Saccos With Highest Dividends in Kenya [2024]

It is that time of the year when Saccos have been announcing their dividends and their members reaping from their savings and capital investment. 

This has sparked conversations online, with people sharing that they have received their dividends and some even showing how much they have earned. Some other messages are about sensitizing people to join Saccos so that, at a similar time next year, those who join will enjoy their dividends too.

Here are some of the Saccos with the highest dividends in Kenya, based on the results for the year ended 31st December 2023.

Read Also: 5 Reasons to Join a Sacco in 2024

Top Dividend Paying SACCOs in 2024

Nyati Sacco

In its 45 years of existence, Nyati Sacco has been committed to empowering its members financially. The Sacco started as a G4S Kenya Limited member Sacco but has since expanded to include other companies and groups. Currently, Nyati Sacco has over 33,000 members drawn from over 18 companies.

The Sacco membership is at two levels, those from the group members are onboarded through a check-off system, while those from the diaspora, spouses of members, and other registered groups and corporations are onboarded through a non-check-off system.

The Sacco is among the top dividend-paying Saccos in Kenya, having offered its members a 21% dividend and 11.3% interest on deposits.

Tower Sacco 

Tower Sacco was started in 1976 in Ol’Kalou by a group of primary school teachers. Since then, the Sacco has grown to become one of the biggest Saccos in Kenya. Tower Sacco boasts members of over 250,000 and an asset base of over Sh20 billion.

Tower Sacco has kept to its original intent of providing its members with a safe and convenient place to save their money. Since its inception, the Sacco has grown to 8 counties, 29 branches, and 300 agents.

This year, Tower Sacco offered its members a dividend of 20% and 13% interest on deposits.

Read Also: How to Know It’s Time to Change Your Sacco

Ports Sacco

Ports Sacco was formed by employees of the then East African Harbours & Railways Corporation in 1966. However, the Sacco opened its common bond in 2010, allowing a diverse membership of both salaried and non-salaried individuals, people in the diaspora, businesses, corporations, and investment groups (chamas).

So far, Ports Sacco has received numerous awards, including best managed Sacco, best capitalised Sacco, best insured Sacco, and highest dividend paying Sacco.

This year, the Sacco is still one of the highest-paying dividend saccos in the country. Its members earned a dividend of 20% and 12.5% interest on deposits. 

Yetu Sacco

Yetu Sacco initially started as a Sacco for tea growers in Imenti. It was first registered in 1991 as South Imenti Tea Growers Sacco Ltd. However, in 2010, they adopted the name Yetu Sacco because the Sacco had grown beyond Imenti South.

Currently, Sacco has 6 branches, with the latest being the Karatina branch. They boast over 59,000 members and an asset base of over Sh5.7 billion.

This year, they gave their members a 19% dividend and 13% interest on deposits.

Ollin Sacco

Ollin Sacco was the first Sacco in Kenya and in Africa to operate a front office (FOSA). The Sacco was established in 1976 and has since grown from 163 members to over 30,000 members. Similarly, it has expanded its geographical reach from Kerugoya town to nine other branches.

The Sacco draws its membership from teachers, public officers, businessmen, Sacco employees, and employees of private institutions.

The Sacco has since announced its dividend for this year, offering its members 17.5% dividends and 12.2% interest on deposits.

Police Sacco

Police Sacco is the third largest Sacco in Kenya, by asset base. It was established in the late 1970s to cater to thecaters to the financial needs of Kenya's law enforcement officers and their families who form its core membership. However, today, membership is open to all members of the public. The Police Sacco has received accolades for its contributions to the welfare of its members.

It gave its members a return of 17% on share capital and an 11% return on their non-withdrawable deposits.

Hazina Sacco

Hazina Sacco serves employees across all sectors, with Sh12.7 billion in assets and a membership of 29,000 across its four branches. In 2024, Hazina Sacco announced a 17% dividend on shares and a 10.8% interest rate on deposits.

