Savings and Credit Cooperative Organizations (SACCOs) enable members to save and earn interest on deposits, use deposits as collateral for easier low-interest loans, and contribute to decisions. Choosing the right SACCO is paramount, not just for maximizing returns but also for ensuring financial stability and peace of mind. For instance, many SACCOs have paid a 12% average interest rate on deposits for a long time against a 7.7% interest rate average on bank savings accounts. With so many saccos promising heaven and delivering nothing close to that, I bring to you an analysis of the best saccos in Kenya for loans today.
SACCOs give members a sense of belonging because they are significant in the organization’s running. Plus, they provide a more personalized approach to financial services, fostering trust and reliability among members. However, it’s essential to choose a trustworthy and reliable SACCO. We have seen cases of SACCOs embezzling members of their cash, with cases running into billions of shillings.
To avoid all this, you must thoroughly scrutinize whether a SACCO has clear and easy-to-use systems, transparent financial reports, diversified financial statements, and mobile digitization. In addition, a reliable and trustworthy SACCO must have member ownership and governance, compliance with legal and regulatory requirements, and financial stability.
However, to ease you from all this work, I have prepared a complete guide on the criteria of choosing the best SACCO for saving in Kenya and the 14 best savings in Kenya for savings today.
Take a look!
Table of Contents
Factors to Consider When Choosing a SACCO
Many people in Kenya have fallen into predatory SACCO schemes like the Ekeza SACCO and the recent Metropolitan National SACCO, where members lost an estimated 12 Billion. Nonetheless, while you can’t ignore the risks entirely, you can mitigate them significantly by conducting thorough due diligence before selecting a SACCO. Here are vital factors to consider when making your choice:
Interest Rates offered on Savings
SACCOs typically offer interest rates on savings that vary from institution to institution. A comparative analysis of interest rates can provide insights into potential returns on savings. For instance, Amica SACCO offers an annual interest rate of 10%, while NSSF SACCO offers 6%. Opting for the SACCO with the higher interest rate can maximize returns on deposited funds.
Membership Requirements and Eligibility
Understanding SACCO’s membership requirements and eligibility criteria is crucial for prospective savers. For example, Kitui Teachers SACCO only accepts teachers and TSC members, while Mwalimu National SACCO allows individuals from various professions to join. Evaluating membership requirements ensures alignment with personal circumstances and facilitates seamless enrollment.
Accessibility and Convenience of Branches and Services
Assessing the accessibility and convenience of SACCO branches and services is paramount for ease of transactions. Stima SACCO boasts a widespread branch network across urban and rural areas, offering convenient access to members. Additionally, Unaitas SACCO provides user-friendly online banking services, enabling members to manage their savings remotely. Considering accessibility ensures seamless interaction with the SACCO, enhancing the overall user experience.
History and Reputation of the SACCO
Examining the history and reputation of a SACCO provides insights into its reliability and trustworthiness. For instance, Tai SACCO has a long-standing reputation for financial stability and transparent operations, instilling confidence among members. Conversely, Metropolitan SACCO has a history of economic mismanagement, raising concerns about the safety of deposited funds. Prioritizing SACCOs with positive reputations safeguards savings and promotes financial security.
Additional Services and Benefits Offered
Exploring the additional services and benefits a SACCO offers enhances the overall value proposition. Tai SACCO provides members with financial literacy training and investment advisory services, empowering them to make informed financial decisions. Similarly, Harambee SACCO offers insurance products tailored to meet members’ diverse needs. Evaluating additional services ensures alignment with personal goals and facilitates holistic financial management.
Top 14 Best SACCOs in Kenya for Loans
- Tai DT SACCO
- Harambee DT SACCO
- Amica DT SACCO
- Stima DT SACCO
- Unaitas DT SACCO
- Kenya National Police DT SACCO
- Mwalimu National DT SACCO
- Afya DT SACCO
- Wananchi DT SACCO
- Waumini DT SACCO
- Hazina DT SACCO
- Kimisitu DT SACCO
- Kenya Bankers DT SACCO
- Safaricom DT SACCO
1. Tai DT SACCO
Tai SACCO Society Limited is considered the best deposit-taking SACCO in Kenya, having been voted under the “Best Managed SACCOs in Kenya” category. This leading deposit-taking savings and credit cooperative society has over 28 years of operation experience with an asset base of Ksh 4.1 Billion.
Tai SACCO’s diverse product line sets it apart, catering to all member segments. They include loan products like business loans, salary and pension loans, agribusiness loans, asset finance loans, and mobile loans. Tai SACCO offers different savings platforms: ordinary savings accounts, business accounts, children’s accounts, fixed deposit accounts, and holiday accounts.
