Best SACCOs To Invest In Kenya 2023
In recent years, Savings and Credit Cooperative Organizations (SACCOs) have gained significant popularity in Kenya as a reliable and profitable investment option. In this article, we present a comprehensive guide to the best SACCOs to invest in Kenya in 2023, considering factors such as financial stability, returns on investment, customer satisfaction, and overall performance.
SACCOs provide individuals with an opportunity to save, invest, and access affordable credit facilities. Identifying the most suitable SACCOs for investment amidst the multitude of options operating in the country can prove to be a daunting task. Some of these recognized SACCOs include:
1. Stima SACCO
Stima SACCO has established itself as one of the top SACCOs in Kenya, catering primarily to employees in the energy sector. With a strong focus on financial prudence and exceptional service delivery, Stima SACCO has consistently delivered attractive returns to its members. It boasts a diverse range of investment products, including fixed deposits, shares, and loans at competitive interest rates. The SACCO’s financial stability, coupled with its commitment to member empowerment, makes it a favorable choice for potential investors.
Stima Sacco should be on your list if you’re looking for the best Sacco dividends in Kenya. It was founded in 1974 to help the East African Power and Lighting Company. Its membership has subsequently expanded to include Kenyans from all sectors, as well as businesspeople, groups, and corporations. With a big asset base, massive membership, dynamic products, and exceptional dividends, it has become a prominent financial partner in Kenya.
How To Join Stima SACCO
Stima Sacco membership is open to all Kenyans, both resident and non-resident, living anywhere in the world. After meeting the membership opening requirements, the Sacco allows eligible individuals, groups, or corporations to membership in the Society.
For you to join Stima SACCO you need to:
- Fill in the Membership Application Form.
- Attach a copy of your Kenyan National Identity Card or Valid Kenyan Passport for both applicants.
- Attach colored passport-size photographs for both applicants.
- Copy of KRA PIN Numbers.
Stima SACCO Registration Fee
The account type you wish to open will determine the options available to you. There are different categories of accounts, eg, individual accounts, joint accounts, group accounts, corporate accounts, and more.
Here is a clear guide to the registration fee according to the account you want to open.
|Category||Registration Ksh||Share Capital Ksh||Min. Monthly Savings Kshs|
|Imara (employees under check–off)||500||25,000||1000|
|Meridian (individual employees)||500||25,000||1000|
2. Harambee SACCO
Harambee SACCO has gained recognition for its outstanding performance and stability over the years since 1970 when it was formed. With a membership open to individuals from all sectors, Harambee SACCO offers a wide array of investment opportunities, including savings accounts, fixed deposits, and investment shares and they also give loans. This SACCO has a solid track record of providing competitive dividends to its members and maintaining a strong capital base. Harambee SACCO’s commitment to financial literacy programs and community development further adds to its appeal as an investment option. The SACCO has expanded and they have FOSA branches in different cities like Nairobi, Mombasa, Kisumu, Eldoret, Nakuru, and Nanyuki.
The registration fee for Harambee SACCO is Ksh 1,000.
To Join Harambee SACCO You Need To:
- To fill in the membership form
- Attach the required documents
- Pay membership fees
- Wait for your membership to be verified
Safaricom Sacco was founded in 2001 to give members access to loans to help them develop and improve their economic and social standing. The Sacco’s primary mission is to empower its members through the provision of diverse products and services, and it has achieved substantial development with a $10 billion asset base. Saccos are currently governed by the Sacco Society Regulatory Authority (SASRA). After six (6) months of sustained savings, SACCO members are able to use lending facilities.
The membership registration fee for the SACCO is Kshs.1,000.
What you need to join Safaricom SACCO
- Passport-sized photograph.
- Copy of KRA PIN certificate
- Copy of your national ID card.
- Your initial monthly contribution (Please ensure you are prepared to fulfill your initial monthly contribution as you will be required to meet this obligation consistently).
- Registration fee. (normally is 1,000)
- Share capital.
Mwalimu National SACCO is one of the largest and most popular SACCOs in Kenya, primarily serving teachers and employees in the education sector. It was established in 1974 with the aim of promoting thrift, savings, and investment among its members. Over the years, Mwalimu National SACCO has grown in size and reputation, offering various financial products and services to its members. The SACCO has branches in different cities like Nairobi, Kisumu, Nyeri, Webuye, Mombasa, Kisii, Meru, Kitui, Nakuru, Eldoret, Kakamega, and more.
