If you aren’t saving in a Sacco or you aren’t a member of a Sacco in Kenya, then you are in the wrong financial path. Saving or investing in a Sacco in Kenya is a very bold move that will benefit you in many ways including access to loans as well as earning dividends depending on the Sacco’s performance.
The government of Kenya has mandated SASRA (SACCO AND SOCIATIES REGULATORY AUTHORITY) to regulate the savings and credit cooperatives organizations in Kenya. Before considering joining a Sacco, it’s advisable to check if the Sacco has been registered by SASRA.
After confirmation of the registration of the Sacco, you can now proceed to choose the Sacco of your choice. It will be of good will to choose a Sacco which has a good reputation in terms of its performance and management.
The following are the best performing Sacco’s in Kenya.
Minimum shares for individuals is Ksh 25,000 Minimum monthly contributions – Kshs 1,000 Registration fee of Ksh 500 14% dividend on share capital (2021) 10.75% interest on deposits (2021)
Registration fee of Ksh 1000 Minimum contributions of Ksh 1,000 or 5% of basic salary(whichever is high) Minimum share capital of Ksh 15,000 Deposits on share capital 19% (2021) Interest rates on deposit 10.3 % (2021) You can borrow 4/ 5 times your deposit
Registration fee of Kshs 1,000 Minimum share capital of Ksh 40,000 Minimum monthly contribution of Ksh 3,000 12 % dividend on share capital (2020) 7.5% interest on deposits (2020)
- POLICE SACCO
Minimum share capital of Ksh 50,000 Interest on deposits 10.5% (2020) Dividend on share capital 17% (2020) Minimum monthly contribution – 12% of your basic salary
- SHERIA SACCO
Entrance fee of Ksh 1,000 Minimum share capital is Ksh 20,000 Members can borrow 3 times their savings. Dividend on share capital was 16% (2020) Interest on deposits was 8.5% (2020)
- HARAMBEE SACCO
Membership fee of Ksh 1,000 Minimum share capital of Ksh 30,000 Interest rate on deposit was 6% (2020) Dividends on share capital was 6% (2020)
- BANDARI SACCO
Minimum share capital of Ksh 10,500 over 16,000 members Monthly contribution of Ksh 1500 Dividends on share capital 22% (2019) Interest on deposits 12.15% (2019)
- NATION SACCO
Minimum monthly contribution is Ksh 2,000 Minimum share capital is Ksh 25,000 Interest on deposits was 8% (2020) Dividends on share capital 15% (2020)
- KIMISITU SACCO
Membership fee of Ksh 1,000 Minimum monthly contribution of Ksh 3,000 Members can borrow 3 times their savings. Dividend on share capital was 15% (2020) Interest on deposits was at 8% (2020)
- Kenya Bankers SACCO
Minimum share capital is Ksh 30,000 Minimum monthly savings is Ksh 3,000 Joining fee of Ksh 1,000 Interest rate on deposits of 6% (2020) Dividend share capital 10% (2020)
Kindly note that the order on the above list is not a performance ranking. It’s purely for informative purposes