Highest dividend paying SACCO in Kenya, Kenya Sacco dividends, best dividend -paying Saccos in Kenya, and more
As you might be aware, SACCOs can be a good investment option…indeed, unlike banks where the interest paid on savings is measly, SACCO usually pay dividends annually at a significant rate (sometimes up to over 20% on your share capital and share deposits).
Now, if you’d like to invest in a SACCO -may be as part of your retirement financial planning- you might be interested in information about the highest dividend paying SACCO in Kenya, best dividend-paying Saccos in Kenya, best SACCOs in Kenya, etc.
And that’s where this article comes in- we will tell you about the best SACCOs to save your money in Kenya (based on dividend rates paid in 2021). We shall also list the names of the SACCOs that have risen to the top of the dividend game in the country.
Read on..
Highest dividend paying SACCO in Kenya based on results from financial years 2021/2022
Keep in mind that we are currently using dividend rates for the financial years 2021/2022….
Best dividend paying Saccos in Kenya
The benefit of investing in Saccos is that high returns are guaranteed.
The following is a list of the top five dividend-paying Saccos in Kenya based on dividend payments made during the fiscal year 2021/2022.
1. Nyati Sacco
Nyati Sacco has the highest dividend payout rate…Nyati Sacco paid the highest dividend payout of 21% on its share capital (and 11.30% member deposits) in fiscal year 2021, making it the best dividend payment in 2022.
Just so you know, Nyati Sacco was first registered in 1977 under the Cooperative Societies Act and its initial members were the employees of Securicor Security Services, currently G4S Security Services.
The Sacco has since expanded its membership, drawing members who mostly work under various security companies such as Wecam Security Ltd., Homes Security Services Ltd., Drugnet Ltd., and Estec Kenya Ltd., amongst others.
Currently, Nyati Sacco has over 27,367 members.
Furthermore, it provides both Back Office Services Activity (BOSA) and Front Office Services Activity (FOSA)-BOSA members can make deposits and access credit services (the deposits, however, are non-withdrawable), whereas FOSA members can save and withdraw money at low and convenient rates.
Remember that in 2022, their minimum share capital is kshs. 14000. (The amount increases by 4000 per year).
2. Mombasa Port Sacco
Mombasa Port Sacco, with a dividend payout rate of 20%(12.5% on members deposits), is the second-best-paying Sacco.
Now, since its inception in 1966, the Mombasa Port Sacco has seen tremendous growth, with over 9900 members joining the Sacco.
Moving on, its members include businesspeople, investment groups (such as registered chamas and institutions), and corporations.
Just note that members must contribute a minimum share capital of Kshs. 40,000 per year, usually in installments (the amount increases by 5,000 every year until 2023).
3. Magadi sacco
Magadi Sacco is also among the highest dividend-paying Sacco, with a dividend yield of 20% (14% on members deposits) in fiscal year 2021-2022.
Like the other top performers, Magadi Sacco Society is a deposit-taking Sacco registered and regulated by the Sacco Societies Regulatory Authority (SASRA)…
It began its operations in 1977 under the Co-operative Societies Act with the aim of providing the Magadi Soda employees with a mechanism to save and borrow at a low cost.
It began with 50 members and has since grown over the years to over 7000 members as of 2022 -Furthermore, members’ deposits have grown to over Kshs. 530 million from less than Kshs. 50,000.
The best thing about Magadi Sacco is that its membership is open to all, unlike some other Saccos that restrict membership to specific groups.
Not to be forgotten, Magadi Sacco also offers FOSA and BOSA services to its members.
4. Tower Sacco
Just like the Mombasa Port Sacco and the Magadi Sacco, Tower Sacco dividend payout on share capital was 20% (13% on members deposits) in 2021/2022.
It’s also fairly old- Tower Sacco was founded in 1976…It was initially registered as Nyandarua Teachers Sacco, but later in 2002, it was rebranded to Tower Sacco.
As regards membership, it was originally meant to serve primary school teachers by providing them with the opportunity to save, borrow, and repay loans promptly.
However, currently its membership is open to everyone, and it draws its members from business people, corporates, investment groups, and also people in the diaspora, among others.
Finally, it has grown immensely, with 22 branches across the country.
5. Mafanikio Sacco
Closing our top 5 saccos is Mafanikio SACCO- The most recent dividend payout rate on share capital was 18%(11% on members deposits).
A bit of history now:
Mafanikio Sacco, formerly Mombasa Teachers Sacco Ltd., was founded in 1976 by the teaching fraternity (i.e., primary school teachers, secondary school teachers, Knut employees, etc.) under the Teachers Service Commission.
Later, it broadened its common bond to include members of the public and private schools and that has helped it grow in leap and bounds (Currently, the SACCO has over 3000 members).
And similar to the previously mentioned Saccos , Mafanikio Sacco also provides both FOSA and BOSA services to its members.
Kenya Sacco dividends – Other best dividend-paying SACCOs in Kenya
Overall, the list of the best dividend-paying SACCOs in Kenya is endless and the Saccos listed above are just a few of them.
Indeed, there are other many more SACCOs in the country that rewarded their members handsomely..
These include:
- Trans-Nation Sacco – at a rate of 18% (13.1% on members deposits)
- Solution Sacco -at a rate of 18% too (13.0% on members deposits)
- Bandari Sacco -at a rate of 18% again(11.5% on members deposits)
- Biashara Sacco -at a rate of 18% also (13.0% on members deposits)
- Hazina Sacco -still at a rate of 18% (10.6% on members deposits)
- Olin SAcco-17.5% (12% on members deposits)
- Kenya Police Sacco- 17% (10.8% on members deposits)
- Sheria Sacco-16% (9% on members deposits)
- Unison Sacco-16% (12.5% on members deposits)
- Cosmopolitan Sacco-15% (12% on members deposits)
- Nation Sacco-15% (9% on members deposits)
- Stima SACCO-14% (10.75% on members deposits)
- Imarika Sacco-14% (8% on members deposits)
- Imarisha SACCO-13.9% (11.2% on members deposits)
- Safaricom Sacco-13% (8% on members deposits)
- Ukulima Sacco-10% (9% on members deposits)
- Invest and Grow(IG) Sacco- 17% (0% on members deposits)
How often does Safaricom pay dividends?
Safaricom dividends are paid semiannually to members.
In the fiscal year 2022, an interim dividend of Kshs. 0.64 per share was first paid prior to or on March 31, 2022, while the final dividend of Kshs. 0.75 per share was paid before or on August 31, 2022.
Which Sacco is the best in Kenya?
Nyati Sacco is undoubtedly the best Sacco in terms of the highest dividend payout in Kenya percentages-Dividends on the share capital are paid at a rate of 21%.
Highest dividend paying Sacco in Kenya – Recap
Nyati Sacco currently is the the highest dividend paying SACCO in Kenya (it’s dividend payout rate of 21% makes it the ultimate high-dividend paying Sacco in Kenya).
Others are
Reminder: The Sacco’s core, or equity capital, is used to calculate your shares. This means that if you make more deposits to your account, you will own more of the Sacco.
In short, your dividends will be higher if you have more shares in the Sacco so the more you save, the higher your dividends will be.
Keep saving in SACCOs and good luck..
ALSO READ:
How to buy shares in Kenya : Step-by-step guide
Best Companies to Invest in Kenya (in the short term and long term)