I don't think that is the right approach to look at it. Some loans can only be repayed within six months or less so you need not to annualise it. Even for Stima sacco, their Omega Advance is charged at 5% per month. So it is important to compare like for like.

In addition, a SACCO is a member owned institution and so in addition to interest earned/rebates for deposits and shares and interest rates for loans and advances, sound management practices should also be reviewed when one wants to join the SACCO. This include strategic plan, board composition, profitability and many more.

Ease of getting guarantors should also be part of considerations, while looking for a sacco.

No need to save and yet you cannot get people to guarantee you when you want to borrow.

If you are a "Foreigner" in a Sacco, always attend their Education days, and End Year meetings to meet new friends, who will/may eventually help).

Stima, Unaitas top saccos as sector assets hit Sh335bn
Saccos grew their assets by 14.2 per cent last year with Stima and Unaitas the star performers driven by enrolment of new members.
Latest data from Sacco Societies Regulatory Authority (Sasra) shows assets of the co-operatives stood at Sh335 billion in December compared to Sh293 billion an year earlier.
The growth was driven by increase in membership to 3.3 million members from 2.97 million.
“This growth was mainly funded by member deposits, share capital and retained earnings,” said chief executive Carilus Ademba.
Stima Sacco nearly doubled its membership, to 26,468, which saw it rise to be the third largest union — after teachers’ sacco Mwalimu and Harambee for civil servants — with an asset base of Sh12.4 billion, an increase of Sh3 billion.
Unaitas, which has declared intention of converting into a bank, increased its membership by 32,000 to 146,964 going up three places to rank eighth with an asset base of Sh5.5 billion, from Sh3.9 billion.
Savings made through the co-operatives stood at Sh240 billion from Sh213 billion. Saccos loaned out Sh251 billion compared to Sh221 billion a year earlier.

http://www.businessdaily...0/-/cfavm5/-/index.html

That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.

@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.

.take your money and run for the hills. a 8 per cent monthly return is not sustainable for a sacco of such nature

How comes this Sacco is not in the list of accredited Saccos? Secondly, any amount given as interest on deposit should attract withholding tax,are they doing that? From their website there are no financial statements available for scrutiny is there something that could be cooking?

We were just doing some Math with a buddy. Some statician please verify our numbers.

There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.

The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.

When we did the math...the 1% translated to a whopping 12.68% P.A.

A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.

Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand?

Which bank in Kenya is giving lower than 12%?

are the ukulima sacco share sale adverts legal ?