The value of assets held by Kenyan Saccos (Savings and Credit Cooperative Organizations is estimated at US$10 Billion or roughly 10% of the country’s GDP. Applying this to Zimbabwe—the value of Saccos assets should be US$3,5 Billion. But where are the local Saccos?
Can you list the top 10 Saccos in Zimbabwe? Which Sacco has assets above a million dollars? Possibly a few which are under ground—how about those +$10 million?
The target should be a collective $3,5 billion and showing exponential growth. Yes millions of dollars flowing amongst diasporas and locals. But where is the evidence? How many high rise buildings in Harare or Bulawayo are owned by Saccos?
So Zbinites—here is your challenge to lay the foundation for the next generation. In your circles start serious discussions on what Kenyans are doing and steps you are taking to follow in their footsteps.
The 10 Best SACCOs in Kenya
Are you considering investing in or borrowing from a Savings and Credit Cooperative organization? Here’s a run-down of the 15 best performing SACCOs in Kenya.
1. Mwalimu National SACCO
With an asset base of 66.43 Billion shillings, Mwalimu National SACCO ranks among the largest Saccos in Kenya. The Sacco focuses on giving teachers access to affordable financial services. Just like its name ‘Mwalimu”, the Sacco majorly targets teachers of all calibers, from primary to tertiary level. Also included are TSC secretariat members and children or spouses of members who aren’t formally employed.
The Mwalimu National Sacco services include welfare services, business loan products, FOSA and BOSA products. The FOSA (Front Office Services Activities) provides banking services such as loans, salary advances, and instant credits. Business loans offered include asset financing, insurance premium financing, mortgage financing, and collateral-based loans.
Business loans
Besides savings, Mwalimu National Sacco provides welfare services to its members, including risk funds, last expense benefits, and burial benevolent funds. The BOSA (Back Office Services Activities) offers members different loan products against the deposits they’ve made.
The head office of Mwalimu National Sacco is located at Mwalimu Towers, situated along Mara Road, in Uperrhill, Nairobi. This Sacco was founded in 1974 with just 9 members. Currently, it has 18 branches and over 123,000 members.
2. Stima SACCO
Stima SACCO started operations in 1974 with a mandate of serving the formerly known East African Power & Lighting Company employees. It has since evolved to be among Kenya’s top saccos thanks to its broad coverage of members from different sectors including corporations, groups and business persons. The Sacco also ranks second in terms of asset base and thus has a high stability ratio.
Stima Sacco has many firsts; it was the first to be licensed by SASRA, the first to induct mobile banking, and the first to launch ATM services. It was also the first to unveil Sharia-compliant product services and the first to issue cheque books. The Sacco offers various services like savings options, investment options, credit facilities, insurance, mortgage, and diaspora services.
Stima Sacco embraces its core values of teamwork, innovation, integrity, and professionalism to fulfill its objectives. The Sacco currently has over 200,000 members which includes both residents and non-residents. Finally, Stima Sacco has 14 branches, and its head offices are at the Stima Sacco Plaza, Mushembi Road, in Parklands, Nairobi.
3. Kenya National Police SACCO
The Kenya National Police Sacco started in 1972 with a total of 690 members and has since grown to host over 73,000 members. This Sacco employs its core values of quality, integrity, teamwork and innovation to dispense its mission of providing members with competitive financial solutions.
Some of the services offered by the Kenya National Police Sacco include credit, savings, loans and investment services. The members who are drawn majorly from the police service enjoy low loan interest rates, interest on deposits, high annual dividends, instant loans, etc. However, the sacco membership isn’t limited to the police service as civil servants and individuals from business communities can join.
As part of its achievements, the Kenya National Police Sacco was recently awarded the “Best Managed Sacco in Kenya” at the Ushirika Gala Awards 2024. The Sacco has 7 branches in Kenya’s major towns, and its head office is at the Kenya Police Sacco Plaza situated along Ngara Road, Nairobi.
4. Harambee SACCO
Harambee was Kenya’s first president Jomo Kenyatta’s favorite slogan which means “Pooling together.” The history of Harambee Sacco dates back to 1969 when members drawn from the then Office Of the President(OPP) joined to form a merry-go-round. Their vision was to encourage members to have a savings plan to help them access short-term loans.
The need for growth saw the merry-go-round transform into a full sacco-society under the name Harambee DT SACCO Society, which was formed in 1970. Despite its humble beginnings, Harambee Sacco now ranks among Kenya’s best and largest saccos. It boasts an asset base of 38.57 Billion and over 80,000 members.
The sacco’s members come from diverse backgrounds, including civil servants, corporates, groups or chamas, and CBOs (Community Based Organizations). This sacco offers its members different services ranging from savings and loans to investment opportunities. Harambee Sacco has 5 branches, and its head offices are at the Harambee Plaza, Heile Sellasie Avenue, Nairobi.
5. Tower SACCO
Tower SACCO was formed in 1976 by a group of primary teachers in Ol’Kalou, Nyandarua County. The Sacco’s membership has since expanded to cover the police service, farmers, parastatals, business community, county government employees, etc. It currently has over 250,000 members and a 23.23 billion asset base.
Tower Sacco offers members different financial services, including investment products, loans, savings and insurance. They’ve adopted innovative measures like mobile banking, internet banking, visa-branded ATMS, and Tower Sacco agents to make service delivery easy. Finally, the Sacco has 25 branches, and its head office is at the Tower Sacco Plaza in Ol’Kalou.
6. Afya SACCO
If you’ve ever been to Nairobi, you are probably aware of the iconic green Afya Center Building located along Tom Mboya Street. This building houses the Afya Sacco head office. Afya Sacco was founded in 1971 by a group of 20 people but has since grown to host over 38,000 members.
The Afya Co-op Sacco Society services include FOSA, investments, land acquisition and loan services. This sacco has embraced technology by introducing E-services like the tender portal, dividends portal, recruitment portal and customer inquiries for better service delivery.
7. UNAITAS SACCO
This deposit-taking Sacco was registered in 1993 and was then known as Murang’a Tea Growers cooperative society. It comprised a group of like-minded farmers who combined to encourage the spirit of saving and getting loans at affordable rates.
However, the Sacco later changed its name to Muramati in 2007 hence expanding operations beyond Murang’a and opening doors for other entrepreneurs. Muramati later changed its name to the currently called Unaitas Sacco in 2012 by incorporating members form different sectors and developing client-tailored products.
Unaitas has 31 branches in Kenya’s major towns, and its head office is at the Cardinal Otunga Plaza, Kaunda Street, Nairobi. The services offered by Unaitas include savings, investments, and loans.
8. Imarisha SACCO
With only 14 branches, Imarisha Sacco has an asset base of 21.78 billion and over 160,000 members. This broad membership is attributed to Imarisha Sacco’s commitment to providing effective yet efficient financial services through accountability, integrity, equity and transparency. The incorporated services include savings, loans, digital banking and diaspora services.
Imarisha Sacco Society opened its doors in 1978 under the name Kipsigis Teachers Sacco, which was formed by a group of 100 teachers. In 2014, the Sacco rebranded to its current name, Imarisha Sacco and began to accept non-teaching members. The Sacco has 14 branches, and its headquarters are at the Imarisha Sacco Building, in Kericho town.
9. United Nations SACCO
The United Nations Sacco was formed in 1975 with only 131 members and aimed to provide financial services to UN (United Nations) employees. Nonetheless, the Sacco has since expanded its membership to include United Nations-related agencies, staff and selected international organizations.
This Sacco has since grown to be home to over 6900 members and an asset base of 18.21 billion. The United Nations Sacco services include mobile banking, savings, money transfer, safe custody, loans and investments. Its offices are located at the UN SACCO Building, United Nations Complex, Gigiri, and Nairobi.
10. Ukulima SACCO
Ukulima Sacco was formed in 1972 when employees of the Ministry of Agriculture pooled funds to help empower themselves financially. This Sacco doesn’t put restrictions on membership. For instance, formerly employed or self-employed Kenyans can join the sacco, no matter their country of residence, as long as they are Kenyan citizens. Thus, it accepts membership from individuals, corporations, chamas/groups, etc.
Members of Ukulima Sacco can access different services, such as borrowing, saving, or investing. With only 8 branches and over 58,000 members, this is more than enough proof of the trust that Kenyans have in the sacco. The head offices of Ukulima Sacco are at the Ukulima Cooperative House, Haile Selassie Avenue, Nairobi.
