List Of Top Saccos In Kenya By Assets, Customer Deposits

• The number of Kenyans who joined Saccos increased from 5.99 million in 2021 to 6.42 million in 2022, representing an increase of 7.02%
• According to data from the Sacco Societies Regulatory Authority (SASRA), Mwalimu National Sacco tops the list of Saccos in Kenya with the largest assets
• Stima is ranked the second-largest Sacco in Kenya as its assets increased from KSh 46.46 billion in 2021 to KSh 53.78 billion in 2022

Kenya has over 360 Saccos regulated by the Sacco Societies Regulatory Authority (SASRA).

The number of Kenyans who joined Saccos increased from 5.99 million in 2021 to 6.42 million in 2022, representing an increase of 7.02%.

On average, Saccos paid a return on share capital of 10.47% in 2022 compared to a return of 9.87% in 2021.

During the period under review, the loan book constituted 71.97% of Saccos' total assets, up from 70.95% in 2021.

Deposit accounts with more than KSh 1 Million increased from 71,000 in 2021 to 92,000 in 2022.

What to consider before joining a Sacco

Saccos offer loans at low interest rates compared to commercial banks.

Rufas Kamau, a FX Pesa EGM Securities lead market analyst, told TUKO.co.ke that Kenyans must conduct their finances in a regulated environment to have legal recourse if something goes wrong.

"In this regard, before joining a Sacco, ensure that it is Sacco Societies Regulatory Authority (SASRA)-licensed. Second, you need to do your research about the Sacco, such as the length of time they have been in operation, the kind of services they offer, the health of their financial books, and their rate of growth.

Lastly, make sure the Sacco has premises that you can access easily, the right savings and checking accounts, and competitive interest on deposits. If you intend to take a loan in future, make sure the Sacco offers low-interest rates and a flexible repayment period," he explained.

Which are top Saccos in Kenya by assets?

1. Mwalimu National Sacco

According to data by SASRA, Mwalimu National Sacco tops the list of Saccos in Kenya with the largest assets.

In 2022, Mwalimu Sacco recorded total assets worth KSh 64.06 billion, up from KSh 60.6 billion in 2021.

At the same time, customer deposits increased from KSh 44.29 billion to KSh 47.29 billion, whereas the value of gross loans rose from KSh 38.18 billion to KSh 43.84 billion.

Its total income increased slightly from KSh 7.58 billion to KSh 7.74 billion.

2. Stima Sacco

Stima is ranked the second-largest Sacco in Kenya in terms of assets.

The company's total assets increased from KSh 46.46 billion in 2021 to KSh 53.78 billion in 2022.

During the same period, customer deposits rose from KSh 34.21 billion to KSh 39.43 billion, while gross loans stood at 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.

3. Kenya National Police Sacco

The Police Sacco was established in 1972 with a membership of 690. Over the years, its membership has grown significantly, boasting more than 60,000 members.

Police Sacco's earnings rose from KSh 7.04 billion in 2021 to KSh 7.94 billion.

During the period, its assets grew from KSh 44.09 billion to KSh 48.98 billion, while customer deposits rose from KSh 26.02 billion to KSh 28.89 billion.

4. Harambee Sacco

Harambee Sacco was set up by a handful of small-income earners in 1970. Today, it is a multi-billion institution with more than 80,000 members.

It draws its membership from the national and county governments, parastatals, and police.

Harambee Sacco's assets increased marginally from KSh 34.62 billion in 2021 to KSh 37.01 billion in 2022.

On the other hand, customer deposits rose from KSh 22.54 billion to KSh 23.70 billion, while gross loans disbursed also increased from KSh 24.8 billion to KSh 27.67 billion.

Meanwhile, its income stood at KSh 4.79 billion, up from KSh 4.01 billion.

5. Afya Sacco

The Afya Co-operative Savings and Credit Society was registered on May 8, 1971, by 20 founder members. Over the years, Sacco's Membership has grown to over 40,000 members.

Beatrice Mogire is the national chairperson of the Afya Sacco Society. She is assisted by Henry Kosgei, who serves as the national vice chairman.

Afya Sacco's total assets increased to KSh 20.94 billion, up from KSh 20.87 billion in 2021, whereas customer deposits grew from KSh 15.61 billion to KSh 15.63 billion.

The Sacco registered income of KSh 2.79 billion.

Saving tips

Growing your savings is the first step towards becoming a millionaire.

Do not save to save but to invest.

To achieve this, use the 50:20:30 rule. It dictates that you should spend 50% of your income on basic needs, 30% towards wants and 20% on savings, as recommended by the United Nations Federal Credit Union (UNFCU).