Best Performing SACCOS In 2023
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Best Performing SACCOs In 2023 And Why You Need to Save in Them
By Jane Muia / Published January 12, 2023 | 12:52 pm
KEY POINTS
Unlike other financial institutions, Saccos offer members a way of accessing credit by allowing them to borrow up to three times against their savings.
KEY TAKEAWAYS
By being a member of a Sacco, you are a shareholder. You earn a dividend as an owner and interest on deposits as a shareholder unlike in banks where your savings are used to make profits for the institution but you end up getting nothing.
Saving is the only way to build wealth over time. However, sometimes people fail to understand how money functions and that’s why they save for the sake of saving.
Kenneth Muchina the Chief Executive Officer (CEO) of Funguo Investment Limited says savings that bring no additional return are not productive.
Money experts will advise you to take advantage of saving in Saccos for many reasons. Unlike other financial institutions, Saccos offer members a way of accessing credit by allowing them to borrow up to three times against their savings. used to provide loans to other members.
By being a member of a Sacco, you are a shareholder. You earn a dividend as an owner and interest on deposits as a shareholder unlike in banks where your savings are used to make profits for the institution but you end up getting nothing.
So which are the best SACCO you can save in?
- Kenya Police SACCO
The Kenya Police SACCO Limited is one of the oldest SACCOs in the Country. The SACCO was registered on 20th November 1972. It’s one of the best-performing Saccos with a membership of over 52, 000 people.
Loans offered to members are as much as 3 times the members’ investment. The interests on loans from the Kenya Police SACCO are slightly high, and the repayment period is 72 months. This SACCO is well known for its excellence in services to investors.
- Stima SAACO
Stima DT Savings and Credit Cooperative Society Limited is a leading, country-wide, fast-growing, and licensed DTS (Deposit Taking Sacco). It is commonly known for land investment and has 9 branches countrywide.
The SACCO offers loans up to two times the member’s savings. The interests charged on loans are as low as 1 percent per month with a reduced balance. The loan periods are extendable for up to 60 months.
When you become a member of Stima Investment Cooperative Society, you are entitled to unlimited membership benefits including Subsidized prices for all products eg, on land and houses.
- Waumini SACCO
Waumini Sacco is a Savings and Credit Co-operative Society registered in 1980 under the Co-operative Societies Act of the Laws of Kenya. It was started by the Catholic Church of Kenya and was initially targeting members of the congregation. The SACCO has recently gained popularity nationwide.
The SACCO gives loans of up to 3 times the member’s savings and is repaid within 5 years at an interest rate of 12.5 percent per annum. This SACCO is best for short-term projects and not long-term ones such as home construction.
- Hazina SACCO
Hazina Sacco Society Limited is a nationwide Deposit Taking Sacco established in 1971 and registered under the Co-operatives Societies Act (Cap 490) of the laws of Kenya. Its main objective is promoting thrift and savings among members thereby by creating a source of loans.
The SACCO offers loans up to 3.5 times the member’s savings. The interest charged is 1% per month on a reduced balance. The loan period is extendable to 72 months.
- Safaricom SACCO
This SACCO is only for the employees of Safaricom and their spouses, and other members accepted by the management committee and approved by the General meeting.
Members who have retired or resigned continue indulging in the privileges of this SACCO subject to approval by the management committee.
- Hazina SACCO
Hazina Sacco Society Limited is a nationwide Deposit Taking Sacco established in 1971 and registered under the Co-operatives Societies Act (Cap 490) of the laws of Kenya.
It targets county employees, national government employees, organized groups and women groups, and private sector employees.
The SACCO offers loans up to 3.5 times the member’s savings. The interest charged is 1 percent per month on a reduced balance. The loan period is extendable to 72 months.
- Unaitas SACCO
This SACCO was initially registered on 14 May 1993 as a cooperative society. It includes individuals, investment groups, and small businesses.
This SACCO gives out loans to members up to three times the member’s savings. Moreover, with repayment interests ranging between 1 percent and 1.5 percent per month with a reduced balance, loan periods can be extended up to 72 months.
- Mhasibu SACCO
It was founded in 1986 by the Institute of Certified Public Accountants of Kenya. It targets members who serve in the accountancy profession including students and institutions offering accountancy training.
- Imarika SACCO
Imarika SACCO was started in 1974 by employees of the Teacher Service Commission in Kilifi.
Members of Imarika SACCO can access loans up to 2 times their savings at a 12.5 percent monthly interest. The allowed repayment period for loans from Imarika SACCO is 5 years.
- United Nations SACCO
United Nations Sacco Society (UN SACCO) Limited is a credit union founded in 1975 to provide banking services to United Nations employees in Kenya. The Sacco is based in Nairobi and now has members worldwide.
UN SACCO offers members the opportunity to save, high returns on investments, access to affordable credit products, etc.
Related Content: Here Are The Top Deposit-Taking Saccos In Kenya
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