Watu Credit Reaffirms Commitment to Financial Inclusion Amidst Media Scrutiny

The recent social and mainstream media reports regarding Buy-Now, Pay-Later service providers, Watu Credit Limited has issued a statement to clarify its operations and reaffirm its dedication to financial inclusion and national development in Kenya.

Watu, an asset finance solutions provider and subsidiary of multinational FinTech solutions provider Watu Africa, has been at the forefront of revolutionizing mass-market mobility in Kenya since its establishment in 2015. Operating across several African countries including DRC, Uganda, Sierra Leone, Tanzania, Nigeria, and Rwanda, Watu is backed by leading global impact investment funding agencies committed to ethical trading and corporate governance.

“Watu is committed to fostering national development and economic inclusion by providing non-bank financial services,” said the statement. The company offers various asset finance solutions such as Watu Boda (two and three-wheeler financing), Watu Simu (smartphone financing), Watu Shule (Kenya’s first motorbike riding school), and Watu Gari (car financing), all featuring flexible repayment hire purchase products.

With over 700,000 two and three-wheelers financed, Watu has empowered more than 2.1 million Kenyans to engage in economic activities as informal public transport providers. The company’s hire purchase portfolio boasts a 96% performance rate, with more than 70% of clients returning for additional services. Additionally, Watu provides robust customer support, accessible through a dedicated service center and USSD code *876# for loan balance inquiries.

Watu’s collaboration with over 400 authorized dealers and registered Boda Boda Riders Associations across Kenya ensures a wide selection of vehicle models. The company has also taken significant steps to combat motorbike theft, resulting in the recovery of 96 stolen bikes in 2023 with the support of the National Police Service.

Proud of its contributions to Kenya’s economy, Watu has paid over KES 5 billion in taxes and extended financial inclusion to over 1.3 million customers. The company has directly employed 1,500 full-time employees and created over 600,000 indirect business opportunities, impacting over 6 million people nationwide.

Watu’s social impact initiatives include the ‘Tujenge Msingi’ road safety campaign, in partnership with NTSA, and a scholarship program supporting the educational aspirations of students from Boda Boda rider families. These programs aim to foster positive transformation and promote sustainable economic growth.

Looking ahead, Watu has committed to financing the acquisition of over 500,000 electric motorbikes by 2030, investing more than KShs 1.3 billion to support Kenya’s transition to electric vehicles. This initiative includes collaboration with manufacturing partners and the development of a nationwide network of battery-swapping stations.

Watu’s dedication to transparent operations and customer satisfaction remains unwavering, with a promise of fast, automated service processing within two hours and no hidden fees. The company continues to prioritize customer needs and address queries across various platforms.