Top 10 SACCOs in Kenya (Ranked)

Top 10 SACCOs in Kenya (Ranked)

Savings and Credit Co-operative Societies (SACCOs) have become a cornerstone of the Kenyan financial industry, offering a wide range of services to their members, including savings accounts, credit facilities, and investment opportunities.

SACCOs play a vital role in Kenya’s economic growth by mobilizing savings and deepening access to financial services, especially in the context of the Bottom-Up Economic Transformation Agenda (BETA).

As of 2022, there were 359 regulated SACCOs in Kenya, with a total membership exceeding 6.42 million.

This report delves into the top 10 SACCOs in Kenya in 2025, based on various factors such as asset base, membership, loan portfolio, and financial performance.  

Top SACCOs in Kenya

While definitive rankings for 2025 are not yet available, several SACCOs consistently demonstrate strong performance and are likely to be among the top contenders.

These SACCOs differentiate themselves through factors such as their size, financial stability, range of services, technological adoption, and commitment to member satisfaction.

Here are some of the leading SACCOs in Kenya:  

Here is a table listing the top 20 Savings and Credit Cooperative Organizations (SACCOs) in Kenya, based on their asset base as of 2023:

RankSACCO NameAsset Base (KSh)
1Mwalimu National SACCO66.43 billion
2Stima SACCO59.15 billion
3Kenya National Police SACCO54.24 billion
4Harambee SACCO38.57 billion
5Tower SACCO23.23 billion
6Afya SACCO22.79 billion
7UNAITAS SACCO22.70 billion
8Imarisha SACCO21.78 billion
9United Nations SACCO18.21 billion
10Ukulima SACCO15.18 billion
11Hazina SACCO14.70 billion
12Gusii Mwalimu SACCO14.30 billion
13Invest and Grow SACCO14.06 billion
14Mentor SACCO13.47 billion
15Imarika SACCO13.11 billion
16Jamii DT SACCO>5 billion
17K-Rep SACCONot specified
18Kenya Bankers SaccoNot specified
19Mombasa Teachers SaccoNot specified
20Coast Teachers SaccoNot specified

These rankings are based on the asset base reported by the Sacco Societies Regulatory Authority (SASRA) and other financial reports, highlighting the financial strength and stability of these organizations within Kenya’s cooperative movement.

Mwalimu National SACCO

Established in 1974, Mwalimu National SACCO has grown to become one of the largest SACCOs in Kenya, with an asset base of Ksh 66.43 billion and over 123,000 members.

It primarily serves teachers and offers a variety of services, including welfare services, business loans, and Front Office Service Activities (FOSA) and Back Office Service Activities (BOSA) products.  

Stima SACCO

Founded in 1974, Stima SACCO is the largest SACCO in Kenya and the second largest in Africa.

It boasts a substantial asset base and a membership exceeding 1 million.

Stima SACCO offers a wide range of services, including savings options, investment options, credit facilities, insurance, mortgage, and diaspora services.

It has been a pioneer in adopting technology, being the first to introduce mobile banking and ATM services in the SACCO sector.  

Kenya National Police SACCO

Established in 1972, the Kenya National Police SACCO has grown to over 73,000 members.

This SACCO provides competitive financial solutions to police officers and other members of the public.

It offers credit, savings, loans, and investment services. In 2024, it was recognized as the “Best Managed SACCO in Kenya” at the Ushirika Gala Awards.

The SACCO has shown significant growth, with assets reaching Sh59.97 billion, a loan book of Sh51.82 billion, and deposits of Sh31.13 billion by the end of 2024.  

Harambee SACCO

Harambee SACCO is another prominent player in the Kenyan SACCO sector, known for its strong financial performance and diverse membership base.  

Unaitas SACCO

Unaitas SACCO has a long-standing history in Kenya and is recognized for its commitment to financial inclusion and community development.  

