Top Saccos in Kenya by Assets and Customer Deposits 2023

Looking for reliable financial cooperatives in Kenya? Check out our list of the top Saccos for 2023, ranked by assets and customer deposits.

Sep 1, 2023 - 11:55
Sep 1, 2023 - 11:57
Top Saccos in Kenya by Assets and Customer Deposits 2023
Top Saccos in Kenya by Assets and Customer Deposits 2023

In recent years, the popularity of Savings and Credit Cooperative Societies (Saccos) in Kenya has surged, with an increasing number of Kenyans recognizing the benefits of joining these financial cooperatives. The allure of Saccos lies in their ability to provide affordable financial services, such as low-interest loans and high-yield savings options, to their members. In 2022, the Sacco landscape in Kenya witnessed significant growth, with millions of Kenyans turning to Saccos for their financial needs. This article explores the top 5 Saccos in Kenya by assets and customer deposits in 2023, offering a comprehensive overview to help you make informed financial decisions.

Key Takeaways

  1. The popularity of Saccos in Kenya continues to rise, with a significant increase in memberships in recent years.
  2. Before joining a Sacco, conducting thorough research is crucial, considering factors such as regulatory approval, financial stability, and the range of services offered.
  3. When choosing a Sacco, consider your financial goals, whether high dividends, low-interest loans, or a combination of benefits, to make an informed decision.

What's a SACCO?

A SACCO, which stands for Savings and Credit Cooperative, is a financial institution established to mobilize funds and offer various credit solutions to its members. SACCOs cater to members with similar interests and professions, providing a platform for them to save collectively and access affordable credit facilities. Notably, SACCOs offer two main types of services: Front Office Service Activity (FOSA) and Back Office Service Activity (BOSA).

  • FOSA facilitates convenient savings, deposits, and cash transfers for members.
  • BOSA promises non-withdrawable savings while allowing borrowing against one's savings at competitive rates.


How to Register a SACCO in Kenya: The Ultimate Guide to SACCOs

The Sacco Surge: A Glimpse into Kenyan Savings

The Sacco industry in Kenya has experienced remarkable growth in recent years. In 2022, the number of Kenyans who joined Saccos increased from 5.99 million in 2021 to 6.42 million, representing an impressive 7.02% increase. This surge in membership reflects the growing trust and recognition of Saccos as a reliable financial institution.

Saccos have gained prominence for several reasons, including their ability to offer loans at low-interest rates compared to commercial banks. The allure of affordable loans has been a significant driver in attracting new members. Additionally, the regulated nature of Saccos provides members with legal recourse in case of financial discrepancies, fostering a sense of security.

Before considering joining a Sacco, there are crucial factors to contemplate. First and foremost, ensure that the Sacco is licensed by the Sacco Societies Regulatory Authority (SASRA). Secondly, conducting thorough research about Sacco is essential. Investigate the length of time they've been in operation, the services they offer, the health of their financial books, and their growth rate. Lastly, ensure that Sacco offers competitive interest rates on deposits and low-interest rates with flexible repayment terms if you intend to take out a loan.

The Top Saccos in Kenya by Assets and Customer Deposits

Here is a detailed overview of the top Saccos in Kenya in 2023, ranked by their assets and customer deposits:

Mwalimu National Sacco

Mwalimu National Sacco proudly takes the top spot on our list. According to data from the Sacco Societies Regulatory Authority (SASRA), Mwalimu National Sacco boasts the most considerable assets of all Saccos in Kenya. In 2022, Mwalimu Sacco recorded total assets worth KSh 64.06 billion, a substantial increase from KSh 60.6 billion in 2021. Sacco's customer deposits also surged from KSh 44.29 billion to KSh 47.29 billion during the same period. Furthermore, the value of gross loans rose from KSh 38.18 billion to KSh 43.84 billion, showcasing a steady growth trajectory. Its total income slightly increased from KSh 7.58 billion to KSh 7.74 billion.

Stima Sacco

Securing the second-largest position is Stima Sacco, renowned for its impressive financial prowess. In 2022, Stima Sacco reported a remarkable increase in total assets, surging from KSh 46.46 billion in 2021 to an impressive KSh 53.78 billion. Customer deposits grew substantially, rising from KSh 34.21 billion to KSh 39.43 billion within the same year. Gross loans disbursed by Stima Sacco stood at KSh 45.07 billion in 2022, up from KSh 39.38 billion in the previous year. The Sacco's income rose from KSh 6.97 billion to KSh 7.4 billion, further solidifying its position in the Kenyan Sacco industry.

