List of Top SACCOs In Kenya That Support Small Investors And Entrepreneurs, List of All Saccos in Kenya, Why do we have SACCOS?, LIST OF SACCO SOCIETIES LICENSED TO UNDERTAKE DEPOSIT-TAKING SACCO BUSINESS IN KENYA
Saccos stand out from other financial institutions for several reasons. For starters, members can save money, buy shares, and take loans. Once you’ve started saving, you cannot access the savings. You can only take a loan or discontinue your membership, in which case you’ll take your savings with you. Best Saccos in Kenya
Kenya’s Savings and Credit Cooperatives (SACCO) asset base jumped to 622 billion shillings (about 5.66 billion U.S. dollars) in 2020 compared to 5.1 billion dollars in 2019 amid the COVID-19 pandemic, the sector regulator said on Wednesday.
John Munuve, chairman of Sacco Societies Regulatory Authority (SASRA) told journalists in Nairobi that the role of the sub-sector as a key mobilizer of savings and provider of credit for development, especially at the household level in Kenya has been increasing.
“Despite the shocks experienced in individual and business incomes as a result of job losses and disruptions of value chains brought about by the advent of the COVID-19 pandemic from March 2020, the SACCO sub-sector performed relatively well, with an upturn in all the key performance indicators,” Munuve said.
What is SASRA and what is its role?
SASRA stands for the SACCO Societies Regulatory Authority. lt is an organisation started by the government to ensure safety of members’ deposits in SACCOs operating FOSA. SASRA licenses and supervises the SACCOs operating FOSA. Any Sacco intending to start a FOSA must be licensed by SASRA before operations.
Who has given SASRA authority to supervise deposit-taking (FOSA) SACCOS?
SASRA was started by the government in accordance with the new SACCO law (Sacco Societies Act, 2008) to license, regulate and supervise deposit-taking (FOSA) SACCOs.
When did the new SACCO law start?
The new SACCO law (Sacco Societies act 2008) was operationalized on 26th September 2009
Can SASRA stop a SACCO from failing?
SASRA’s responsibility is to try to prevent failure by ensuring SACCOs comply with standards set in the new law to ensure they remain in operation. This is done through carrying out inspection of the SACCO both from SASRA offices and at the SACCOs to see if there are signs of possiblefailure. Saccos in Kenya
Which SACCOS should apply for licensing?
A: Any SACCO Societies with a FOSA or those planning to operate a FOSA have to apply for a license. A SACCO should obtain licenses for its head oiﬁce and each oithe branches (FOSAs).
A SACCO license is valid for one calendar year ending 3lst December and is regardless of date of licensing. A licensed SACCO is required to apply for renewal of a license at least ninety (90) days before the expiry of a license which would be by end of September of each year.
What happens if a Sacco starts operating a FOSA without a license or does not renew its License(s)?
lf this happened SASRA would be forced to close the FOSA and charge the SAC(Os ofﬁcers responsible as operating a FOSA without a license is an offence.
What happens to a Sacco that applies and does not meet licensing requirements?
Upon application for a license, SASRA shall advise each SACCO accordingly. Saccos in Kenya
I have a complaint about my SACCO. Can SASRA help me?
Yes, SASRA can assist in matters pertaining to regulatory or criminal wrong doing by the Saccos or its board ofdirectorsand staff. lfyour complaint pertains to a regulatory or criminal matter, you can submit your complaint with our ofﬁce. However, the new Sacco law has not addressed issues to do with individual share refund issues, member and SACCO contractual agreements, any legal issue that involves an individual member and his/her SACCO are can be guided by the Sacco by-laws.
How do I know whether my Sacco is licensed by SASRA?
All the licensed Saccos are gazzetted in the Kenya gazette in addition, SASRA publishes all licensed SACCO societies in the leading daily newspaper every beginning of the year. This list is also available in SASRA website, www.sasra.go.ke. Finally, licensing is such an important legal issue that the Board of your SACCO will always inform the members through the AGM or ADM. Saccos in Kenya
Diaspora remittances are growing at a rate of 43 per cent year on year. The Diaspora Saccos intend to harness these individual small streams into a mighty river of collective power and channel them into investment projects, which can attract even higher remittances.
The Kenya USA Diaspora Sacco was launched during the 2012 Kenya Diaspora Conference — USA in Arlington, Virginia. This was the second Diaspora Sacco established after the Cooperative Development ministry registered Kenya Diaspora Sacco in April 2012.
The Sacco enables Kenyans living in the United States to access capital and fully participate in emerging markets in Kenya as Well as the opportunities in the East African Community.
The Sacco plans to launch a chapter in every state in the US to make sure every Kenyan living in the US has access to affordable credit.
Kenyans in the United Kingdom also launched a Sacco, which was the third diaspora society
Youth Saccos in Kenya
With 73 per cent of Kenya’s population under the age of 30 and 43 per cent under the age of 15, the youth factor is an important social-political and economic factor.
