In recent years, Savings and Credit Cooperative Societies (SACCOs) have emerged as pivotal players in Kenya’s financial sector, offering members a unique blend of savings, loans and investment opportunities.
With a growing asset base that reflects their increasing importance, these institutions are not only enhancing financial inclusion but also contributing significantly to the economy.
In this article, WoK delves into the top ten richest SACCOs in Kenya, ranked by their asset base, showcasing their financial strength and roles they play in empowering their members.
Mwalimu National – Ksh 66.43 billion
Mwalimu National Sacco, officially known as Mwalimu Cooperative Savings and Credit Society Limited, is Kenya’s largest savings and credit cooperative, primarily serving teachers and their families.
The Sacco offers a range of loan products, which includes emergency loans, school fees loans, normal loans, development loans, super loans, and senior savers loans.
In addition to loan products, Mwalimu National Sacco provides savings accounts that allow members to save their money while benefiting from competitive interest rates.
Furthermore, the Sacco offers welfare services, which include risk funds and burial benevolent funds.
Stima DT – Ksh 59.15 billion
Stima DT Sacco Society Ltd is a prominent financial cooperative in Kenya, known for its extensive asset base and diverse membership.
It offers various financial products, including savings accounts, loans, and insurance through its subsidiary, Mpawa Insurance Agency.
Recently, Stima DT Sacco has updated its credit products to extend repayment terms, encouraging members to take advantage of these offerings.
The organization is committed to enhancing financial wellness among its members while providing competitive dividends and interest rebates on savings.
Kenya National Police DT – Ksh 54.24 billion
Kenya National Police DT Sacco, established in 1972, has grown from 690 to over 73,000 members.
It boasts an asset base of Ksh 54 billion and offers various financial products, including loans with flexible repayment terms up to 96 months and savings accounts.
The Sacco also features a mobile banking platform, M-Tawi, for convenient transactions.
Harambee – Ksh 38.57 billion
Harambee Sacco Society Limited, established in 1969, is one of Kenya’s largest savings and credit cooperatives, serving over 80,000 members primarily from government sectors.
The Sacco offers a variety of financial products including housing loans, which provide financing of up to Ksh 8 million at a competitive interest rate of 9% for a repayment period of up to 25 years.
Additionally, the Harambee Jenga Loan is available for those interested in building residential houses, allowing members to finance up to 90% of their construction costs.
Personal loans are also part of the financial products offered by Harambee SACCO, providing various options to cater to individual member needs.
Additionally, the Sacco promotes savings through high-interest savings accounts, offering an impressive interest rate of 88.5% on deposits, which encourages members to save and grow their wealth effectively.
Tower – Ksh 23.23 billion
Tower Sacco provides a range of financial products designed to support its members’ financial needs.
Key offerings include savings products that convert monthly deposits into competitive dividends and rebates, fostering wealth accumulation.
The Sacco also offers various loan types such as asset finance loans for purchasing movable assets, premium loans aimed at financing working capital, and emergency loans for unexpected expenses.
Additionally, Tower Sacco collaborates with financial institutions for investment opportunities and provides services like funds transfer and cheque clearing to enhance member convenience.
Afya – Ksh 22.79 billion
Afya Sacco, officially known as Afya Co-operative Savings and Credit Society, primarily serves civil servants in the health sector, boasting an asset base of Ksh 22 billion.
The Sacco offers a variety of financial products including mobile financial services through integration with Safaricom’s M-PESA.
The FOSA (Front Office Service Activity) facility offers various services, including personal and commercial loans, school fees savings accounts, and emergency loans with competitive interest rates.
Additionally, Afya Sacco facilitates land acquisition loans and investment opportunities for its members, ensuring their financial growth and security.
Unitas – Ksh 22.70 billion
Unaitas Sacco, officially known as Unaitas Savings & Credit Cooperative Society Limited, is a leading savings and credit cooperative in Kenya, established in 1993.
Initially formed by tea farmers, it has expanded its membership to include individuals and small businesses, boasting over 400,000 members and an asset base exceeding Ksh 22 billion.
Unaitas is recognized for its innovative approach in the SACCO sector, being the first to automate operations and expand its services nationwide.
Imarisha – Ksh 21.78 billion
Imarisha Sacco Society Limited is a prominent savings and credit cooperative in Kenya, established to provide financial services to its members.
In 2023, it reported an asset base of Ksh 21.7 billion, marking a 9.89% increase from the previous year.
Membership grew to 215,464, with a loan portfolio rising to Ksh 17.42 billion.
The Sacco emphasizes technology in service delivery, offering mobile banking options for convenience, timing to support members in entrepreneurship while promoting savings and affordable credit
United Nations DT – Ksh 18.21 billion
The United Nations Deposit Taking SACCO (UN SACCO) is the ninth largest Sacco in Kenya, with assets exceeding Ksh 18 billion.
It offers a variety of financial products, including loans and savings accounts, aimed at enhancing the socio-economic status of its members.
UN Sacco has also introduced a mobile banking platform, QC Wallet, for convenient access to services.
Membership is open to individuals affiliated with the UN and other stakeholders, providing a supportive financial environment tailored to their needs.
Ukulima – Ksh 15.18 billion
Ukulima Sacco is a Kenyan savings and credit cooperative society that offers a range of financial services, including loans, savings accounts, and mobile banking.
Membership is open to all Kenyan citizens and groups, providing access to products like instant mobile loans and competitive interest rates on savings.
The Sacco emphasizes member benefits such as annual dividends on shares and an insurance fund for last expenses.
Members can access services through various platforms, including the Ukulima Kash app and USSD codes, enhancing convenience in managing their finances.
