Kenya has seen notable advances in how people manage their savings and loans, similar
to other African nations. Saving and credit cooperatives (SACCOs) have been incredibly
popular throughout the years, particularly in rural regions. They aid in eliminating
unemployment, advancing agriculture, eradicating poverty, and advancing economic
development.
Below are some of the best SACCOs in the country.
Kenya Police SACCO
One of the country’s oldest SACCOs is the Kenya Police SACCO Limited. The SACCO
was incorporated on November 20, 1972. It is one of the most effective Saccos, with
more than 52, 000 members.
Members can receive loans worth up to three times their initial deposit. The Kenya
Police SACCO has a 72-month repayment schedule and significantly high interest rates
on its loans. This SACCO is renowned for providing investors with top-notch services.
Stima SACCO
Leading, nationally recognized, rapidly expanding, and licensed DTS is Stima DT
Savings and Credit Cooperative Society Limited (Deposit Taking Sacco). It has 9
branches nationwide and is well-known for land investments.
The SACCO provides loans that can be up to twice a member’s savings. With a smaller
debt, interest rates on loans might be as low as 1% per month. Up to 60 months might
be added to the loan terms.
When you join Stima Investment Cooperative Society, you are eligible for an endless
number of membership perks, including discounted rates on all goods, such as real
estate and homes.
Waumini SACCO
Under the Co-operative Societies Act of the Laws of Kenya, Waumini Sacco is a Savings
and Credit Co-operative Society that was established in 1980. It was initially directed at
members of the congregation and sponsored by the Catholic Church of Kenya. Recently,
the SACCO has gained popularity across the country.
The SACCO offers loans up to three times the amount of the member’s savings, which
must be repaid within five years at an interest rate of 12.5% annually. This SACCO works
best for short-term tasks rather than long-term ones like building a house.
Hazina SACCO
Established in 1971 and registered under Kenya’s Co-operative Societies Act (Cap 490),
Hazina Sacco Society Limited is a national deposit-taking Sacco. Its primary goal is to
encourage members to be frugal and save money, so generating a supply of loanable
funds.
Loans from the SACCO can be up to 3.5 times a member’s savings. A lowered debt is
subject to a monthly interest charge of 1%. Up to 72 months might be added to the loan
term.
Safaricom SACCO
Only Safaricom employees, their wives, and other members who have been accepted by
the management committee and the general meeting are permitted to join this SACCO.
Subject to management committee approval, retired or resigned members may continue
to enjoy the benefits of this SACCO.
Hazina SACCO
Established in 1971 and registered under Kenya’s Co-operative Societies Act (Cap 490),
Hazina Sacco Society Limited is a national deposit-taking Sacco.
It targets county employees, employees of the federal government, members of
organized labor, women’s organizations, and private sector workers.
Loans from the SACCO can be up to 3.5 times a member’s savings. A lowered debt is
subject to a monthly interest charge of 1%. Up to 72 months might be added to the loan
term.
Unaitas SACCO
This SACCO was first registered as a cooperative society on May 14, 1993. Individuals,
investment organizations, and small businesses are all included.
Members of this SACCO are eligible for loans worth up to three times their funds.
Furthermore, loan terms can be prolonged up to 72 months with interest rates ranging
between 1 percent and 1.5 percent per month with a lower balance.
Mhasibu SACCO
The Institute of Certified Public Accountants of Kenya created it in 1986. It is directed
towards those who work in the accounting field, including students and organizations
that provide accounting education.
Imarika SACCO
The Teacher Service Commission in Kilifi personnel founded the Imarika SACCO in
1974.
Imarika SACCO members have access to loans up to double their savings at a monthly
interest rate of 12.5%. Imarika SACCO loans may be repaid over a maximum of five
years.
United Nation SACCO
In order to offer banking services to United Nations employees in Kenya, United
Nations Sacco Society (UN SACCO) Limited was established in 1975. The Sacco has
members all around the world and is based in Nairobi.
UN SACCO gives its members access to low-cost loan products, strong investment
returns, and the chance to save money.
