Savings and Credit Cooperative Societies are all the rage nowadays. Deciding to invest in one of them is often a really good decision, but finding a good place to invest is even a better deal.
With the increasing number of Saccos and investment companies, it’s unfortunate that one can fall victim to poorly managed and unprofitable societies.
The Sacco and Societies Regulatory Authority (SASRA) is a government body with a mandate to oversee Sacco activities in Kenya.
Therefore, in deciding which Sacco is worth investing in, one needs to check if SASRA has registered the SACCO.
At SPM we are dedicated to developing real conversations and as such, we assigned a team of four journalists to investigate the matter of Saccos intensely for weeks to bring about this list.
Here is what we were looking for when evaluating the top Saccos in Kenya:
-The Sacco should be able to provide you with relevant information on how to make investments with good returns.
-The Sacco should be able to boost your confidence when investing in it without fearing encountering losses.
-A Sacco should be able to safeguard your interests as a stakeholder and offer your investment with minimal risk.
One should be careful and very cautious when making a decision to invest in a certain Sacco. One should be informed.
Here are the best Saccos to invest in Kenya.
This Sacco was started in 1993 as a cooperative society known as Muramati in Murang’a county. It is widely known for Business investment and small scale investors. Unitas gives loans of up to three times the member’s savings, with a repayment interest range of 1% to 1.5%. In Unaitas Sacco, once you become a member, you become an owner with equal rights and a voice in how the Sacco runs. To become a member, one pays a membership fee as per the directions by the Sacco.
This Sacco was started in 1970. The Sacco has over 65,000 members. Stima SACCO gives a chance to its members to decide how it Sacco uses its profits. For a person to qualify as a member of this Sacco, they have to go through the membership policy. It gives loans of up to three times the savings.
It was founded in 1972 to serve those who worked in the Kenya Police Force. Currently, the Sacco is open to all Kenyans and has over 52000 members. The Sacco gives loans of up to three times the member’s investment. The members of this Sacco have low-interest rates on loans and high annual dividends and interest-earning deposits.
5.Stima SACCO.
This Sacco is famous for land investments and was started in 1974. This Sacco Offers loans of up to two times the member’s savings. The Sacco is open to all residents and non-resident Kenyans. The loan’s interest is 1% per month and the registration fee is Sh500. Stima SACCO has a high dividend rate on share capital. It has over 154,000 members
4.Imarika Sacco .
It was started in 1974 by the Teachers Service Commission employees. It is currently open for other employers also. The Sacco has over 110,000 members across Kenya and Diaspora. Its main aim is to provide savings avenues to members and advance loans to the members at an affordable rate of interest. The Sacco has an asset base of Sh8.7 billion. A member can access loans of up to two times their savings and the interest is 12.5%.
This Sacco is mainly centred in Kiambu and Nairobi. It was registered in 1974. Currently, it has an asset base of over 5.1 Billion and over 100,000 members in five counties i.e. Kiambu, Nairobi, Nakuru, Narok and Nyandarua. The Sacco does not only provide savings and credit services but has other business lines such as property management and an insurance agency which has been in operation for over 20 years. The Sacco gives loans of up to four times the member’s savings with interests of 1% per month on reducing balance.
2.Waumini Sacco .
This Sacco was founded by Catholic Church for its members, but currently, it’s open for anyone interested in investing in it. It is a savings and credit cooperative society. Waumini Sacco has over 33,000 members. The Sacco has four branches (Applewood Adams, wetlands branch, Nakuru Branch, Kisii branch). It also has two liaison branches in Ongata Rongai and in Likoni. This Sacco gives loans of up to two times a member’s savings and the interests are accessible at 12.5%.
1.Safaricom Sacco .
This Sacco was started with a membership of 222 members, currently, it has 12,000 members from Safaricom and other Technology related companies. The main role of the Sacco is to empower its members through provision of diversified products and services and has seen significant growth with an asset base of 6.6 billion.
The registration fee required for one to be a member of this Sacco is Sh1000. It has a minimum share capital of Sh 50,000. Their interest on deposits is 10.5%.
OUR RESEARCH PROCESS:
SPM intends to educate and inform the investors looking for a good sacco to invest in in order to make informed decisions in settling on a certain sacco.
The SPM team talked to several Kenyans who have invested in these saccos and they approved that they have met their expectations in how they would like to have their money handled.
The names of the saccos above are as a result of a summary from SASRA and depending on how popular the sacco is among the people who work with them.
The next time you need to invest, make the right choice.