Kenya National Police Sacco

Established in 1972 with just 690 members, the Kenya National Police Sacco has evolved into a financial powerhouse with over 60,000 members. This growth is reflected in Sacco's financial performance, with earnings soaring from KSh 7.04 billion in 2021 to KSh 7.94 billion. During this period, its assets expanded from KSh 44.09 billion to KSh 48.98 billion, while customer deposits experienced an increase from KSh 26.02 billion to KSh 28.89 billion.

Harambee Sacco

Harambee Sacco, founded by a group of small-income earners in 1970, has become a multi-billion institution with over 80,000 members. In 2022, Sacco's assets marginally increased from KSh 34.62 billion in 2021 to KSh 37.01 billion. Customer deposits also grew, rising from KSh 22.54 billion to KSh 23.70 billion, while gross loans disbursed increased from KSh 24.8 billion to KSh 27.67 billion. Harambee Sacco's income stood at KSh 4.79 billion, up from KSh 4.01 billion.

Afya Sacco

The Afya Cooperative Savings and Credit Society, established in 1971, has steadily grown its membership, now boasting over 40,000 members. The Sacco's total assets increased to KSh 20.94 billion in 2022, up from KSh 20.87 billion in 2021. Customer deposits also grew from KSh 15.61 billion to KSh 15.63 billion.

How to Invest in SACCOs in Kenya

Joining and investing in a SACCO in Kenya is a straightforward process. Here are the steps to get started:

Step 1: Fill Out the Application/Membership Joining Form

  • Obtain the application or membership joining form from the SACCO you wish to join.
  • Fill out the form with your relevant information.

Step 2: Submit the Necessary Documents

  • Typically, you'll need to provide a copy of your identification (ID) and a copy of your Kenya Revenue Authority (KRA) Personal Identification Number (PIN).

Step 3: Pay the Joining Fee

  • Different SACCOs may have varying registration fees, ranging from Ksh 500 to Ksh 2,000. Pay the required fee to complete your registration.

Step 4: Wait for Approval to Start Saving

  • Depending on whether you register in person or online, the approval process may vary in timing.
  • In most cases, in-person registrations are approved immediately, while online registrations may require a day or more for processing.

Step 5: Make Minimum Monthly Contributions

  • As a registered member, making the minimum monthly contributions to your SACCO account is essential.
  • The minimum contribution amounts may vary depending on the SACCO you join.

Is It Good to Save in a SACCO?

SACCOs offer an attractive alternative for saving and investing, especially considering their substantial dividend payouts and competitive interest rates. However, it's essential to approach SACCOs with a clear understanding of your financial goals and risk tolerance. While SACCOs can be an excellent choice for savings, it's crucial to exercise due diligence before making investments or borrowing decisions.


Top 100 SACCOS in Kenya: A Comprehensive Guide to the Best Savings and Credit Cooperatives


Kenya's Savings and Credit Cooperative Society (Sacco) sector has continued to thrive, attracting millions of members seeking affordable financial services. The top Saccos listed above are just a few of the many reputable options available in Kenya. Before joining a Sacco, it's crucial to conduct thorough research, consider your financial goals, and ensure that it is registered and regulated by SASRA. Additionally, each Sacco may offer different interest rates, loan terms, and benefits, so carefully evaluate your options to make an informed choice that aligns with your financial objectives.

Frequently Asked Questions (FAQs)

1. What is a Sacco in Kenya?

  • A Sacco, short for Savings and Credit Cooperative Organization, is a cooperative society in Kenya that offers financial services to its members, including savings, loans, and investment opportunities.

2. How do I choose the right Sacco to join in Kenya?

  • When choosing a Sacco to join, consider factors such as regulatory approval, financial stability, range of services, interest rates, accessibility, and specific financial goals.

3. Are Saccos in Kenya regulated?

  • Yes, Saccos in Kenya are regulated by the Sacco Societies Regulatory Authority (SASRA) to ensure they operate within legal and financial guidelines.

4. What are the benefits of joining a Sacco in Kenya?

  • Joining a Sacco in Kenya offers benefits such as competitive interest rates, dividends on savings, access to low-interest loans, and a regulated financial environment for members' security.

5. How do I become a member of a Sacco in Kenya?

  • To become a member of a Sacco in Kenya, you typically need to pay an entrance fee, meet minimum share capital requirements, and make monthly contributions. Specific requirements may vary from one Sacco to another.

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Joseph Richard Joseph is a graduate of Mathematics and Computer Science (Applied Option). With expertise in Technology and Finance, he brings his knowledge to the field, demonstrating an authoritative understanding of these interrelated areas. Joseph is pursuing a Master's in Software Engineering, further expanding his skill set.