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Back to Compare CategoriesA SACCO (Savings and Credit Co-operative Organisation) is a member-owned financial co-operative where members pool their savings and can borrow against them, typically on more favourable terms than a bank. Unlike a bank, a SACCO is owned by its members rather than shareholders, and profits are returned to members as an annual dividend rather than paid out to external investors. All deposit-taking SACCOs in Kenya are licensed and supervised by the SACCO Societies Regulatory Authority (SASRA), which oversees their financial soundness and governance.
Most SACCOs offer two distinct types of accounts. BOSA (Back Office Service Activities) savings are non-withdrawable until you leave the SACCO, act as collateral that typically lets you borrow 3-4 times what you've saved, and earn an annual dividend — well suited to long-term saving and building borrowing power. FOSA (Front Office Service Activity) works more like an everyday bank account: savings are withdrawable anytime via ATM, mobile app, or over the counter, with no mandatory monthly contribution required.
Instead of a fixed interest rate, SACCOs typically pay an annual dividend on your BOSA share capital and savings, declared at the SACCO's annual general meeting based on that year's performance. This means the amount isn't guaranteed in advance the way a fixed deposit's rate is — a well-run SACCO can pay a strong dividend, but it can also vary year to year. It's worth checking a SACCO's dividend history over several years, not just its most recent figure, before committing.
A SACCO is a member-owned savings and credit co-operative — members pool savings and can borrow against them, and profits are returned to members as an annual dividend rather than paid to outside shareholders. A bank is a commercial, shareholder-owned institution regulated separately by the Central Bank of Kenya.
BOSA (Back Office Service Activities) savings are locked until you leave the SACCO and act as collateral, typically letting you borrow 3-4 times what you've saved, while earning an annual dividend. FOSA (Front Office Service Activity) works like a regular bank account — withdrawable anytime, with no mandatory monthly contribution.
It varies by SACCO and by year, since dividends are declared at the annual general meeting based on that year's performance rather than fixed in advance. Check a SACCO's dividend history over several years rather than relying on a single year's figure.
Deposit-taking SACCOs are licensed and supervised by the SACCO Societies Regulatory Authority (SASRA), which sets financial and governance standards. Always confirm a SACCO is SASRA-licensed before joining one you're not familiar with.
Yes, many SACCOs are open to anyone regardless of employer (often called common-bond or open SACCOs), though some restrict membership to a specific employer, profession, or region — check the specific SACCO's eligibility criteria.
Most SACCOs let you borrow a multiple of your BOSA savings — commonly 3 to 4 times what you've saved — though the exact multiplier and any additional requirements vary by SACCO.
Yes, there's no legal restriction on joining more than one SACCO, and some Kenyans do this to access different loan products or dividend rates — just be mindful of the minimum contributions and fees each membership requires.
This information is for general guidance only and isn't financial advice. Rates, minimums, and terms vary by institution and can change — always confirm current details with the institution directly before making a decision. Read our full disclaimer.