Stima Sacco

Stima Sacco initially focused on serving employees within the energy sector but has since opened membership to all other sectors.

It boasts of over 170,000 members and 12 branches. Stima Sacco has an asset base of Ksh53.8 billion. In 2024, Stima announce that it would be paying its members a 15% dividend and an interest rate of 11% on their non-withdrawable deposits.

Safaricom Sacco

Safaricom Sacco primarily serves Safaricom employees although membership is open to non-employees. It has assets totaling Ksh10.5 billion and over 18,000 members who are served across its two branches.

In 2024, Safaricom Sacco paid its members 13% dividend on shares and an 8% interest rate on deposits.

Read Also: Frequently Asked Questions About Saccos in Kenya

Other Saccos That Have Announced Their Dividends

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Nation Sacco - 20% dividends; 11% interest

Winas Sacco - 16% dividends; 12.5% interest

Trans Nation Sacco - 15% dividends; 12.5% interest

Solution Sacco -15% dividends; 12.5% interest

Mentor Sacco -15% dividends; 12.4% interest

New Fortis Sacco - 14% dividends; 13% interest

Chai Sacco (13% dividends, 9.5% interest)

Kimisitu (15% dividends, 9.2% interest)

Ukulima Sacco (12% dividends; 9.3 interest)

How Are Dividends Calculated?

One of the major reasons people join Saccos is so that they can enjoy dividends. Sacco dividends are some of the highest dividend payments in the country, with most paying dividends above 10% and some even as much as 20%.

In addition, Sacco dividends are made up of two components. They include interest on deposits and dividends on share capital. These are the two payments that Sacco members receive at the end of a financial year.

Dividends on share capital are calculated based on a member's closing balance at the end of a financial year. Meaning if you had a closing balance of Sh100,000 and a Saco such as Nyati Sacco gave out a dividend of 21%, you would earn Sh21,000 for that year.

Interest on deposits, on the other hand, is calculated on a pro-rata basis. The rate recommended at a previous Annual General Meeting (AGM) is used to calculate the interest on deposits for the coming year. For instance, Tower Sacco has issued a 13% interest rate on deposits. This will be calculated at the end of every month and applied on a compound basis. Meaning, every month, Tower Sacco will assess each member's closing balance and apply a 1.083% interest rate for the entire year.

Read Also: Saccos Vs MMFs: Which One Should I Choose?

How to Choose the Ideal SACCO

Dividends are an important factor to consider before joining any Sacco but they are not the only factor you should consider. Here are other things that you should pay attention to.

Membership Eligibility: Most Saccos are started by a group of people doing a similar activity or employed in the same organisation. However, the Sacco can grow to accommodate members of the public. You should understand the eligibility criteria of the Sacco.

Financial Stability: A Sacco is member-owned meaning that as a member, you carry the risk of the Sacco going under, but you also benefit from the growth of the Sacco. You should assess the financial stability of a Sacco to avoid losing your money if it goes down.

Products and Services: The assessment of Sacco's products and services will greatly depend on your needs. Some Saccos operate both front office and back office services, while others lack front office services. 

Location: It is important that you join a Sacco that you can easily access physically. Most Saccos nowadays have digitized and you can transact on your phone, but you need to be able to access your Sacco office if the need arises.

Regulatory Compliance: Saccos in Kenya are regulated by the Sacco Societies Regulatory Authority (SASRA). Ensure the Sacco you are considering joining is SASRA compliant.

Read Also: 4 Things to Know as You Calculate Your Sacco Dividends

Wrapping Up

Sacco is a great financial resource that enables people to save, access financial assistance, and enjoy dividends. Sacco dividends are some of the best among other dividend-paying investments, such as company shares. A look into some of the highest dividend-paying Sacco members shows that these Sacco members are smiling all the way to the bank (or rather to their Sacco accounts).