It If you are thinking to join a Sacco for investing there are so many things to consider. There have been so many cases on people losing their money that they have earned and invested in several Sacco in our Country.
Below are some factors to consider when searching for a Sacco to join:
1.Ensure that the Sacco is registered.
2.Look at their interest on savings and on loans.
3.Consider checking their loan repayment time it’s very useful.
Sacco are like Banks they bring many people together. They all offer almost the same services to their customers. The best Sacco they consider their member first by giving them good financial boost for their betterment. The following are best Sacco that one can join in Kenya:
By just its name you can easily know that it was started by the East African Power and Lighting Company. It provides its customers with many financial benefits and good dividends at the end of each year. The Sacco offer loans up to 3 times ones saving for the first 3 months. The loan interest is just 1% monthly and reduces as the amount decrease. They have branches in Nairobi, Eldoret and other places.
It started in 2001 and have a target to help all the Safaricom workers save their money. To become a member of the Safaricom Sacco you have to pay 1000 for membership and save each and every month at least 3000. In the Sacco you can just receive a loan after 6 months of saving at 1% interest.
3.Kenya Police Sacco
The Kenya Police Sacco was started in the early 1972 by the members of the Police Service. Its one of the biggest Sacco in Kenya with a number of 65000 members and an asset of 39 billion. The Sacco offers a variety of loans. Their loans are different from others since their rate is 13.5 % annually and the balance reduces as the money decrease.
Hazina Sacco started in 1971 and enrolls everyone in the country. It mainly focuses with County and National Government workers. For now, it has members over 15000 who works for the government. The Sacco loan amount is higher because it gives a loan up to 3.5 time one saving with a god repayment time of up to 72 months. Their loan interest is 1% like most of the Sacco.
Kamisitu Sacco was started in 1985 making it one of the oldest Sacco in Kenya. It is open to everybody in the country. The Sacco gives loans to its member with just 1% increase with a repayment of 60 months this making it easy for many people to afford. It gives a wide variety of loans and investment sectors.
Finally, if you want to start saving and investing your money Sacco are the best. Not like Banks their loans are interest are lower than the banks hence giving their customer options to invest in. However, be very care when choosing a Sacco to avoid your money disappearing with fraudsters.