Other Notable SACCOs

Other SACCOs that have consistently ranked among the top performers include K-Unity SACCO, Waumini SACCO, Maisha Bora SACCO, Hazina SACCO, and Wanandege SACCO.  

Ranking Methodology

Although specific rankings for 2025 are not yet published, SACCOs in Kenya are typically evaluated based on a variety of factors, including:

  • Asset Base: This refers to the total value of assets owned by the SACCO, which reflects its financial strength and stability.  
  • Membership: The number of members indicates the SACCO’s reach and its ability to mobilize savings.  
  • Loan Portfolio: The size and quality of the loan portfolio reflect the SACCO’s lending activities and its ability to manage risk.  
  • Financial Performance: This encompasses various indicators such as profitability, liquidity, and capital adequacy, which provide an overall assessment of the SACCO’s financial health.  

These factors are used by regulators and industry analysts to assess the performance and stability of SACCOs, helping to ensure the safety and soundness of the sector.  

Recent Developments in the SACCO Sector

The SACCO sector in Kenya has witnessed several notable developments in recent years:

  • Increased Regulation: The Sacco Societies Regulatory Authority (SASRA) plays a crucial role in overseeing the sector and ensuring its stability. SASRA has introduced a 0.10% annual levy on non-withdrawable deposits to fund its operations. This levy aims to enhance SASRA’s financial independence and enable it to effectively regulate the sector.  
  • Focus on Financial Inclusion: SACCOs are increasingly recognized for their role in promoting financial inclusion, particularly in rural and underserved areas. They provide access to financial services for individuals who may not be served by traditional banks, contributing to economic growth and social development.  
  • Technological Advancements: Many SACCOs are embracing technology to enhance service delivery and improve efficiency. Stima SACCO, for example, was the first to introduce mobile banking and ATM services. This trend is enabling SACCOs to reach a wider audience and provide more convenient services to their members.  
  • Diaspora Engagement: There is a growing trend of SACCOs offering services tailored to the needs of Kenyans living abroad. This includes facilitating remittances, providing investment opportunities, and offering financial advice to Kenyans in the diaspora.  
  • SACCOs as International Remittance Providers: A recent report highlights the potential of SACCOs to play a bigger role in facilitating international remittances. The report suggests two strategic directions for SACCOs: enhancing partnerships with existing remittance service providers and establishing a SACCO shared services platform.  
  • SACCO Supervision Annual Report 2023: The Cabinet Secretary for the Ministry of Cooperatives released the SACCO Supervision Annual Report 2023, which provides an overview of the sector’s performance and key trends.  
  • FinAccess Household Survey 2024: The 7th edition of the FinAccess Household Survey was launched in 2024, providing valuable data on financial inclusion and access in Kenya, which is relevant to the SACCO sector.  
  • 15th Annual Joint Financial Sector Regulators Forum (JFSR) Boards Retreat 2024: The JFSR Boards Retreat focused on strengthening Kenya’s financial ecosystem, with resolutions including a collaborative framework for testing innovations and bolstering cybersecurity.  
  • Dividend and Interest Rates: SACCOs in Kenya offer competitive dividend and interest rates to their members. The table below shows the rates offered by some of the leading SACCOs in 2024:  
  • Non-remittance for SACCOs: There is an ongoing issue of non-remittance for SACCOs, with outstanding amounts reaching Sh3.4 billion. Efforts are being made to resolve this issue and ensure that SACCOs receive the funds they are owed.  
  • Challenges and Opportunities: SACCOs face challenges such as the need to balance member expectations with financial sustainability and the need to adapt to technological advancements. However, they also have significant opportunities to contribute to national development, such as through investment in infrastructure bonds.  