One unique feature of Tai SACCO is its Aquila Insurance Agency, which provides comprehensive insurance solutions in partnership with major Kenyan insurance companies. This agency offers medical cover, livestock insurance, business cover against fire/robbery, motor cover, and academic education plans. Their popular Ordinary Savings Account allows members to deposit funds via Paybill No. 644700 and withdraw using Visa-branded ATMs or dialing *645#.
Tai upholds convenience through tech-driven solutions like mobile and internet banking. The SACCO maintains a strong network of over ten branches and 70 agencies across Kiambu and Nairobi counties.
Members can open accounts online by providing essential documentation. To become an individual Tai SACCO member, applicants must complete a membership application form and provide a copy of their national ID or passport, a passport-sized photo, and a copy of their KRA PIN.
2. Harambee DT SACCO
Harambee SACCO is a giant in Kenya’s cooperative scene, boasting over 80,000 members and 174 branches nationwide. As the 4th largest SACCO by asset size, Harambee takes pride in empowering its members through affordable financial solutions.
The SACCO has an asset base of Ksh 38.5 Billion. The SACCO is ambitious to mobilize over Ksh 4 billion in share capital through an ongoing capital drive to reduce reliance on external financing.
One of Harambee SACCO’s key strengths is its diverse range of savings products, including the FOSA Savings Account, FEDHA Fixed Deposit Account, and Toto Junior Account. These accounts cater to different savings goals and offer attractive interest rates. Notably, Junior Accounts groomed a savings culture from childhood. Its loan portfolio covers emergencies, school fees, business startups, and more at monthly interest rates as low as 1%.
Harambee SACCO is also known for its extensive loan portfolio, which includes Development Loans, Emergency Loans, School Fees Loans, Karibu Loans (for new members), Jisaidie Top-up Loans, Jisaidie 72 Top-up Loans, Inuka Loans, Bima Advance, Shamba Loans, and various FOSA Loans such as Shares Boost Advance, Salary Advance, Salary-In-Advance, M-Boosta, Jisort Advance, and Finje Chapchap.
To enhance accessibility, Harambee SACCO has embraced digital banking through its mobile banking platform, M-CASH, accessible via USSD code *357# or the M-CASH App. Members can also use the Paybill number 525200 for loan repayments and monthly contributions.
3. Amica DT SACCO
Amica Savings & Credit (Amica SACCO) is a tier-one SACCO that offers a range of financial services, including M-Pesa transfers, mobile loans (Amicash loans), bill payments, account balance inquiries, fixed deposit accounts, and the Treasure Account, which offers a 7% interest rate per annum on deposits.
Amica SACCO transitioned from its previous identity of Murata SACCO in 2016 but has been steadily elevating its status as a top-tier SACCO in Kenya. The SACCO has an impressive Ksh 5.6 billion asset base with over 200,000 members. This growth is attributed to Amica’s digital transformation, allowing services like mobile loans to be deposited via its countrywide agent network of over 360 outlets. The SACCO is famous for its high-interest Investa Deposit Account, offering up to 10% per annum returns.
Other flagship products include the Treasure Account (7% interest p.a.), Fixed Deposit Accounts, and children’s accounts like the Toto Junior Account, which pays 4.5% interest. Additionally, the SACCO provides convenient mobile banking services accessible by dialing *298#, enabling account access around the clock. Amica aspires to be a fintech revolutionizing access to affordable credit and payment services.
4. Stima DT SACCO
Stima SACCO Society Limited, or Stima DT SACCO, is Africa’s second-largest savings and credit cooperative society. As of 2023, Stima SACCO had an asset value of Ksh 59.15 Billion.
Stima SACCO was founded in 1974 to serve East African Power & Lighting Company employees but now has members from all sectors, business groups, and corporations. The society has 13 branches in Kenya, including three in Nairobi: Parklands Branch, Nairobi CBD Branch, and Kawi Centre (South C).
Stima SACCO offers a variety of savings accounts, including Non-Withdrawable Savings Accounts, Withdrawable Savings Accounts (e.g., Twiga Savings, Junior Star, Msingi Bora, Mustard Account, Prime Account), Term Deposits Accounts (e.g., Call Deposit Account, Fixed Deposit Account, Golden Savings Account), and Shares Capital Account and Alpha Deposits Savings Account.
To enhance accessibility, Stima SACCO provides mobile banking services through its Stima SACCO Mobile Banking app (Mstima), allowing customers to access and manage their savings, loans, money transfers, bill payments, and other financial services. Customers can deposit money into their share capital account using the M-Pawa service by dialing *489# and selecting the M-Pesa option.