The cooperative movement, therefore, has in the past tried to ensure that this populace is absorbed into the sector. The 2011 World Cooperatives Day, popularly referred to as Ushirika Day, celebrations intentionally focused on the youth, under the theme Youth, the Future of Cooperative Enterprise. There is consensus that the youth have not been keen to join the movement because they consider cooperatives as clubs for elderly people.
The Ministry of Cooperatives is working closely with the youths to ensure they provide whatever is close to their hearts.
As part of the efforts, the Cooperative Insurance Company (CIC) in partnership with the Ministry, is involved in promoting the cooperative model of enterprise to the youth, with university students a key target.
A campaign dubbed I’m a Co-operator seeks to impress upon young people the importance of cooperatives as a development tool that can effectively transform lives economically and socially.
Other ventures of interest include the introduction of boda boda businesses in which youths are encouraged to form groups through to buy motorbikes for the boda boda businesses.
Cooperative Bank is targeting the youth with special packages like investing in specific items for their groups, such as motorbikes, vehicles, computers and laptops.
Yet another area of exponential growth is the ICT sector Where
Matatu Saccos in Kenya
To bring sanity to public transport, matatu and bus operators had to organize themselves into cooperatives of companies for ease of management and enforcement of discipline.
It was mandatory for all those seeking a Transport Licensing Board (TLB) certification to be members of a Sacco or belong to a company. About 1,000 matatu Saccos and 400 companies have been registered.
Matatu operators, who constitute 80 per cent of the public transport system, are estimated to have an annual turnover of Kshs73 billion.
To its credit, the sector buys Kshs4 billion insurance premiums every year and remits Kshs1 billion taxes annually.
The Matatu Saccos have played a signiﬁcant role in the growth of public transport and some have now become respected brands in the sector.
The Saccos proved to be the most viable way to manage large public transport ﬂeets. They have also been pioneers in changing the image of public transport, which was dominated by rogue drivers and touts without regard for traffic rules.
With the expected phasing out of the 14-seater vans, cooperative societies are poised to play an even bigger role in supporting the government’s initiative.
Housing Saccos in Kenya
There are currently 440 housing cooperatives (248 active) under the umbrella of Nachu. With the development of the movement, it’s a guarantee that low income earners can access affordable and decent housing.
Cooperatives have also invested in commercial buildings countrywide.
The landscape of most urban centres is covered by cooperative owned buildings such as Harambee Plaza, Afya Centre, Hazina Towers, Kuscco Centre, Cooperative Bank House, Meru Mwalimu Plaza in Meru and Ndege Chai Plaza in Kericho.
Saccos in Kenya – Education Saccos
A quarter of the nearly Kshs200 billion goes towards ﬁnancing education.
Indeed, cooperatives have provided successful models to encourage savings and access affordable credit to about 95 per cent of the 278,000 teachers employed by the TSC and an equal percentage in private learning institutions. The movement has also invested in training institutions, such as the Cooperative College of Kenya.
Various cooperative societies have directly invested in institutions of higher learning, including Bartek College (Baringo Teachers Sacco), and South Imenti Sacco. Teachers Saccos are instrumental in raising living standards for the members and providing seed money for teachers to start businesses in housing, transport, agriculture and trade.
Wanaanga Sacco Society Limited P.O. Box 34680 – 00501, Nairobi.
Wananchi Sacco Society Limited P.O. Box 910 – 10106, Othaya.
Wanandege Sacco Society Limited P.O. Box 19074 – 00501, Nairobi.
Washa Sacco Society Limited P.O. Box 83256 – 80100, Mombasa.
Waumini Sacco Society Limited P.O. Box 66121 – 00800, Nairobi.
Wevarsity Sacco Society Limited P.O. Box 873 – 50100, Kakamega
Winas Sacco Society Limited P.O. Box 696 – 60100, Embu.
Yetu Sacco Society Limited P.O. Box 511 – 60202, Nkubu.
