TOP SACCOS IN KENYA DECLARE DIVIDENDS

By Joseph Macharia

Over the years, savings and credit co-operative Societies (Saccos) in Kenya especially deposit-taking Saccos have witnessed phenomenal growth. This is evidenced by mouth watering dividends and rebates they have been paying their members consistently on a yearly basis.

Saccos in Kenya are required to hold their Annual General Meetings (AGMs) within four months after the end of a financial year – which mostly ends in  December.  In that regard, they   hold AGMs between January and end of April.  Saccos are expected to declare dividends once members approve their payments in AGMs in the provided period.

 Saccos pay dividends on share capital and interest on member deposits as opposed to other mainstream financial institutions. Share capital is the amount one requires to have to be eligible to get dividends at the end of the year.

The promise of dividends is one of the reasons that Saccos are becoming popular among Kenyans from all walks of life. What is  more, members can secure loans –  up to three of  four  times   on their ordinary  deposits –   with at least two guarantors. Even without guarantors,  members can still get a loan up to 80 percent of their ordinary  deposits in most Saccos.

Coupled with ease and simplicity of requirements to be a member, Kenyans are joining Saccos at an impressive rate. Here are some of the Saccos that have declared dividends in 2024: