Saving is one of the best ways to secure your future and protect yourself from unexpected financial troubles. In the past, banks used to be inaccessible to many. However, people came together to form small co-operatives which were known as Saccos. Saccos provide an opportunity for their members to become financially successful by offering loans at low-interest rates and encouraging their members to save.

They have continued to flourish till today. However, they have had their fair share of challenges, especially with individuals who start a Sacco with the aim of scamming its members off their hard-earned money. There have been numerous stories of people losing their life savings to such Saccos which made many cautious about saving with Saccos in general. However, saving with a Sacco still remains the best way to protect your money.

A Sacco, an acronym for Savings And Credit Co-operative, is an association that is authorized to take deposits and lend to its members. It’s governed by Sacco’s bylaws that state its objectives, share capital, structure and membership among others. It’s important to do your research before joining a Sacco. This ensures that you’re joining one that is aligned with your goals. Here are some Saccos you can consider saving with.

1. Kenya Police Sacco

Established in 1972, Kenya Police Sacco has grown over the years and boasts an asset base of Ksh. 39 billion and over 63,000 members. As the name suggests, it was started by the Kenya police for police officers. However, it’s now open to the public and has become a Sacco that many swear by.

Members are required to deposit a minimum share capital of Ksh 50,000. It offers loans up to 3 times the savings an individual has made in the Sacco. Members are usually required to repay their loans in 48 months at an interest rate of 13.5% per annum. It also pays interest and dividends every year to all members with a balance.

2. Hazina

Hazina Sacco was created by government employees but opened its membership to everyone including chamas and corporates. Today, it has over 18,000 active members and it strives to provide prompt, quality and efficient financial services through the effective mobilisation of savings.

The Sacco gives loans of up to three and a half times the value of the member’s savings with a repayment plan of 72 months with 1% per month interest. Payment of dividends and interest rebates are usually made once a year to members with a deposit.

3. Mhasibu Sacco

Founded by the Institute of Certified Public Accountants, Mhasibu is driven by its mission to mobilise savings and economically empower members to attain financial independence. Thanks to its management, it has become one of the best paying Saccos in the country and has over 500,000 members. However, its membership is limited to people in the accounting industry.

The deposit contribution is a minimum of Ksh 1,600 per month and the minimum share capital is Ksh 10,000. You can obtain a loan of up to 4 times the deposit with a repayment plan of 14% interest per annum on a reducing balance and a 72-month period.

4. Stima Sacco

Stima Sacco is another Sacco that is hailed for its dividend payments. Therefore, if you’re looking for a Sacco that has lucrative payments, you should consider this one. it was founded in 1974 by the East African Power and Lighting Company but has opened its membership to include all Kenyans.

It offers a dividend of 14% per share on fully paid shares. Additionally, it offers up to 3 times on the deposit made and a repayment plan of 12% interest rate per annum and up to 60 months. Apart from this, Stima Sacco offers its members other loan products including salary advance and plot financing.

5. Safaricom Sacco

A newbie in the Sacco world, Safaricom Sacco still offers competitive benefits compared to its counterparts. It was founded in 2001 to serve Safaricom employees. Currently, the membership includes family members of Safaricom employees and employees of related tech companies.

Members are required to contribute Ksh 3,334 towards their share capital of Kshs. 40,000. This Sacco pays dividends on share capital to all the members who have met the statutory minimum shares.

6. UN Sacco 

If you’re an employee of the UN or its agencies, other international organizations or diplomatic missions, you don’t have to look for another Sacco. The UN Sacco prides itself in being one of the best-managed Saccos in the country.

It offers 15 loan products and is subscribed to the Co-operative bank Sacco Link Visa debit card which allows its members to access their account from anywhere in the world using Visa.

7. Amica

At the heart of Amica’s mission is to ensure your overall financial well-being and this Sacco has really stood out in that sector. This is one of the Saccos that has not only helped its members to achieve financial freedom but also has made it easy for them to do so.

It offers a variety of loan products including asset financing and land loans at attractive rates. The Sacco offers its members a membership card that allows them to withdraw from any ATM machine, pay for shopping and make online purchases. You can easily access your account and make deposits from Mpesa by dialling *298#

8. K-Unity

If you’re a business person or you aspire to be one, K-Unity is the best Sacco for you. It’s mainly made up of business people so you should feel right at home. Apart from its business-minded members, this Sacco boasts an asset base of over Ksh 5.1 billion and over 100,000 members.

Some of its loan products include jijenge loans, asset finance loans, crop advance loans and business loans. The SME loan offers a maximum of Ksh 500,000 with a payment period of 36 months.

9. Sheria Sacco

Founded in 1972, Sheria Sacco boasts over 10,000 members today. Though it was first started to serve members of the judiciary and legal sector in the country, it is now open to all Kenyans above 18 years old with an income.

The minimum share capital for each member is Kshs. 20,000, which earns dividends for the member. The share capital is non-withdrawable but transferable upon the termination of membership.

10. Unaitas

Unaitas is one of the most famous Saccos in the country. it was registered in 1993 to help farmers save and get loans. However, over the years, it has opened its doors to people from all walks of life. Today, it boasts over 320,000 members.

It offers loans up to 3 times your savings with a payment plan of 72 months at attractive interest rates. The Sacco pays dividends from a net surplus at the end of a financial year.