10 Best SACCOs in Kenya that help small businesses

Accessing loans from banks can be quite expensive. Therefore entrepreneurs are searching for the best SACCOs that help small businesses access cheap loans.

SACCOs are a worthy alternative to banks but a person has to be careful not to be defrauded of their hard-earned cash.

For you to avoid a con in the name of a SACCO, ensure that the SACCO is registered with SACCO Societies Regulatory Authority (SASRA). SASRA is the government-mandated body that regulates the Kenyan SACCOs.

Make sure the SACCO has a thriving membership and is operating ethically. If you are intending to join a SACCO avoid the ones that promise ridiculously high returns at the end of the month.

Item List

Here are the ten best SACCOs in Kenya

1. Unaitas SACCO

It was formally known as Muramati SACCO. It was conceptualized in Murang’a town and has grown to be one of the most advanced SACCOs in Kenya. Unaitas was initially registered on 14 May 1993 as a co-operative society. It is now a deposit-taking SACCO.

Unaitas is popular among small-scale investors and offers loans up to 3 times the amount of one’s savings. The repayment period can be extended up to 72 months at interest rates of between 1-1.5 per cent per month on reducing balance.

The SACCO is best known for business investment.

2. Kenya Police SACCO

Kenya Police SACCO was founded in 1972 by staff who worked in Kenya Police. Their headquarters are based in Nairobi’s Ngara area and its membership has grown to 52,000.

It was initially meant for members of the police service, the SACCO has now open for all.

They offer their members loans of up to 3 times an individual’s savings with a repayment period of 48 months. Interest rate charged on loans is a remarkable 13.5 per cent on reducing balance.

Kenya Police SACCO is best known for excellent, quality service.

3. Stima SACCO

The SACCO has grown in leaps and bounds since its inception in 1974 to open five branches now. A member can borrow loans of up to 2 times the size of their savings. Repayment period is extendable to 60 months. They charge a small interest rate of 1 per cent on reducing balance. The membership is open to all.

Stima SACCO is mostly popular for land investment.

4. Waumini SACCO

The SACCO was began by the Catholic Church of Kenya and was originally intended for the members of the congregation. The faith-based SACCO has gained a countrywide reach. They lend loans mounting up to 3 times the member’s savings. They allow a repayment period of 5 years at a rate of 12.5 per cent per annum.

Waumini does best in long-term projects like home construction.

5. K-Unity SACCO

The SACCO was formally registered in 1974 and is majorly centered in Nairobi and Kiambu counties. Its membership is open to all but a person has to undergo vetting. They get vetted through the membership policy prior to joining the SACCO as a member.

Members can access loans of up to 4 times the size of their savings and allow a repayment period of up to 36 months. They charge an interest rate of 1 per cent per month on a reducing balance.

K-Unity is famed for small business growth.

6. Hazina SACCO

Hazina SACCO has 15,000 members and was founded in 1971. It has developed to become a deposit taking SACCO society. Hazina focuses on county employees, national government employees, organized youth & women group and private sector employees. Membership is also open to all.

Hazina lends its members loans of up to 3.5 times the value of their savings and allows them a repayment period of 72 months. They charge an interest rate of 1 per cent per month on reducing balance.

Employees who want to save and make well-calculated decisions with time should join Hazina.

7. Maisha Bora SACCO

A group of Unilever Factory workers started Maisha Bora SACCO in 1974. Kuza biashara blog writes that the society has resiliently stood as a stable small-holder financial institution in Kenya. Its membership is open to all.

The SACCO is said to be giving members loans up to 3 times a person’s savings at a rate of 1% per month on reducing balance. They allow a repayment period that does not exceed 6 years.

8. Harambee SACCO

It was founded in 1970 by a handful of low income earners and subordinate staff at the Office of the President. The SACCO has grown to a membership of 80,851 members and has an asset base of Sh19.85 billion.

Harambee SACCO lends loans of up to 3 times the size of its members savings with a repayment period of 4 years.

Membership is open to all but one has to qualify using the membership policy.

9. Wanandege SACCO

It was originally founded by a majority of Kenyan airline and aviation staff in June 1977. Wanandege draws its membership from employees of Kenya Airways, related companies, aviation industry, other non-related companies and groups/individuals in business.

The society has two branches which are based in Nairobi and Mombasa. They have also incorporated the m-banking technology. A member of the SACCO can access loans up to 3 times their savings with a repayment period of 4 years. Loans are charged at 1% per month.

10. Imarika SACCO

Imarika SACCO was registered in September, 1974. It originally had a membership of 100 all of whom were employees if the Teachers Service Commission (TSC) in Kilifi District.

The SACCO has expanded to have more than 37,000 members. The society has already opened five branches which are based in the Kenyan Coast. Its head office is in Kilifi town.

A member can borrow loans of up to 2 times their savings which attract an interest rate of 1.25% per month. They allow a repayment period of 5 years.

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