• Offers tailored savings accounts to help members achieve financial goals.
• Conducts workshops and training on financial management.
• Provides members with access to insurance products.

Top affordable Saccos that pay high dividends

6. Harambee SACCO

Over the years, Harambee SACCO has grown from humble beginnings to become a major financial player.

Founded in 1970 by a small group of low-income earners, it has become a multi-billion shilling institution with over 80,000 members.

Recognized as one of the leading SACCOs in Kenya, Harambee SACCO caters to government employees, including national, county, and parastatal workers, as well as police officers.

Benefits of Harambee SACCO

• Provides various services through BOSA and FOSA.
• Has multiple savings accounts to suit the Kenyan market.
• Boasts of a wide range of loan products.
• Investment options such as corporate bonds, government securities etc.
• Highly rated by rating agencies for strong financial position.

7. Unaitas SACCO

Unaitas SACCO, a frontrunner among Kenyan SACCOs, was founded in 1993 by tea farmers with a vision of financial inclusion.

Now over 320,000 members strong, Unaitas SACCO serves individuals, investment groups, and small businesses.

Their mission is to empower people through innovative financial products. They offer a variety of loan options to suit your needs, including development loans, financing for assets, salary advances, business loans (biashara loans).

Benefits of Unaitas SACCO

• High dividends averaging 15% from prudent investments.
• Extensive branch network in major towns for convenience.
• Diverse loan products: business, agriculture, mortgage, etc.
• Competitive loan rates: 1% – 1.1% per month.
• Investments in government securities for good returns.
• Significant investment in IT systems and training for efficiency.

8. Hazina SACCO

Established in 1971 and overseen by the regulatory body SASRA, Hazina SACCO prioritizes encouraging its members to save, which in turn allows them to offer loans.

Originally, membership was limited to the Ministry of Finance and Planning, but it has expanded to include other government departments, state-owned enterprises, county governments, and even the private sector.

Benefits of Hazina SACCO

• Attractive deposit interest rates up to 7% per year.
• Robust systems and strong governance.
• Manages a diverse loan book over Ksh 12 billion.
• High liquidity with cash reserves in government securities.
• Wide membership base: civil servants, private sector, etc.
• Premium financial services: cards, mobile banking, etc.

9. United Nations SACCO

United Nations SACCO has over four decades of experience and is recognized as one of the country’s best-managed SACCOs. They have savings and assets worth over Sh. 15 billion, according to their website.

They were a frontrunner in becoming a deposit-taking SACCO after meeting SASRA’s requirements.

They cater mainly to employees of the United Nations, international organizations, and diplomatic missions, offering a comprehensive suite of financial products and services.

This includes a wide range of 15 loan options and the convenience of a global ATM network through their Cooperative Bank SACCO-link visa debit card.

Benefits of United Nations SACCO Society

• Offers loans with competitive and affordable interest rates.
• Provides high returns through annual dividends based on members’ shares and savings.
• Offers various savings schemes to meet the diverse needs of its members.
• Provides expert advice and training on financial management and investment opportunities.
• Ensures easy access to financial services through robust online and mobile platforms.

10. Afya SACCO

This organization, founded in 1971, unites doctors, nurses, and other healthcare workers to improve their financial, social, and economic well-being. Since its inception, membership has steadily increased.

Starting small with just 20 members, Afya SACCO has become a major player in the healthcare sector’s economic empowerment.

They built a prominent Nairobi landmark, Afya Centre, which serves as their headquarters. Afya SACCO offers savings and loan rates that are known to be more competitive than commercial banks.

Benefits of Afya SACCO

• Their rates are generally fair than commercial banks.
• Manages a very large pool of funds allowing for cheaper loans.
• Good customer service and cash handling.
• Has invested heavily in technology for efficient services.