Watu Credit Ltd Granted License Renewal by Governor Natembeya
Watu Credit Ltd. Granted License Renewal by Governor Natembeya, Resumes Operations in Trans Nzoia County
Governor George Natembeya has officially renewed the business license of Watu Credit Ltd., allowing the company to recommence operations in the county.
The decision follows a prolonged period of conflict between the company and the county government, sparked by complaints from bodaboda riders regarding alleged high interest rates, excessive use of force, and harassment by Watu staff.
In a ceremony held at the Kitale ASK grounds, Governor Natembeya handed over the renewed license to WATU Kenya country manager Erick Massawe, emphasizing his dedication to shielding Trans Nzoia residents from what appeared to be exploitative practices by businesses.
Governor Natembeya stated, “My administration has been in consultation with WATU, where they have agreed to reduce the charged interest rate from 6% monthly to 1.6% monthly. Expressing concern for the financial burden on bodaboda riders, the governor called on WATU Kenya to consider further reductions in the interest rates on their motorbikes whenever possible. He underscored the impact of the high cost of living, making loan repayments increasingly challenging for the riders.
Currently, WATU Kenya’s Kitale Branch holds over 300 motorbikes, and Governor Natembeya urged the company to swiftly renegotiate with the riders and to give flexible payment plans upon the release of repossesed bikes.
Furthermore, he issued a stern warning against harassment, citing numerous complaints received from the boda boda riders during the motorbike recovery process.
Addressing the issue of road safety, The governor aknowledged that majority of the riders do not have adequate driving skills and often are not licenced, and therefore called for collaborative efforts between WATU Credit and the county government to encourage more riders to enroll in the WATU driving school (WATU Shule) and obtain driving licenses. Saying the initiative will contribute to reducing road accidents.
Highlighting the paramount importance of safety, Governor Natembeya urged bodaboda operators to acquire driving licenses, challenging them to view their financed assets as businesses. He suggested the establishment of SACCOs, with county support through facilities like the NAWIRI fund.
Deputy Speaker of the Trans Nzoia county assembly and MCA for Matisi, Obed Mwale, was tasked by the governor to lead further negotiations with the company on the issues sorrounding recovery process and submit a report for execution.
At the event, Watu’s Country Manager, Erick Massawe, expressed WATU’s commitment to strengthen and enrich the partnership between boda boda operators, Watu, and the Trans Nzoia county leadership. There is a common objective amongst all of us as partners, which ties very well to our company mission, ‘to empower entrepreneurs’. We strongly believe through delibarate efforts and collaboration, jointly we will drive social economic development across our customers and their communities.
He emphasized their joint coordination of corporate social initiatives, including the construction of boda boda sheds, financial skills training sessions, scholarships, and the Tujenge Msingi Road Safety campaign.
Gideon Oyagi, Trans Nzoia county commissioner, challenged bodaboda riders to maintain focus and work together under a SACCO for collective economic benefits. He urged WATU Company to collaborate closely with the county leadership to address the concerns raised by residents.
The governor was accompanied by Deputy County Secretary George Kisaka,Trade and Industrialization Chief Officer Kennedy Etyang Seme, Chief of Staff Dickson Wamocho, Director of Communication Felix Sialo, Economy advicer Emmanuel Waswa and his Personal Assistant Emmanuel Wamalwa and Special Advicer in charge of Programs Joseph Mulupi among other top County officials.
The ceremony was also attended by members of the County Security team.
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