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In Kenya today, Savings and Credit Cooperatives have become a spontaneous response to a long history of officious procedures and requirements associated with established commercial banks. Also, the emergence of Sacco’s is part of a larger growth that has led to the burgeoning of credit financial institutions and micro-enterprises, which contribute to the growth of the Kenyan economy.

Today, Sacco’s have become more innovative and friendly to their members so as to make them reap as much benefits as they can. With the rise in technology development, you can access any financial services you need right from your locality without physically visiting the financial institution. Most saccos have automated all their services and products and made them readily available to their customers and members.

The question is, why should you join a Sacco rather than other financial institutions?

Below are three main reasons I came up with to answer this question.


First, Sacco’s are formed by a group of people who identify with each other and face similar challenges. I mean, they are usually formed and run by members who have a common goal and vision, which is mainly to provide financial fig-1support to its members who cannot get the same from other financial institutions. For instance, Mwalimu Sacco understands better the needs of the teachers, Matatu Sacco also they know the challenges of the matatu owners, Ukulima is for wakulima. Ubunifu is for those who can dream, create and achieve, i.e. for the self-employed people, freelance writers and academic writers because it understands better the needs of this group of people. Therefore, from whichever profession or place you are; you can be assured there is a Sacco for you. Open your eyes, stand up, seize the opportunity.


  1. SAVINGS.A Sacco will help you to save with more ease. As a member you will be required to contribute a certain amount of money either on monthly, weekly, or fortnight basis towards your savings. Savings has become difficulty to many especially those who do not have a specific idfig-2ea in mind to venture in after sometime. A Sacco gives you an opportunity to save regularly until that day you will have an idea to start a business, build a house, buy a car, land etc. Needless to say, saving a shilling with Sacco today, will also earn you more shillings tomorrow since it will be invested on your behalf.
  2. LOANS.

In a Sacco, it is much easier to get a loan as opposed other financial institutions. Some of these loans you can just apply online and provide your bank details or MPESA details of accounts to where the loan will be disbursed. As a member of a Sacco, you will be entitled to get a loan that is two, three or four times more than your savings fig-3depending on the policies governing the Sacco. Also these loans usually attract very low interests as compared to banks, usually up to less than 1% per month. In Ubunifu Sacco, for instance, Loans products range from development loans, elimu loans, emergency loans, instant loans, entertainment loans etc. Should you have tried to access loans from other financial institutions and they turn your offer down or you realize that it is too expensive to service it, then try a Sacco.

There are many other reasons to make you join a Sacco, just walk in one or two and get to know what they offer. Also you can get information from some of your friends who are in Sacco. Visit their websites also for more information or contact them.

To sum it up, weighing up all the options, the time for YOU to join a SACCO is now.


Written By: Fednarnd Chikira

Other research paper https://www.affordable-papers.net/ subjects are: Research methodology and methodology.

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February 2023