To join Mwalimu SACCO you have to be: a TSC secretariat, TSC secondary school teacher, TSC lecturer, TSC primary school teacher (Diploma or Degree graduates), members’ spouses and children in formal employment, Ministry of Education staff, or Mwalimu National Sacco and its subsidiaries’ employees. You may need to provide proof of employment, such as a letter of appointment or payslips, and normal identification documents such as your national ID card or passport to join.
Requirements for Joining Mwalimu National SACCO
- A fully filled membership application form
- Duplicate of the National Identity Card (Front and Back)
- An original current pay slip,
- Three recent color passport-size photographs.
The registration process for Mwalimu National SACCO usually involves the following steps:
- Go to the nearest Mwalimu National SACCO branch
- Get the membership application form then fill it up as required
- Submit the membership application form
- Pay the registration fee
- Wait for your application to be approved
Kenya Police SACCO has a strong presence in the public sector and is renowned for its excellent financial performance. With a commitment to serving members of the police service, Kenya Police SACCO offers attractive investment options, including savings accounts, fixed deposits, and various loan products. The SACCO’s track record of providing consistent dividends and affordable credit facilities has cemented its position as a reliable investment choice in the market.
To join Kenya Polices Sacco you need to be:
- An active or a retired Regular and Administration police officer
- A civil servant and salaried employee
- Business community
- A Spouse or child of any of the above who must be 18 years of age and above
Documents required to join Kenya Police SACCO
- A complete membership application form
- Duplicate of the National Identity Card (Front and Back)
- Two recent color passport-size photographs.
Kenya Bankers SACCO began in February 1975. The organization was created primarily to provide its members and clients with cheap financial services for wealth growth through deposit mobilization and wise administration.
To join Kenya Bankers SACCO you need to meet the following requirements:
- A copy of your national ID card/Passport.
- A passport-size photograph.
- A Copy of your KRA Pin certificate.
- Ksh 500 membership registration fee
7. United Nations SACCO
United Nations SACCO is a savings and credit cooperative society for United Nations and other connected institutions, with the goal of encouraging members to save and obtain inexpensive credit.
United Nations SACCO offers you an opportunity to accumulate savings through a variety of saving products. It helps you earn a high return on investment as members are able to enjoy lucrative annual dividends. The SACCO also provides education on the proper management of finances and investment products. It also gives you a broad selection of products customized to meet your needs.
United Nations SACCO provides you with access to affordable credit products with ease.
United Nations SACCO’s registration requirements:
- A filled-up membership application form
- Duplicate (copy) of your national ID or passport.
- An employment letter or pay slip,
- KRA Pin certificate
- A passport-size photograph.
8. Imarika SACCO
Imarika SACCO has consistently ranked among the top-performing SACCOs in Kenya. Primarily serving the public transport sector, Imarika SACCO offers diverse investment avenues such as savings accounts, loans, and fixed deposits. The SACCO’s strong financial position, excellent governance structure, and commitment to member welfare make it an attractive choice for prospective investors. Imarika SACCO’s focus on leveraging technology for efficient service delivery adds to its appeal in the digital age.
9. Unaitas SACCO
Unaitas SACCO has earned a reputation for its member-centric approach and robust financial performance. As one of the largest SACCOs in Kenya, Unaitas provides a range of investment opportunities, including savings accounts, fixed deposits, and affordable loans. The SACCO’s consistent dividend payments, competitive interest rates, and prudent financial management have made it a preferred choice for investors seeking stability and long-term growth.
10. Sheria SACCO
Sheria SACCO Society Ltd is a savings and credit cooperative society that was initially registered in 1972 and now has a membership of over 10,000 people drawn from the judiciary, AG chambers, other government ministries, business people, and anybody over the age of 18 with an income.
Sheria SACCO’s mission is to empower its Members Economically through the Mobilization of Savings and the Provision of Affordable Credit Services.
When considering investment options in Kenya, SACCOs present an appealing opportunity for individuals seeking stability, competitive returns, and access to credit facilities. Stima SACCO, Harambee SACCO, Imarika SACCO, Unaitas SACCO, and Kenya Police SACCO stand out as the best SACCOs to invest in Kenya in 2023. These SACCOs exhibit financial stability, favorable investment products, and a strong commitment to member welfare. However, it is essential to conduct thorough research and consider personal financial goals and risk tolerance before making any investment decisions.