The "best" SACCO to join in Kenya is subjective and depends largely on an individual's financial goals, preferences, and eligibility. However, based on financial strength, particularly asset base, several SACCOs consistently stand out. According to the Sacco Societies Regulatory Authority (SASRA) 2023 report, these SACCOs demonstrate significant financial stability and scale.
Top SACCOs by Asset Base (SASRA 2023 Report)
Financial stability is a crucial indicator of a SACCO's health and ability to provide services and returns to its members. A larger asset base often signifies a robust financial position and greater capacity for investments and lending. Here are some of the top SACCOs in Kenya as per their asset base in 2023:
SACCO | Asset Base (Ksh) |
---|---|
Hazina SACCO | 14.70 Billion |
Gusii Mwalimu SACCO | 14.30 Billion |
Invest and Grow SACCO | 14.06 Billion |
Mentor SACCO | 13.47 Billion |
It's important to note that these figures represent a snapshot of their financial standing and generally indicate a strong and reliable institution.
Factors to Consider When Choosing a SACCO
While a high asset base is a strong indicator of stability, the "best" SACCO for you will also depend on other personalized factors. Consider the following when making your decision:
- Common Bond/Eligibility: Many SACCOs have a common bond, meaning you need to belong to a specific profession, employer, or community to join. Ensure you meet the membership criteria.
- Dividends and Interest Rates:
- Dividends on Shares: Evaluate the historical dividend payout rates on members' share capital. A higher dividend rate means more returns on your investment.
- Interest on Deposits: Check the interest rates offered on non-withdrawable deposits (BOSA savings).
- Loan Interest Rates: Compare the interest rates charged on loans. Lower rates can save you a significant amount over the loan term.
- Loan Products and Accessibility:
- Assess the variety of loan products available (e.g., development loans, emergency loans, school fees loans) and their terms.
- Consider the ease of access to loans, including turnaround times and collateral requirements.
- Accessibility and Convenience:
- Look at the SACCO's branch network, presence of mobile banking, online platforms, and ATM services.
- A SACCO with convenient access points and digital services can significantly enhance your banking experience.
- Financial Performance and Regulatory Compliance:
- Beyond asset base, look at other financial performance indicators like profitability, liquidity, and capital adequacy ratios.
- Ensure the SACCO is well-regulated by SASRA, which provides an added layer of security for your savings.
- Member Services and Governance:
- Consider the quality of customer service and the responsiveness of the SACCO's staff.
- A well-governed SACCO with transparent operations and effective leadership is crucial for long-term trust.
Ultimately, the best SACCO aligns with your personal financial objectives, whether that's maximizing returns, accessing affordable credit, or ensuring the safety of your savings. Thorough research and understanding of your needs will guide you to the ideal choice.