Tuesday, January 31, 2023

Full List of the Best Saccos in Kenya

Saccos have emerged as a viable alternative banking option to the traditional banks.

And with so many of them setting camp, you will do well to know which is the better banking sacco for you. To help you out, here is a full list of the best saccos in Kenya.

Best saccos to join in Kenya

1. Unaitas SACCO

It was formally known as Muramati SACCO. It was conceptualized in Murang’a town and has grown to be one of the most advanced SACCOs in Kenya. Unaitas was initially registered on 14 May 1993 as a co-operative society. It is now a deposit-taking SACCO.

Unaitas is popular among small-scale investors and offers loans up to 3 times the amount of one’s savings. The repayment period can be extended up to 72 months at interest rates of between 1-1.5 per cent per month on reducing balance.

The SACCO is best known for business investment.

2. Kenya Police SACCO

Kenya Police SACCO was founded in 1972 by staff who worked in Kenya Police. Their headquarters are based in Nairobi’s Ngara area and its membership has grown to 52,000.

It was initially meant for members of the police service, the SACCO has now open for all.

They offer their members loans of up to 3 times an individual’s savings with a repayment period of 48 months. Interest rate charged on loans is a remarkable 13.5 per cent on reducing balance.

Kenya Police SACCO is best known for excellent, quality service.

3. Stima SACCO

The SACCO has grown in leaps and bounds since its inception in 1974 to open five branches now. A member can borrow loans of up to 2 times the size of their savings.

Repayment period is extendable to 60 months. They charge a small interest rate of 1 per cent on reducing balance.

The membership is open to all – which makes it the best sacco in Kenya.

Stima SACCO is mostly popular for land investment.

4. Waumini SACCO

The SACCO was began by the Catholic Church of Kenya and was originally intended for the members of the congregation.

The faith-based SACCO has gained a countrywide reach.

They lend loans mounting up to 3 times the member’s savings. They allow a repayment period of 5 years at a rate of 12.5 per cent per annum.

Waumini is the best sacco to join in Kenya if you are looking at long-term projects such as home construction.

Two brothers ordered to share Sh. 80mn inheritance with 3 married sisters

5. K-Unity SACCO

The SACCO was formally registered in 1974 and is majorly centered in Nairobi and Kiambu counties.  Its membership is open to all but a person has to undergo vetting.

They get vetted through the membership policy prior to joining the SACCO as a member.

Members can access loans of up to 4 times the size of their savings and allow a repayment period of up to 36 months. They charge an interest rate of 1 per cent per month on a reducing balance.

K-Unity is famed for small business growth.

6. Hazina SACCO

Hazina SACCO has 15,000 members and was founded in 1971. It has developed to become a deposit taking SACCO society.

Hazina focuses on county employees, national government employees, organized youth & women group and private sector employees. Membership is also open to all, which makes it one of the top saccos in Kenya.

Hazina lends its members loans of up to 3.5 times the value of their savings and allows them a repayment period of 72 months. They charge an interest rate of 1 per cent per month on reducing balance.

Employees who want to save and make well-calculated decisions with time should join Hazina.

7. Tower SACCO

Tower Sacco was registered on 15th September 1976. The purpose then was to serve primary school teachers by according them an opportunity to save regularly, borrow wisely and repay their loans promptly. The Sacco’s business started in the year 1977 when the first loans were given to the members. The sacco draws its membership mainly from:

  • Government Ministries
  • Teachers Service Commission
  • Kenya Defense Forces
  • Kenya Police Forces
  • Administrative Police
  • Kenya Prisons Service
  • County Governments
  • Public and Private Institutions of learning(Including non-teaching staff)
  • Hospitals (Government and Private)
  • Parastatals
  • Kenyans in the Diaspora
  • Farmers
  • Business Community

8. Harambee SACCO

It was founded in 1970 by a handful of low income earners and subordinate staff at the Office of the President. The SACCO has grown to a membership of 80,851 members and has an asset base of Sh19.85 billion.

Harambee SACCO lends loans of up to 3 times the size of its members savings with a repayment period of 4 years.

Membership is open to all but one has to qualify using the membership policy.

9. Safaricom Sacco

The Sacco has branches in Mombasa road and Safaricom Care Center. Plans are underway to create other branches across the country since membership was opened to the public.

In order to be an eligible member you should have one of the following qualifications; It is open to employees of Safaricom and spouses of employees of Safaricom.

The members who have come of retirement age or resigned continue indulging in the privileges of this Sacco subject to approval by the Management Committee.

Is an employee of the Safaricom SACCO Ltd or Other member accepted by the Management Committee and approved by the General Meeting.

10. Mhasibu Sacco

Mhasibu is a Sacco that was founded by the Institute of Certified Public Accountants of Kenya (ICPAK). Mhasibu means accountant in Swahili and targets members who serve in the accountancy profession including students and institutions that offer accountancy training.

Sacco has expanded exponentially since is birth in 1986 and has a market potential of reaching 500,000 members. It has well over 18,000 at the current moment and a share capital of 2.8 billion as of April 2016.

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  1. The repayment period for police sacco has been extended to a maximum of 72 months not 48 months as indicated,,it’s really doing well.


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