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Here Are some tips to get you started
Earlier on, we rolled out a blog that mostly talked about Tips on how to choose the right Sacco for you. This time, though, we’ve leveled up, and are going to list the Best Saccos in Kenya to help you in the choosing process.
Savings and Credit Cooperative Organizations (SACCOs) have become more and more popular as the years go by with their mode of operations standing out from banks which were/still are the institutions well known in terms of saving. How they work is that; –
You sign up and become a member and start saving in line with how much you want to access after a set period time. This will determine how much you will be saving monthly. After reaching your set target, the Sacco then gives you a loan up to 5times the amount you’ve saved so as to set yourself up in terms of your business, pay some debts, take a holiday and so forth.
Sounds like a solid deal, right? Well, with the rate at which the Credit organizations are growing, I’d say many people have come to start preferring them. Unfortunately, Cooperatives have had some image issues in the recent past due to some individuals taking advantage of the great foundations that they stand for but, all in all, they have emerged stronger than ever by granting members efficient services. Thus, on this blog, we at Mombo have compiled some of the best and most renowned Saccos in Kenya which have been licensed and credited as legitimate. Here is a comprehensive list of the best and most popular Saccos in Kenya.
01 Mombo Sacco
You must have seen this coming. Confidence at 100%, Mombo Sacco always delivers and to that effect was voted as the best digital Sacco in Kenya. Mombo Sacco is a Cloud-based, Mobile only Savings and Credit Co-operative Society in Kenya and is similarly registered as a Back-Office Services Activity (commonly known as BOSA). It enables its members to deposit non-withdrawable savings and access innovative and convenient credit facilities after three months of saving which is up to 5 times their said savings. On top of that, some unique features included within are: –
- 1. 100% free life insurance against all your savings.
- 2. It connects guarantors to lenders
- 3. Protects its guarantors by giving them the option to choose how much they want to 4. guarantee.
- 4. M-comunity platform that allows you to invest with your friends or group to get bigger loans
- 5. Convenience since you can get all you need from the comfort of your home with a few clicks of the button.
Through cutting-edge financial technology and personalized customer service based on the values of cooperation and trust, Mombo digital Sacco is changing experiences in one of Kenya’s oldest financial sector, providing a safe, reliable and convenient channel for savings and easy access to credit.
02 Stima Sacco Society Limited
Stima Sacco DT is a licensed Deposit Taking Sacco established in 1974 with the sole objective of uplifting the members’ social economic well-being. With several branches in Nairobi (Parklands), Mombasa, Kisumu, Nakuru, Olkaria Eldoret, Nairobi CBD, Embu and Kawi Centre (South C), it continues to steadily grow and support its members financially. Loans granted can be up to 2 times your savings and the repayment period could be almost as much as five years. Their membership is open to all Kenyan citizens regardless of their area of residence. Their interest rate is at about 1% per month on reducing balance.
03 Waumini Sacco
Waumini Sacco was established in the Catholic Church of Kenya. It’s a progressive Sacco with membership of over 33,000 from Catholic institutions across the 26 Catholic Dioceses in Kenya, Catholic Church Faithful’s and past employees of Catholic institutions. It lends up to three times of savings over a repayment period of 60 months at 12.5% per annum.
04 Kenya Police Sacco
Initially set up for our security forces, it has evolved to a Sacco for all. Founded in 1972 by the Kenya Police Staff to cater for their colleagues, it has developed into so much more, their massive and impressive tower in Nairobi (Ngara) area showcasing just how far they’ve come. Their membership currently way past 52,000 with loans up to three times your savings and repayment time of about four years (48 months). Their interest rate is about 13.5% per annum on reducing balance.
05 Hazina Sacco
Established in 1971, Hazina has been successful at every turn, evolving into a Sacco from being a successful business. With 15,000 active members, they have been particularly helpful with private sector workers, youth and women groups(chamas) as well as national and county government employees. Their loans are up to three and a half times your savings and they do allow you to repay it in six years on 1% per month reducing balance.
06 Safaricom Sacco
In 2001, the renowned company opened its doors to a new branch that was Sacco related. They provide the means for their members to access loans to improve their economic and social status. Starting off at 222 members, it has grown steadily as they currently have about 12,000 members. It offers membership to their employees and their spouses/children. It has branches on Mombasa road and Safaricom Care Center.
07 Maisha Bora Sacco
This Sacco has remained to be top tier since the days of its establishment in 1974 by Unilever factory workers. It’s more of a small holder financial institution with a repayment period of six years and a 1% per month on reducing balance. They also lend over three times your savings.
08 Imarika Sacco
Initially based in the coastal region although it has now spread through the country, Imarika Sacco was originally known as Kilifi teachers Sacco with absolute open membership. They offer loans up to two times your savings which you can clear up in five years. The loan’s interest rate is also at 1.25% per month on a normal loan.
All in all, the Saccos listed above are beyond incredible and there are many more out there. It all comes down to your preference, who you want to take care of your money. We at Mombo Sacco advise that you do some extensive research to be able to find a Sacco that fits your long-term plans and goals. Hopefully, this article makes it a little easier for you to do so!
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