SACCO is an acronym for Savings and Credit Cooperative, a specialized type of cooperative that offers financial services with a primary emphasis on gathering funds and extending accessible credit to its members, who function as both owners and users.
In Kenya, SACCOs can be divided into two main categories: financial and non-financial cooperatives. Non-financial cooperatives are primarily involved in marketing members’ products and services, such as dairy, livestock, coffee, tea, handicrafts, and similar commodities. Conversely, financial cooperatives encompass SACCOs, housing cooperatives, and investment cooperatives.
Best Saccos in 2024
Here is list of Best SACCOS in Kenya:
- Unaitas Sacco Ltd Kenya
- Kenya Police SACCO
- Stima SACCO
- Waumini Sacco Society Limited
- K-Unity Sacco
- Hazina SACCO
- Unaitas Sacco Ltd Kenya (Repeated entry?)
- Maisha Bora SACCO
- Harambee Sacco
Stima SACCO: The Best Sacco
Established in 1974, Stima Sacco is a licensed Deposit Taking Sacco with the primary aim of enhancing the socio-economic well-being of its members. In April 2003, the Sacco responded to the banking needs of its members by introducing the Front Office Service Activity (FOSA), which provides banking services to its members.
With branches strategically located in Nairobi, Mombasa, Kisumu, Nakuru, and Olkaria, Stima Sacco ensures convenient access for its members. Offering a diverse range of savings products, the Sacco caters to the unique needs of its members, ensuring that each individual’s financial requirements are met with tailored products and services.
Waumini Sacco
Established in 1980 under the Co-operative Societies Act of the Laws of Kenya, Waumini Sacco Society Limited is a Savings and Credit Co-operative Society focused on empowering its members economically and socially. Its core activities include mobilizing savings and deposits and providing credit facilities to its members.
With a membership base comprising employees of Catholic organizations in Kenya, Waumini Sacco boasts over 9,500 members from more than 500 Catholic organizations across the 26 Catholic Dioceses in Kenya. The Sacco’s management structure includes the ADM, Board of Directors, Supervisory Committee, and various departmental managers within the Sacco Secretariat.
For further details, please visit the Waumini Sacco Society Limited website.
Hazina SACCO
Founded in 1971, Hazina Sacco is a prominent Savings and Credit Co-operative Society operating nationwide. Registered under the Co-operative Societies Act of Kenya, its primary objective is to facilitate members in accumulating savings, thereby establishing a pool of funds available for lending purposes.
Membership of Hazina Sacco is diverse, comprising individuals from various sectors including Government Ministries, Parastatals, Non-Governmental Organizations, and the Private Sector. Presently, the Sacco boasts a membership exceeding 10,000 individuals.
For additional details, kindly visit the Hazina Sacco website.
Kenya Police SACCO
Established on November 20th, 1972, Kenya Police Sacco obtained its registration certificate, marking the beginning of its journey. Since then, the Sacco has experienced substantial growth in its membership, expanding from a few hundred to an impressive 40,101 members to date.
The governance structure of Kenya Police Sacco comprises nine elected members forming the SACCO Board of Directors, alongside three members on the Supervisory Committee. Additionally, the society actively engages in corporate social responsibility initiatives, contributing to the betterment of communities.
For further insights, please visit the Kenya Police Sacco website.
K-Unity Sacco
Kiambu Unity Finance Co-operative Union, formed under the Ministry of Co-operatives and Marketing, operates under the registration of the Co-operative Societies Act Cap 490 of the Laws of Kenya. Its inception dates back to 1974 when it was established through the merger of the Limuru Marketing Co-operative Union and Kiambu Dairy Marketing Union. This union aimed to provide savings and credit facilities specifically tailored for Dairy & Pyrethrum societies within Kiambu County.
The primary objective of the society is to foster a culture of consistent monthly savings among its members, subsequently utilizing these savings to offer loans to its members.
For more detailed information, please visit the Kiambu Unity Finance Co-operative Union website.
Harambee SACCO
Established in 1970 by a group of modest income earners and subordinate staff at the Office of the President (OP), Harambee Sacco has since transformed into a formidable institution worth billions of shillings. Boasting a vast membership base and an extensive nationwide network, Harambee Sacco stands as one of the leading financial institutions in Kenya, unmatched by few.
