The Savings and Credit Cooperative Societies(SACCOS) basically refers to financial cooperatives that mainly aim at meeting the financial needs of all members; men and women, old and young, and even the rich and the poor in the society by encouraging savings and granting loans to the members.
In general, SACCOS have enabled its members and communities around them to access financial services, encouraged savings, created employment opportunities as well as directly supporting community development efforts like helping the community access to social service, improving members’ income, stimulating the growth of business and improving people’s standards of living.
SACCOS belong to members who manage them democratically. They play very vital roles in the socio-economic development of members and communities in general. Dividends refer to the sum of money you receive from your Sacco out of profits and reserves made for a certain period.
Below is a list of 10 SACCOS that you might consider joining to inspire your saving culture and finance development projects.
1. Unaitas SACCO
Unaitas SACCO is basically a deposit-taking Savings and Credit Cooperative Organization that was licensed under the SACCO Societies Act, 2012. It was initially registered on May 14th, 1993 as a cooperative society. The SACCO has over 320,000 members countrywide. It issues a 7 percent dividend, plus a 3 percent additional loyalty dividend for each share held by its members. The SACCO is widely known for business investments and is famous for small-scale investors.
2. Stima SACCO
Stima DT Saving and Credit Cooperative Society is also a leading, country-wide, fast-growing, and licensed DTS(Deposit Taking Sacco). It has a membership of over 141,000. When you join the SACCO, you are offered loans up to two times your savings. The SACCO’S board of directors recommends a dividend of 14 percent per share on fully paid-up shares. Members are also entitled to unlimited membership benefits including Subsidized prices for all products.
3. Kenya Police SACCO
This is one of the oldest SACCOS in the country. It was officially registered on 20th November 1972. The SACCO has more than 52,000 members. Loans offered to its members are as much as three times the members’ investment. It is famously known for its excellence in service to investors. Members are required to pay their loans within 48 months at an interest rate of 13.5% per annum. Some of the SACCOS benefits include low-interest rates on loans and High annual dividends and interest on deposits.
4. Mwalimu SACCO
Mwalimu Cooperative Saving & Credit Society Limited, commonly known as Mwalimu SACCO is an institutional Sacco, composed of the staff of the Teachers Service Commission. It hosts teachers from all over the country. It has assets of more than $440 million. It is so far the largest African SACCO seeking to provide its members access to affordable financial services. Dividends are earned at the end of each year depending on the number of shares.
5. K-Unity SACCO
K-Unity SACCO was formerly known as Kiambu Unity Finance cooperation union Ltd. It’s a cooperative union established under the Ministry of Co-operatives and Marketing. It was established in 1974 as a result of the amalgamation of the then Limuru Marketing Co-operative Union. It has more than 100,000 members in five counties namely: Kiambu, Nairobi, Nakuru, Narok, and Nyandarua. K-Unity SACCO gives loans up to four times the member’s savings at an interest rate of 1% per month at a reducing balance.
6. Waumini SACCO
This is one of the best Sacco’s for savings in Kenya. It’s a Saving and Credit Co-operative Society registered in 1980 under the Co-operative Societies Act of the Laws of Kenya. Its dominant membership lies in the Catholic Diocese, with more than 33,000 members registered. The SACCO is well-known for short-term projects and not long-term ones. It offers loans of up to three times the members’ savings. Loans are required to be repaid within five years at an interest rate of 12.5% per anum.
7. Maisha Bora SACCO
It was established by a group of Unilever factory workers in 1974. The SACCO allows members to borrow up to 3 times their savings and pay it back in a period of 72 months with an interest rate of 1% per month. Loans are also given up to three times the member’s investment. Loan periods in this SACCO should not exceed six years.
8. Hazina SACCO
Hazina SACCO officially started its operations in 1971 and is regulated by SASRA. It is a nationwide Deposit-taking SACCO registered under the Co-operatives Societies Act(Cap 490) of the laws of Kenya. The SACCO offers loans up to 3.5 times the member’s savings. The interest charged is 1% per month on a reducing balance. The loan period is extendable to 72 months.
9. Harambee SACCO
Harambee SACCO was started in 1970 by low-income earners as well as subordinate workers at the office of the president. It is a multi-billion institution that has more than 80851 members. It draws its membership from the national and county governments, parastatals, police, and even more. Members of the SACCO can access loans up to three times their savings for a period not exceeding four years. It also has multiple savings account to suit the Kenyan market.
10. Imarika SACCO
Imarika SACCO was started in 1974 by employees of the Teacher Service Commission in Kilifi. During its initiation, Imarika SACCO had only 100 members. As of now, the SACCO has grown and currently has over 37,000 members. Its members can access loans of up to two times their savings at a 12.5% monthly interest. The allowed repayment period for loans from Imarika SACCO is five years.
One thing about money is that it can never be enough. Even though you might get a salary increment today and get excited about it, one thing you never know is that you might end up getting stuck in the same vicious circle of a debt a month later simply because of the never-ending ballooning financial responsibilities. To save yourself this agony, better start taking advantage of SACCO’S. You’ll never regret this wise decision of the saving culture.