On the credit front, Stima provides working capital facilities, asset finance, invoice discounting, emergency loans, and even mortgages of up to Ksh 15 million through its Makaazi Poa Loan, which has a repayment period of up to 144 months.
5. Unaitas DT SACCO
Formerly known as Muramati SACCO, Unaitas SACCO is a national cooperative society that serves over 320,000 members from all walks of life. Established in 1993, the SACCO has grown into a formidable financial institution with an asset base exceeding Ksh 30 billion as of 2023.
Unaitas gives its members different products and services to meet their financial requirements. The SACCO offers savings accounts like ordinary savings, junior savings, and fixed deposit accounts, as well as some loan facilities like standard loans, emergency loans, super loans, and asset finance loans.
A significant asset of Unaitas lies in its approach to putting the members first through the financial education and training programs the credit union has implemented. The SACCO conducts seminars and workshops regularly where members gain knowledge on personal finance, entrepreneurship, and available investment opportunities.
To enhance accessibility, Unaitas has embraced digital banking through its mobile app and USSD platform (*384#). Members can conveniently access their accounts, apply for loans, make payments, and perform other financial transactions.
6. Kenya National Police DT SACCO
Kenya National Police SACCO, commonly known as Police SACCO, is a leading financial cooperative that serves members of the National Police Service and their families. This SACCO is among the oldest SACCOs in Kenya, founded in 1971. In addition, with over 80,000 members and an asset base of Ksh 23 billion as of 2023, Police SACCO is a force to reckon with in the industry.
Police SACCO offers various products and services, including savings accounts, loans, and investments. Members can open multiple savings accounts, such as Ordinary Savings Accounts, Fixed Deposit Accounts, and Junior Savings Accounts, to cater to their different saving goals.
Kenya Police SACCO provides a variety of loan facilities, including regular loans, emergency loans, school fees loans, and asset finance loans. The SACCO offers investment opportunities through its real estate projects and corporate bonds.
To enhance accessibility and convenience, Police SACCO has embraced digital banking through its mobile app and USSD platform (*345#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
7. Mwalimu National DT SACCO
Mwalimu National SACCO is a leading financial cooperative that serves teachers and other education sector employees in Kenya. With over 123,000 members and an asset base of Ksh 60.46 Billion, Mwalimu SACCO is a force to reckon with in the SACCO industry.
Mwalimu SACCO offers various products and services, including savings accounts, loans, and investments. Members can open multiple savings accounts, such as Ordinary Savings Accounts, Fixed Deposit Accounts, and Junior Savings Accounts, to cater to their different saving goals.
On the credit front, Mwalimu SACCO provides a variety of loan facilities, including regular loans, emergency loans, school fees loans, and asset finance loans. The SACCO offers investment opportunities through its real estate projects and corporate bonds.
For easier accessibility and convenience, Mwalimu SACCO has embraced digital banking through its mobile app and USSD platform (*361#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
8. Afya DT SACCO
Afya SACCO is a leading financial cooperative serving Kenya’s health sector members. It was founded in 1971. With over 50,000 members and an asset base of Ksh 20.94 billion as of Aug 2023, Afya SACCO is a vital player in the SACCO industry, catering to the financial needs of healthcare professionals.
Afya SACCO offers various products and services, including savings accounts, loans, and investments. Members can open multiple savings accounts, such as Ordinary Savings Accounts, Fixed Deposit Accounts, and Junior Savings Accounts, to cater to their different saving goals.
On the credit front, Afya SACCO provides a variety of loan facilities, including average loans, emergency loans, school fees loans, and asset finance loans. The SACCO offers investment opportunities through its real estate projects and corporate bonds.
To enhance accessibility and convenience, Afya SACCO has embraced digital banking through its mobile app and USSD platform (*368#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
9. Wananchi DT SACCO
Wananchi DT SACCO, a national financial cooperative in Kenya, caters to diverse members with an estimated income of Ksh.1.665 billion in 2023. Offering a range of financial products, it provides high-yield savings accounts with interest rates of up to 7% annually and emergency credit at 10% annually. Also, you can enjoy various savings options like Ordinary Savings, Fixed Deposits, and Junior Savings Accounts.
Wananchi SACCO extends loan facilities, including regular, emergency, school fees, and asset finance loans. Members can conveniently manage accounts, apply for loans, and conduct transactions effortlessly by embracing digital banking through its mobile app (M-Wananchi app) or by calling 88250#.
