Last Updated:

Best Investment Saccos in Kenya

If you are thinking of joining a Sacco, one of the first things you need to consider is a list of investment Saccos in Kenya. There have been cases of many Kenyans losing their hard-earned money to dubious Saccos. Therefore, you need to be very careful before joining any Sacco.

Factors to Consider When Joining a Sacco in Kenya 

You need to consider the following factors before joining a Sacco.

  • Ensure that it is registered by SASRA
  • Shop around and compare interest rates on loans and members savings
  • Consider their loan repayment terms and duration 

Requirements to Join a Sacco in Kenya 

You also need the following documents to join a Sacco in Kenya.

  • KRA PIN number
  • A copy of your national ID
  • Fill membership forms
  • Provide passport sized photographs

Saccos bring people with a common interest together. They offer a wide variety of products and services like saving and investment opportunities and also advances loans to the members. Best Saccos put their member’s interests first and seek to boost their financial capacity. The following is a list of best Saccos in Kenya that you can invest in.

Read also: How to open a business bank account in Kenya.

1. Stima Sacco

Stima Sacco was started in 1974 by East African Power and Lighting Company employees. Later, it opened its membership to accommodate Kenyans from other sectors and business people. It provides its members with competitive a wide variety of financial products and dividend rates.

Stima Sacco introduced FOSA services in 2003 to start offering banking services. It provides its members with loans of up to two times their savings with a repayment period of up to 60 months. Loans advanced to the members attract a 1% monthly interest rate on a reducing rate.  It has branches in Nairobi, Mombasa, Kisumu, Olkaria and Eldoret.

2. Mhasibu Sacco

Mhasibu Sacco was started by the Institute of Certified Public Accountants of Kenya (ICPAK) in 1986. The Sacco mainly targets people working in the accountancy sector. It also serves institutions that offer accountancy training. It offers a wide range of financial products like savings and credit services to its members.

It has a membership of over 500,000 and a share capital of over 3 billion. You can earn an interest of 8.5% annually with a fixed deposit account. Members can borrow loans of up to 4 times their savings. To become a member, you need to pay a membership fee of Ksh 1,000 and a monthly contribution of Ksh 1,600 and a share capital contribution of Ksh 10,000.

It has a unique product where members contribute a mandatory Ksh 1,200 as a risk fund. In the event of death, the next of kin gets a 200% refund and Ksh 150,000 is directed to burial costs.

3. Safaricom Sacco

Safaricom Sacco was started in 2001 and is open to employees of Safaricom Ltd and Technology companies to pool funds together. Its main objective is to develop a savings culture for its members. It provides credit and saving services to help its members improve their economic and social status. 

To become a member, you need to pay a membership fee of Ksh 1,000, contribute Ksh 3,000 as deposits every month and Ksh 3,400 towards share capital. You qualify for a loan 6 months after becoming a member of the Sacco. Loans attract a 1% monthly interest rate on a reducing balance. 

4. Unaitas Sacco

Unaitas Sacco was formally known as Muramati Sacco and it started in Murang’a County. It started in 1993 as a cooperative society. It is open to individuals, small businesses and investment groups. Its objective is to provide financial solutions like salary advances, business loans and asset financing to its members.

It provides members with loans of up to 3 times their savings with a repayment period that can be extended up to 72 months. Loans attract interest rates of between 1% and 1.5% per month on a reducing balance.

Read also: How to invest your money in Kenya. 

5. Kenya Police Sacco

The Kenya Police Sacco was started in 1972 by members of the police service. It is now open to people from other sectors and has grown to over 65,000 members with an asset base of over 39 billion.

It aims at providing better ad affordable financial products to its members. The Sacco provides credit products like school fees loans, emergency loans, super loans, mega loans and refinancing loans.

Member’s savings attract an interest rate of 4% per annum. Members can get a loan of up to 3 times their savings with a repayment period of 48 months. Loans attract an interest rate of 13.5% annually on a reducing balance.

6. K-Unity Sacco

K-Unity Sacco was started in 1974 and it is majorly in Nairobi and Kiambu Counties. The Sacco is open to members from all sectors in Kenya through vetting. Members have to be vetted through the Sacco’s membership policies. K-Unity Sacco has been instrumental in helping businesses access financial products.

K-Unity Sacco gives loans of up to 4 times of its members' savings. Loans attract an interest rate of 1% per month on a reducing balance.

7. Hazina Sacco

Hazina Sacco was started in 1971 and its membership is open to all. It has a membership of over 15,000 and it focused on County Government and National Government employees. People working in government organizations can join the Sacco.

The Sacco gives loans of up to 3.5 times its member’s savings. The repayment period can be extended up to 72 months. Loans attract a 1% interest rate per month on a reducing balance.

8. Waumini Sacco

Waumini Sacco was started in 1980 by the members of the Catholic Church. It is registered under the Cooperatives Societies Act Laws of Kenya. The aim of the Sacco is to empower members economically and socially. It offers deposit and credit services among other financial products.

Members can get a loan of up to three times their savings in the Sacco. Loans have a repayment period that can be extended up to 5 years. Loans attract an interest rate of 12.5% per annum. The Sacco offers FOSA and BOSA savings and loan products.

9. Kamisitu Sacco

Kamisitu Sacco was started in 1985 and it is open to government and non-government employees. It offers a wide range of products ranging from FOSA services, loans, savings and investment products. Members can save money at competitive interest rates. The Sacco gives loans to its members with an interest rate of 1% per month in a reducing balance. It has a flexible repayment period of up to 60 months.

10. Tower Sacco

Tower Sacco was started in September 1976 to serve primary school teachers. It was meant to help them save money regularly and access credit at better terms. The Sacco now has members drawn from various ministries, TSC, Kenya Defense Forces and parastatals.  

Read also: Best investment opportunities in Kenya. 

Final Word

If you are looking forward to starting to save, Saccos are the best way to go about it. They offer competitive interest rates on member’s savings. Loans are usually flexible with lower interest rates compared to banks. You will also be getting dividends on your share capital. However, you need to be careful when choosing a Sacco to avoid losing your money to fraudsters. Consider the above list of best Saccos in Kenya.