Africa Youth Trust Sacco
Afya Sacco Society Ltd
Balozi co-operative savings & credit society
Biashara Community Sacco
Cabrosta Co-op savings & Credit Society Ltd
Central Kenya Adventist Co-Op Savings $ Credit Society
Cuew Co-op Savings & Credit Society Ltd
Dhamini Co-op Savings & Credit Society Ltd
East African Sacco
Elyonabi Home & Office Furniture
Freka Rental Sacco
French Cultural & Co-operation Centre
Githunguri Dairy Farmers Cooperative Society
Githunguri Dairy Farmers Sacco
Home Co-Operative & Credit Society Ltd
Horticulture Cooperative Union Ltd (Kenya)
International Federation Of Red Cross & Red Crescent Societies
Kamuthi Farmers Sacco
Kanisa Co-Op Savings & Credit Society Ltd
Kenpipe Sacco Society
Kenya Bankers Sacco
Kenya Rural Sacco
Kenya Police Sacco
Kiambu Unity Finance Co-operative Union
Kiamumbi Farmers Sacco
Kilimani Jua Kali Sacoo
Lompasago Co-op Sacco Ltd
Lompasango savings and credit society
Macobo Saving & Credit Society Ltd
Magereza Co-Operative Savings & Credit Society Ltd
Maisha Bora Sacco
Mawasiliano Co-operative Sacco
Mhasibu Sacco Society Ltd
Microcat Autoparts & Accessories
Mshamba Housing Co-Operative Society
Mwalimu Co-operative Savings Credit Society
Mwito Sacco Society Ltd
Naccico-op savings and credit society
Nairobi Handicraft Industrial Co-op Society Ltd
Naku Sacco Society
Nimepata Co-Operative Savings & Credit Society
P & T Employees Housing Sacco
Romokia Housing Co-Operative
Savings And Loan Ltd
Sawa Co-operative Savings & Credit Society
Shujaa Sacco Society
Solid Investments Societies Ltd
St.Mary’s Transport Sacco
Stone Bridge Multipurpose Sacco
TelePost Sacco Society Ltd
The Kenya Saving and Credit Co-op society
Ufundi Co-Operative Sacco
Ukulima Co-operative Sacco
Unaitas Sacco Ltd – Kenya
Uokoaji Savings and Credit Society Ltd
Uzazi Bora Sacco
List of Top SACCOs In Kenya That Support Small Investors And Entrepreneurs
Formely known as the Kilifi Teachers SACCO, Imarika SACCO was initially based in coast but has since expanded its reach countrywide and opened its membership to all. They offer loans of up to 2 times your savings allowing you to clear it in up to 60 months. Their interest rate on normal loan is 1.25% per month.
Originally founded by employees of Kenya’s airline industry, Wanandege seems to be soaring at an all time high with its two branches (one in Nairobi and another one in Mombasa) and a functional m-banking system. They offer 3 times the value of one’s savings with a repayment period of 48 months at an interest of 1% per month.
Just as its name suggests, this SACCO aims to pool together resources for the common benefit of its members. Offering loans of up to 3 times your savings and allowing you to repay in 48 months at 1% per month, this institution can offer a solid start for any budding entrepreneur. Its membership is open to all although one has to meet the requirements of their membership policy to be enrolled.
7.Maisha Bora SACCO
Started in 1974 by a small group of Unilever Factory workers, Maisha Bora SACCO has remained one of the most stable small-holder financial institutions in Kenya. They normally give out loans on 1% per month based on reducing balance method with a repayment period of up to 72 months. You can borrow up to 3 times your savings. This SACCO is open to all.
Hazina was established in 1971 and after decades of successful business operation it has now decome a deposit taking SACCO society. With over 15,000 active members, the SACCO focuses on county employees, national government employees, organized youth & women group and private sector employees with membership being open to all. They give loans of up to 3.5 times the value of your savings and allow you to repay it in 72 months on 1% per month reducing balance.
With its operations majorly centered in Nairobi and Kiambu Counties, K-Unity’s track record has been stellar since 1974 when it was formally registered. Its membership is open to all, although one has to be vetted against their membership policy prior to being admitted. They give loans of up to 4 times one’s savings allowing for a repayment period of up to 36 months at 1% per month reducing balance interest rate.
This is a brain-child of the Catholic Church of Kenya and it mainly targets persons who are members of the congregation. With a country-wide reach and a solid financial foundation, this SACCO lends up to 3 times of savings allowing for a repayment period of 60 months at 12.5% per annum.
With five branches across the country and a thriving mobile banking system, Stima SACCO has been growing steadily since its establishment in 1974. You can borrow loans of up to 2 times your savings and repay in as much as 60 months. They charge an interest rate of 1% per month on reducing balance. Stima SACCOs membership is open to all.
2.Kenya Police SACCO
Founded in 1972 by Kenya Police staff, this SACCO boasts towering headquarter offices in Nairobi’s Ngara area with its membership exceeding 52,000. Although it was initially meant for members of our security forces, the SACCO is now open to all. They offer loans of up to 3 times your savings and allow you to repay it in 48 months. Their interest rate is 13.5% per annum on reducing balance.
Formerly Muramati SACCO, the institution which was conceptualized in Murang’a County is evidently one of the most advanced ones in Kenya. With rumors abound of its plans to convert to a fully-fledged bank, Unaitas remains the most sought-after SACCO by small investors. They offer loans of up to 3 times ones savings with a repayment period of 72 months at interest rates of between 1 – 1.5% per month on reducing balance.***Disclaimer: This list is in no particular order and should therefore not be used for ranking purposes.
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