Features & Sacco Leadership

Top diaspora SACCOs facilitating financial solutions for Kenyans abroad

Differences Between SACCOS and CIS: Top diaspora SACCOs: Managing SACCO account: Investment diversification: financial inclusion: Tips to grow SACCO membership: How SACCOs can increase deposits: Difference Between Shares and Savings

Savings and Credit Cooperatives (SACCOs) stand as vital pillars of financial inclusion for Kenyan citizens both domestically and abroad.

With over 22,000 SACCOs serving 14 million members in Kenya, these institutions have proven instrumental in fostering economic empowerment and stability.

Recent data from the Kenya Union of Savings and Credit Co-operatives (KUSCCO) highlights a notable surge in net savings within locally operated SACCOs, underscoring their significance in the national financial landscape.

However, amidst the evolving dynamics of remittances, it is crucial to consider the role of SACCOs in catering to the financial needs of Kenyans residing in the Diaspora.

For the first time, remittances from abroad have surpassed revenues from traditional sectors like tourism and agriculture, prompting a reevaluation of the financial services available to Kenyans abroad. As more individuals seek opportunities overseas, maintaining a culture of saving and accessing affordable financial facilities becomes imperative.

Over the past decade, the establishment of Kenya Diaspora SACCOs has witnessed a steady increase, aimed at addressing the unique challenges faced by Kenyans abroad.

These SACCOs offer solutions to difficulties encountered when entrusting investments to relatives or friends back home, as well as provide alternatives to stringent loan requirements imposed by banks.

Top diaspora SACCOs

1. Stoke UK Diaspora SACCO – UK

Established in 2017, this SACCO serves Kenyans across Europe, Australia, Canada, the USA, the Middle East, and Kenya. Collaborating with Cooperative Bank and KCB Bank, it offers lucrative savings, credit, and investment opportunities.

2. Kenya North America Diaspora SACCO (K-NADS) – USA

Founded in 2016, K-NADS empowers Kenyan women abroad and provides easy access to credit, savings products, and investment opportunities. With over 1,000 members across 23 North American countries, it boasts a local office in Nairobi.

3. Kenya USA Diaspora SACCO – USA

As the first e-SACCO serving Kenyans in the US, it offers savings, credit, and investment opportunities with attractive returns and flexible cashing out options.

4. Kenya Qatar Diaspora SACCO – Qatar

Serving Kenyans in Qatar since 2014, this SACCO offers affordable savings, credit, and investment products, along with access to LPO financing and job opportunities in Qatar.

5. Kenya Germany Diaspora SACCO – Germany

Targeting Kenyans in Germany and neighboring countries, this SACCO provides savings, affordable loans, and investment opportunities in partnership with select commercial banks in Kenya.

6. AWE Diaspora SACCO – Europe

Catering to Kenyan men and women in Europe, this SACCO offers affordable savings and credit services, facilitating ongoing projects back home.

7. Kenya Australia Diaspora Investment Cooperative Society (KADI SACCO) – Australia

This SASRA-compliant SACCO welcomes members from all employment backgrounds, offering savings, credit, and investment solutions for Kenyans residing outside the country.

 

Andrew Walyaula
Author: Andrew Walyaula

Andrew Walyaula is a seasoned multimedia journalist. waliaulaandrew0@gmail.com

Andrew Walyaula

About Author

Andrew Walyaula is a seasoned multimedia journalist. waliaulaandrew0@gmail.com

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