Maisha Bora SACCO
Maisha Bora Sacco Society Ltd is situated on Factory Street in Kariba, Nairobi. Operating hours are from Monday to Friday, 8:30 am to 4:30 pm. The office remains closed on weekends and public holidays.
Kuscco Sacco
Founded on September 27, 1973, the Kenya Union of Savings and Credit Cooperatives (KUSCCO) serves as the overarching body representing Saccos across Kenya. Its primary purpose is to champion for a conducive business environment, ensuring that Saccos can operate effectively. KUSCCO is committed to delivering high-quality, diversified, innovative, and market-driven financial and technical services to its members.
Imarika SACCO
Imarika SACCO was officially registered on September 14th, 1974, initially comprising approximately 100 members who were employees of the Teachers Service Commission (TSC) in the Kilifi District. Since its inception, the SACCO has experienced significant growth, now boasting an active membership of around 38,000 individuals. Its headquarters are located in Kilifi town, with additional branches situated in Malindi, Mtwapa, Kaloleni, Garsen, and Ukunda, as well as a service center in Bamba, Ganze District.
Mwalimu Sacco
Mwalimu Sacco was established and officially registered in 1974 under the Co-operative Societies Act as a SACCO Society. Its primary goal is to facilitate the accumulation of savings and offer credit services to its members. For further details, please visit the Mwalimu Sacco website.
Mhasibu Sacco Society Ltd
Twenty-six years ago, Mhasibu Sacco Society Ltd was initiated by the Institute of Certified Public Accountants of Kenya (ICPAK). The impetus behind its establishment was the desire to offer savings and credit facilities to its members.
Mhasibu SACCO, aptly named ‘accountant’ in Kiswahili, presently caters to members within the accounting profession. This includes qualified accountants not yet affiliated with ICPAK, students of KASNEB & ACCA, employees of institutions providing accounting training, as well as the spouses and children of existing members.
United Nations Sacco Society
Established in 1975, United Nations Sacco Society (UNSACCO) Limited serves as a vital financial institution in Nairobi, specifically designed to cater to the needs of United Nations (UN) employees in Kenya. Its primary objective is to provide a platform for these employees to save and access low-cost loans, thereby addressing their socio-economic requirements.
Since its inception, UNSACCO has experienced remarkable growth, with membership increasing from 131 in 1975 to 4,047 by 2011. During this period, members’ deposits surged from Ksh. 290,000 to Kshs 5 billion, while the share capital reached Ksh. 150 million.
Initially operating from a single-room office in Block G within the UN complex, UNSACCO has expanded its operations to its own dedicated block. Over time, the Sacco has also augmented its staff both in terms of numbers and professional expertise. Membership to UNSACCO is open to both local and international staff of UN agencies.
Afya Sacco Society Ltd
Afya Sacco Society Ltd was officially registered on May 8th, 1971, by a group of twenty founder members and promoters. Over the course of the past four decades, the Sacco’s membership has steadily increased. Currently, Afya Sacco boasts a membership of over 38,000 individuals.
Chai Sacco
Registered in 1973, Chai Sacco was established to provide financial services exclusively to employees of the Kenya Tea Development Agency (KTDA) working at both the factories and Head Office. In 1999, the society initiated the Front Office Service Activity (FOSA), which has since developed into a fully-fledged Deposit Taking Society. Currently, Chai Sacco operates branches in Nairobi and Litein, along with a marketing office in Mombasa. The society has ambitious plans for expansion, aiming to open seven additional branches and 25 marketing offices across the country.
Ufanisi Sacco Society Ltd
Ufanisi Sacco Society Ltd was officially registered on July 6th, 1973, initially serving as a Savings & Credit Society exclusively for employees of the Agricultural Finance Corporation. Over time, the society has broadened its membership criteria, now welcoming members from the general public.
Metropolitan Teachers Sacco Ltd
Metropolitan Teachers Sacco Ltd aims to mobilize savings and provide productive and provident products and services at competitive costs within an evolving business landscape, all while upholding cooperative ideals.
Kenya Medical Association Sacco
The Kenya Medical Association (KMA) serves as a voluntary membership organization catering to all medical and dental practitioners registered in the Republic of Kenya. With a membership exceeding 2,000 individuals nationwide, KMA is uniquely positioned to understand the intricacies of the medical profession and the significant time constraints faced by doctors. As a result, KMA Sacco stands as a comprehensive financial partner, offering a range of services tailored to meet the diverse needs of both young and seasoned medical practitioners.