Among the top 10 best managed saccos in Kenya is RG Sacco society limited is Best Sacco in Kenya having been voted the best under the Best Managed Saccos in Kenya category. We are the leading non-deposit taking savings and credit society with over 7 years of operation. It was incepted and registered in 2017 as a bosa activity sacco. These are the best saccos in Kenya, led by RG Sacco Ltd. which has both physical offices and Virtual Sacco Services, including automatic online registrations, M-pesa deposits and withdrawals, online transactions, online loan applications and share subscriptions. RG Sacco is a Savings and Credit Cooperative Society which was registered in Kenya in the year 2017. Currently RG Sacco has a membership of more than 12,000 members. Top 10 best managed saccos in Kenya include:
- Stima Sacco.
- Mhasibu Sacco.
- Waumini Sacco.
- Kimisitu Sacco.
- Safaricom Sacco.
- Gusii Mwalimu Sacco.
- Rise and Grow Sacco Ltd.
- Sheria Sacco.
- Police Sacco
- Kenya Bankers Sacco
- Harambee Sacco
What is a Sacco?
A SACCO is an abbreviation of Savings and Credit Cooperative Society. SACCOs are voluntary associations whereby members join and regularly pool their savings, and subsequently obtain loans which they use to enhance their lives. In Kenya there are very many saccos, some of which date back in 1970s.
What is the purpose of a SACCO?
A Savings and Credit Cooperative Society (SACCO) is a member owned financial cooperative whose primary objective is to: mobilize savings afford access to Loans on competitive terms as a way of enhancing members socio- economic well being.
What is the difference between a SACCO and a bank?
Banks are for-profit making financial institutions owned by people or private investors and governed by a board of directors chosen by the shareholders. Saccos on the other hand are non-profit financial cooperatives owned by their members and governed by a board of directors elected by, and from among, those members.
Is it better to save in a SACCO or bank?
Advantages. Ownership and higher returns – When you buy shares of a SACCO, you become part owner of the cooperative. The value of shares can appreciate as SACCO grows, and you can earn dividends and interest as well if you save money with them. Unlike in a bank where you will only earn interest.
Saccos generally charge members fairly lower loan interest rates (averaging at 1% per month) as compared to other financiers such as commercial banks and micro-finance institutions. The advantage is that you can save more and invest more, the bigger the loan amount you can borrow.