List of SACCOs in Kenya Regulated by SASRA

Ezekiel M.·February 22, 2023

SACCO stands for Savings and Credit Cooperative Organization. Best SACCOs in Kenya are those regulated by SASRA (SACCO Societies Regulatory Authority) since the authority checks on the activities of SACCOs to minimize the risks of members losing their hard-earned money. Most SACCOs are managed by a professional committee or delegates elected by members annually or according to the laws of the organization.

SACCOs in Kenya serve the interests of people with similar views; occupational or communal. For example, there are those SACCOs serving only farmers, and those serving only teachers in a given county or region. Some SACCOs however, accept membership from any employed persons.

When you register with a SACCO, you agree to save a minimum monthly contribution. This instills a saving discipline since you can only withdraw your savings once you exit the SACCO. However, you get to earn yearly dividends on your savings.

In some SACCOs, like Mwalimu National SACCO, the next of kin can take over the running of a member’s account upon the member’s demise, not to mention the member’s savings doubling.

SACCOs VS Banks in Kenya

SACCOs mainly generate revenue through the interest charged on loans they offer to their members. Additionally, some SACCOs may also invest in real estate and the stock market to earn extra income.

Compared to banks in Kenya, SACCOs are generally more transparent and do not have hidden charges, especially on loans. SACCOs typically offer fixed interest rates on loans that remain constant even during changing economic times. In contrast, banks’ interest rates may vary within the lifespan of the loan, which can lead to loan payment period adjustments without prior notice.

On average, SACCOs charge an interest rate of 12% per annum, while banks may charge rates as high as 28%, depending on the interest caps set by the Central Bank of Kenya.

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Deposit Taking SACCOs Regulated by SASRA

SASRA is the sole authority in Kenya which issues yearly renewal licenses to deposit-taking SACCOs. Deposit-taking SACCOs DTs are grouped according to the interests they serve;

Community-Based DT SACCOs
Government Based DT SACCOs
Private Based DT SACCOs
Farmer Based DT SACCOs
Teacher Based DT SACCOs

By the time of writing this post, SASRA had listed 172 existing deposit taking SACCOs in Kenya.

List of Deposit-Taking SACCOs in Kenya Regulated by SASRA

Here is a list of deposit-taking SACCOs in Kenya regulated by SASRA, ranked in the order of total assets they have. The first 31 are categorized as large-sized DT SACCOs, the next 58 are Medium-sized and the rest small sized.