Awards and Recognitions

Several SACCOs have received awards and recognition for their outstanding performance and contributions to the sector:

  • Kenya National Police SACCO: Awarded “Best Managed SACCO in Kenya” at the Ushirika Gala Awards 2024.  
  • Stima SACCO: Won three awards at the Ushirika Adjudication Award Ceremony:
    • Best Deposit-Taking (DT) Sacco in ICT Optimization
    • Best DT Sacco in Deposit Mobilization
    • Pace-setter of excellence, reaffirming its status as a trailblazer in Kenya’s cooperative movement.

These awards highlight the commitment of these SACCOs to excellence in service delivery, innovation, and financial performance.

Policy Changes and Regulations

The government has implemented various policy changes and regulations to strengthen the SACCO sector:

  • Annual Sacco Societies Levy: A new levy on non-withdrawable deposits has been introduced to fund SASRA’s operations.  
  • Review of Co-operative Laws: The government is reviewing co-operative laws and regulations to enhance member protection and financial viability. This includes the Co-operative Societies (Amendments) Bill 2020 (Prof Zani Bill), the Cooperative Bill, 2021, and proposed amendments to the SACCO Societies Act No. 14 of 2018. These amendments aim to operationalize the Deposit Guarantee Fund and facilitate the licensing of the SACCO Central, a shared services platform for SACCOs.  
  • Focus on Capital Adequacy: The Commissioner for Cooperatives has emphasized the importance of prudential criteria and capital adequacy for SACCOs. This includes a focus on capital growth from internally generated sources through the retention of surpluses.  
  • Standardized Accounting Procedures: The need for standardized accounting procedures has been highlighted to improve transparency and comparability across the industry.  
  • Whistleblowing Policy: SASRA has issued a Whistleblowing Policy to promote institutional integrity and transparency by encouraging reporting of misconduct, fraud, and unethical behavior.  
  • Irrational Bonuses: The Commissioner for Cooperatives has cautioned against “giving in to member pressure to offer irrational bonuses,” emphasizing the need to balance member expectations with financial sustainability.  
  • Four Main Requirements: The new regulations for SACCOs emphasize four main requirements: adherence to international financial reporting standards, focus on capital adequacy and liquidity constraints, linking member returns to operational performance, and prohibiting borrowing to pay dividends.  
  • Other Acts and Regulations: Other acts and regulations affecting the SACCO sector include the Market Conduct Regulations, 2020; Guidelines on Governance of Deposit-taking SACCOs; Proceeds of Crime and Anti-Money Laundering Regulations (2013); Unclaimed Financial Assets Authority (UFAA); Income Tax Act; the Coffee Bill, 2020; and the Tea Act, 2020.  
  • County-Level Regulations: There are also developments at the county level, with the Model County Cooperatives Bill, the Nyeri County Cooperative Societies Bill, 2022, and the Kilifi County Cooperative Policy, 2022, potentially impacting the SACCO sector.  
  • Data Protection: The Data Protection Act, 2019, is relevant to SACCOs, and they are taking steps to comply with its requirements.  

Conclusion

The SACCO sector in Kenya continues to play a vital role in the country’s economic development.

The top 10 SACCOs in 2025 are likely to be those that demonstrate strong financial performance, embrace technological advancements, and prioritize member satisfaction.

The government’s focus on regulation and policy changes will further strengthen the sector and ensure its long-term sustainability.

Based on current trends and available data, it is likely that Mwalimu National SACCO, Stima SACCO, and Kenya National Police SACCO will continue to be among the top performers in 2025.

These SACCOs have consistently demonstrated strong financial performance, a large membership base, and a commitment to innovation and member satisfaction.

The recent developments in the SACCO sector, including increased regulation, focus on financial inclusion, and technological advancements, are shaping the future of the industry.

The government’s emphasis on capital adequacy, standardized accounting procedures, and responsible governance will further enhance the stability and trustworthiness of SACCOs.

Furthermore, the increasing awareness of environmental sustainability within the SACCO sector is a positive trend. SACCOs can play a significant role in promoting sustainable practices and contributing to environmental conservation efforts.

Overall, the SACCO sector in Kenya is poised for continued growth and development.

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