10. Waumini DT SACCO
Waumini SACCO is a leading financial cooperative that serves Kenyan Catholic church members and faithful and former employees of Catholic institutions. With over 33,000 members and an asset base of Ksh 8 billion as of 2023, Waumini SACCO is a respected player in the SACCO industry, offering Sharia-compliant financial products and services.
Waumini SACCO offers a variety of loan facilities, such as standard loans, emergency loans, school fees loans, and asset finance loans, all structured by Catholic finance principles. In other words, it provides loans amounting to 3 times a member’s savings with a repayment period of 5 years at an interest rate of 12.5% per annum, making it ideal for long-term projects like home construction.
To enhance accessibility and convenience, Waumini SACCO has embraced digital banking through its mobile app and USSD platform (*346#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
11. Hazina DT SACCO
Hazina SACCO targets county employees, national government employees, youth & women groups, and private sector employees with over 25,000 members and an asset base of Ksh 12.76 Billion as of February 2024.
Hazina SACCO offers various savings accounts, including the Ordinary Savings Account, Fixed Deposit Account, and Junior Savings Account, to cater to members’ different saving goals. Notably, members can access loans up to 3.5 times their savings with a repayment period of 72 months at an interest rate of 1% per month on reducing balance.
To enhance accessibility and convenience, Hazina SACCO has embraced digital banking through its mobile app and USSD platform (*850#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
12. Kimisitu DT SACCO
Kimisitu SACCO is a leading financial cooperative that serves members in the Kimisitu area of Nairobi and its environs. With over 20,000 members and an asset base of Ksh 9.1 billion as of 2023, Kimisitu SACCO is a respected player in the SACCO industry, offering a wide range of financial products and services to the local community.
Kimisitu SACCO offers various savings accounts, including the Ordinary Savings Account, Fixed Deposit Account, and Junior Savings Account, to cater to members’ different saving goals. On the credit front, the SACCO provides a variety of loan facilities, such as regular loans, emergency loans, school fees loans, and asset finance loans.
To enhance accessibility and convenience, Kimisitu SACCO has embraced digital banking through its mobile app and USSD platform (*369#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
13. Kenya Bankers DT SACCO
Kenya Bankers SACCO is a leading financial cooperative that serves members of the banking sector in Kenya. With over 25,000 members and an asset base of Ksh 9.5 billion, Kenya Bankers SACCO is a respected player in the SACCO industry, offering tailored financial products and services to the banking community.
Kenya Bankers SACCO offers various savings accounts, including the Ordinary Savings Account, Fixed Deposit Account, and Junior Savings Account, to cater to members’ different saving goals. On the credit front, the SACCO provides a variety of loan facilities, such as standard loans, emergency loans, school fees loans, and asset finance loans.
To enhance accessibility and convenience, Kenya Bankers SACCO has embraced digital banking through its mobile app and USSD platform (*293#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
14. Safaricom DT SACCO
Safaricom SACCO is a leading financial cooperative that serves employees of Safaricom PLC, one of Kenya’s largest telecommunication companies. With over 18,000 members and an asset base of Ksh 11.5 billion as of February 2024, Safaricom SACCO is a respected player in the SACCO industry, offering tailored financial products and services to Safaricom employees and their families.
Safaricom SACCO offers various savings accounts, including the Ordinary Savings Account, Fixed Deposit Account, and Junior Savings Account, to cater to members’ different saving goals. On the credit front, the SACCO provides a variety of loan facilities, such as standard loans, emergency loans, school fees loans, and asset finance loans.
To enhance accessibility and convenience, Safaricom SACCO has embraced digital banking through its mobile app and USSD platform (*345#). Members can access their accounts, apply for loans, make payments, and perform other financial transactions seamlessly from their mobile devices.
Final Word
While SACCOs in Kenya guarantee competitive interest rates, personal finance services, and a sense of belonging, choosing the right SACCO for savings is critical to a sustainable and secure financial life. By considering elements such as interest rates, membership qualification requirements, accessibility, reputation, and any additional services, you can stay away from shady deals and lousy management. Recent instances of embezzlement emphasize the role of due diligence in appointing an honest and reliable SACCO.
However, our detailed guide outlines the critical factors for choosing the best SACCO for savings in Kenya and the top 14 SACCOs popular for their transparency, reliability, and service orientation. Whether you want to know about the diverse product line of Tai SACCO, the extensive branch network of Harambee SACCO, or the digital transformation of Amica SACCO, there are options for different tastes and goals.
Eventually, having the information at your disposal and doing comprehensive research, you will be ready to start your journey toward savings with a reliable SACCO, laying the groundwork for financial prosperity, durability, and stability.
Read also: 14 Best SACCOs in Kenya for Savings Today
