Finding the best SACCOs in Kenya is of utmost importance to anyone who wants to invest their money wisely.
With the increase in the number of SACCOs in Kenya, it is easy to fall victim to scams posing as legitimate investment opportunities.
This makes it crucial for investors to do their due diligence before committing their money.
The Savings and Credit Cooperative Organizations (SACCO) in Kenya are regulated by the Sacco And Societies Regulatory Authority (SASRA).
This governmental organization oversees SACCO activities in Kenya, ensuring they operate legally and within the set guidelines.
Therefore, checking whether a SACCO is registered with SASRA is the first step in determining if it’s worth investing in.
The purpose of this article is to provide a list of the best SACCOs in Kenya and highlight their investment features.
We understand that choosing the right SACCO can be overwhelming, given the many options available.
Thus, we aim to make your investment journey more comfortable by providing you with a list of SACCOs that have proven to be reliable and credible.
Investing in SACCOs is a great way to secure your financial future, and we believe that this article will help you make informed decisions that will lead to long-term benefits.
So, whether you’re an experienced investor or just starting, read on to discover the top SACCOs in Kenya that offer the best investment opportunities.
Contents
Criteria for choosing the best SACCOs in Kenya
When choosing the best SACCOs in Kenya, there are several criteria that investors should consider. These include accessibility and convenience, loan interest rates, loan repayment periods, membership policy, investment opportunities, and customer service.
1. Accessibility and convenience
Investors should consider a SACCO’s location and the ease of accessing their services. SACCOs that have multiple branches across the country and have digital platforms for conducting transactions are often more convenient.
2. Loan interest rates
Loan interest rates and repayment periods are also crucial factors to consider. The interest rates offered by a SACCO should be reasonable and competitive.
The repayment periods should be flexible enough to allow members to pay back their loans comfortably. SACCOs that offer long repayment periods and low-interest rates are often more attractive to investors.
3. Membership policies
Investors should consider SACCOs that have flexible membership policies and do not have stringent requirements.
SACCOs that offer membership to a wide range of individuals, including those in low-income brackets, are often more inclusive and appealing to investors.
4. Investment opportunities
Investors should choose SACCOs that offer a wide range of investment opportunities, including business loans, savings accounts, and investment products.
SACCOs that offer investment opportunities with a low level of risk are often more attractive to investors.
5. Customer service
SACCOs that have a friendly and responsive customer support team are often more appealing to investors.
A SACCO’s customer service should be easily accessible, and investors should be able to get timely responses to their queries.
Top 10 SACCOs in Kenya
1. Unaitas SACCO
Unaitas SACCO was founded in 1993 and has since grown to become a deposit-taking SACCO. It’s widely known for business investments and is famous for small-scale investors.
Members can access loans up to three times their savings, with repayment interests ranging between 1% and 1.5% per month.
2. Kenya Police SACCO
The Kenya Police SACCO was founded in 1972 to serve those who worked in the Kenya Police Force. Currently, the SACCO is open to all Kenyans and has a membership of over 52,000.
Members can access loans up to three times their investment, although loan interest rates are slightly high.
3. Stima SACCO
Stima SACCO is famous for its land investments and was founded in 1974. It offers loans up to two times the member’s savings, with a low-interest rate of 1% per month on a reduced balance.
The SACCO has branches in Nairobi, Mombasa, Kisumu, Eldoret, and Olkaria.
4. K-Unity SACCO
K-Unity SACCO is a Nairobi and Kiambu-based SACCO that was formerly registered in 1974. It’s famous for small business growth and gives loans up to four times the member’s savings at an interest rate of 1% per month.
5. Waumini SACCO
Waumini SACCO was founded by the Catholic Church for congregation members. It gives loans up to three times the member’s savings and is best for short-term projects.
6. Maisha Bora SACCO
Maisha Bora SACCO was founded in 1974 by a group of employees from the Unilever company. Currently, the SACCO offers membership to all interested persons.
It gives loans up to three times the member’s investment and has an interest rate of 1% per month on a reduced balance.
7. Hazina SACCO
Hazina SACCO focuses on county government employees, National government employees, government organization employees, and private sector employees. Members can access loans up to 3.5 times their savings, with an interest rate of 1% per month on a reduced balance.
8. Wanandege SACCO
Wanandege SACCO was started in 1977 for Kenya’s airline and aviation staff. Members of the SACCO can access loans up to three times their savings, with an interest rate of 1% per month on a reduced balance.
9. Harambee SACCO
Harambee SACCO was started in 1970 by low-income earners and subordinate staff at the president’s office. Members can access loans up to three times their savings for a period not exceeding four years.
10. Imarika SACCO
Imarika SACCO was started in 1974 by the Teacher Service Commission employees in Kilifi. Members can access loans up to two times their savings at a 12.5% monthly interest rate.
Features of investment SACCOs in Kenya
Investing in SACCOs is a great way to secure your financial future. However, it’s important to choose the right SACCO to ensure that you get the best returns on your investment.
When looking for investment SACCOs in Kenya, there are certain features that you should look out for.
These features include boosting investor confidence, providing relevant investment information, safeguarding investors’ interests, and offering minimal risk investment opportunities.
Boosting investor confidence is an essential feature of a good investment SACCO. A reputable SACCO should inspire investor confidence by having a track record of consistent returns on investment.
It should also have a transparent investment process that investors can easily understand and follow.
Providing relevant investment information is another important feature of a good SACCO. A good SACCO should offer relevant information to help investors make informed investment decisions.
This information can include market trends, investment risks, and potential returns on investment. A SACCO that provides timely and accurate information to investors is likely to inspire trust and confidence among its members.
Safeguarding investors’ interests is another critical feature of a good SACCO. A SACCO should have measures in place to protect investors’ funds and ensure that their interests are prioritized.
This can include having proper risk management policies, ensuring transparency in financial reporting, and having a strong governance structure.
Finally, a good SACCO should offer minimal risk investment opportunities to its members. A SACCO that provides investment opportunities with a low level of risk is more likely to attract investors.
This can include investment products that are diversified across different asset classes to reduce investment risk.
Conclusion
Fining and investing in a good SACCO is a good idea for future benefits. This article has enumerated the best SACCOs and the criteria of choosing the best sacco to invest in.