Saving and investing while living abroad can be challenging for many Kenyans in the diaspora. With limited access to local financial institutions, concerns over trust, and a lack of financial knowledge, many often miss out on lucrative investment and saving opportunities back home. That’s where SACCOs (Savings and Credit Cooperative Organizations) come in offering secure, member-driven avenues for saving, investing, and accessing credit.
In this article, we highlight the best SACCOs for diaspora Kenyans that are reliable, regulated, and designed to cater specifically to your financial goals, wherever you are in the world.
1. Kenya North America Diaspora SACCO (K-NADS) – USA
Established: 2016
Membership: Over 1,000 members across 23 North American countries
Services: Savings products, credit facilities, and investment opportunities
Unique Feature: Empowers Kenyan women abroad and has a local office in Nairobi
2. Kenya Qatar Diaspora SACCO – Qatar
Established: 2014
Services: Member deposits, fixed-term deposits, personal loans, emergency loans, school fees loans, Mjengo loans, medical loans, asset & LPO financing
Payment Methods: M-Pesa, local bank RTGS
Membership Requirements: Kenyan citizen residing or returning to Qatar, in gainful employment, at least 18 years old, Kshs. 2,500 non-refundable registration fee, Kshs. 1,400–10,000 share capital
3. Kenya Germany Diaspora SACCO – Germany
Target Audience: Kenyans living in Germany and neighboring countries
Partnerships: Equity Bank, Cooperative Bank, Family Bank, KCB Bank, I&M Bank
Services: Personal loans, development loans, emergency loans, instant loans, investment opportunities in real estate, shares & stocks, treasury bills & bonds
Membership Requirements: Kenyan citizen residing or returning to Germany or its neighboring countries, in gainful employment, at least 18 years old, Kshs. 5,000 non-refundable registration fee, Kshs. 5,000 monthly contributions, own at least 50 shares valued at Kshs. 50,000
4. Kenya Australia Diaspora Investment Cooperative Society (KADI SACCO) – Australia
Unique Feature: First and only Kenyan Diaspora Cooperative Society in Australia
Services: Main savings, Maendeleo loan, Elimu loan, emergency loans, investment products including properties, government securities, and member-approved investments
Payment Methods: TransferWise, World Remit, M-Pesa, local bank RTGS
Membership Requirements: Kenyan citizen residing outside Kenya, at least 18 years old, Kshs. 5,000 one-off non-refundable registration fee, buy at least 20 shares valued at Kshs. 20,000 within six months of joining, make at least Kshs. 5,000 monthly contributions
5. AWE Diaspora SACCO – Europe
Target Audience: Kenyans in Europe
Services: Main savings, fixed deposit, call deposit, junior savings, holiday savings, chama savings; loans including asset finance, working capital, insurance premium financing, home improvement loan, holiday loan, land/plot purchase loan, construction loan
Payment Methods: TapTap Send, local bank RTGS, M-Pesa
Membership Requirements: At least 18 years old, member of AWE, Kenyan residing in Europe and in gainful employment or business, or a Kenyan who was once residing in Europe and engaged in business for not less than a year before returning to Kenya; deposit share capital Kshs. 5,000 and another Kshs. 20,000 non-refundable registration fee
Tips for Choosing the Right SACCO
When selecting a SACCO to join, consider the following factors:
Regulatory Compliance: Ensure the SACCO is regulated by the Sacco Societies Regulatory Authority (SASRA) or recognized by relevant authorities in your host country.
Services Offered: Assess the range of services provided, such as savings products, loan facilities, and investment opportunities.
Accessibility: Check if the SACCO offers online platforms or mobile applications for easy access to your accounts and services.
Membership Requirements: Understand the eligibility criteria, registration fees, and minimum contribution amounts.
Reputation: Research the SACCO’s reputation and reviews from other members to gauge reliability and customer satisfaction.
Learn more on SACCOs here.