Saving while you are still energetic and productive is a smart financial move. If you are earning an income and thinking about where best you can save that money you need to consider a Savings and credit cooperative organization (Sacco). A Sacco is a group of people with similar interests who come together to form a credit union. They are investment projects whereby they pull together their members savings and invest them in joint projects such as real estates that members can purchase at reduced rates.

Before choosing on which Sacco to join, there are some important factors to consider like:

Dividends- depending on your reason for joining a Sacco, looking through different dividend rates offered by Saccos is important. A dividend is a share of profit and retained earnings that a company pays out to its shareholders. Some Saccos will offer you double digit interest rates on your shares while others will only manage 5% or less at the end of the year.

Reputation – this involves doing research on the Saccos past operation, any red flags and the members review. This will help you know the best Sacco to join.

Guarantors and security – Different Saccos have different approaches to ensuring loans advanced are repaid. It’s upon you to evaluate the different policies and choose a Sacco that best meets your need. Some Saccos may insist on guarantors while others offer flexibility of giving collateral i.e an asset that a lender accepts as security for a loan and it acts as a form of protection for the lender.

Investment opportunities – Many Saccos have created investment subsidiaries that offer members investment opportunities but you have to find out which of these entities you are considering have the biggest range of investment options that could interest you. Most investment opportunities offered by Saccos are more credible, low risk and offer ability to extend the inherent low interest credit to improve one’s net worth.

Here’s the list of top Saccos in Kenya :

Tai Sacco Society Ltd

This was registered in 1992 under the name Kiambu Tea Growers Sacco and was highly recommended as the best Sacco in Kenya having been voted under the best managed Saccos in Kenya with over 28years of operation.

It was renamed Tai Sacco Society Ltd in 2009 and this re-branding was required by the continual expansion of their consumer base necessating the need  for a more comprehensive identity.

Stima Sacco

This was founded in 1974 to serve employees of the then East African power and Lighting company though it currently draws members from individuals in employment from all sectors, groups and corporations.

Safaricom Sacco

This was formed in 2001 with few members of about 222 but today it has more than 12000 members pooled from Safaricom Ltd. Its core values are integrity, customer focus, reliability and innovation and its strategic objective is to encourage and push for a saving culture amongst members and provide them with access to loans that can help elevate their status economically and socially.

Harambee Sacco

This was formed in 1970 by a handful of small income earners and struggling subordinate staff at the office of the president. Today it’s a multi billion institution with 80,851 members with a net asset base of about ksh 19.85 billion. It has two major divisions i.e Back office Sacco Activities and Front Office Savings Activities.

So basically it’s upon one to do due diligence and find out the best Sacco that suits your needs, offers you as much flexibility as possible and gives you the confidence that your money is as secure as can be.


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