Joining the best Saccos in Kenya 2022 is one of the best financial decisions you can make. This is because Sacco offers its members access to affordable credit, which you can use for various purposes such as business expansion, home improvement, and so on.
However, with the many SACCOs in Kenya, it can be quite overwhelming to choose one that best suits your needs. That’s why we’ve created this list of the best SACCOs in Kenya to help you made the right decision.
Let’s start with the basics
What Is a Sacco?
SACCO stands for Savings and Credit Cooperative Society.
It is a financial cooperative or savings and credit society that is owned and controlled by its members. It is a savings and credit institution that enables its members to save and borrow money at an affordable rate.
Saccos in Kenya are regulated by the Sacco Societies Regulatory Authority (SASRA).
How Does A Sacco Work?
A Sacco works in a very simple way. Members of the Sacco save money with the Sacco, which in turn lends out the money to other members at an affordable rate. The interest charged on loans is used to cover the operating costs of the Sacco and also create a reserve fund.
What Are The Benefits of Joining The Best Saccos in Kenya?
There are many benefits of joining the best Saccos in Kenya. These include:
- Access to affordable credit
- Dividends on shares
- Member discounts on services
- Preferential loan rates
- Free life insurance cover
- Access to other financial services such as mobile banking, ATM cards, etc.
Qualities of the Best Saccos in Kenya
Now that we know what a Sacco is and how it works, let’s look at the qualities of the best Saccos in Kenya.
- They should be licensed by SASRA
- They should have a good reputation
- They should have a strong management team
- They should have a good financial standing
- They should have a wide range of products and services
- They should have a large membership base
- They should have a good customer service
- The best Saccos in Kenya should be technologically advanced
- They should have branches in major towns in Kenya
- They should have an ATM network
The Best Saccos in Kenya 2022
- Unaitas SACCO
- Hazina SACCO
- Waumini SACCO
- Kenya Police SACCO
- Stima SACCO
- Imarika SACCO.
- Harambee SACCO
- K-Unity SACCO
- Maisha Bora SACCO
- Wanandege SACCO
- Harambee SACCO
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