Watu Addresses Public Concerns and Commits to Sustainable Mobility Solutions

In response to recent media reports, Watu, a leading asset finance solutions provider in Kenya, has issued a comprehensive statement addressing concerns surrounding Buy-Now, Pay-Later services.

The company reaffirms its commitment to transparency, ethical trading, and corporate governance, guided by its core values and principles.

Established in 2015, Watu has been at the forefront of revolutionizing mass-market mobility in Kenya and beyond, promoting financial inclusion and accessibility.

As a subsidiary of Watu Africa, a multinational FinTech solutions provider, Watu operates across several African countries, including DRC, Uganda, Sierra Leone, Tanzania, Nigeria, and Rwanda.

Watu’s diverse portfolio includes Watu Boda (two and three-wheeler financing), Watu Simu (smartphone financing), Watu Shule (Kenya’s first motorbike riding school), and Watu Gari (car financing).

These solutions aim to empower underserved communities, providing them with economic production opportunities and flexible repayment options.

With over 700,000 financed two and three-wheelers and more than 2.1 million empowered Kenyans, Watu has demonstrated its impact on economic hustles and informal public transport solutions. The company boasts a performing hire purchase portfolio of over 96%, with a significant percentage of repeat clients.

Furthermore, Watu prioritizes customer service, offering dedicated support through various channels, including a customer service center and USSD solutions.

Collaborating with registered Boda Boda Riders Associations and authorized dealers, Watu ensures the accessibility and security of its assets, despite challenges such as motorbike theft.

Addressing concerns regarding motorbike theft, Watu emphasizes its proactive approach, collaborating closely with security enforcement and stakeholders to mitigate risks.

In 2023, the company successfully recovered 96 stolen bikes, demonstrating its commitment to safeguarding clients’ interests.

Beyond its commercial endeavors, Watu actively contributes to national development, economic inclusion, and social impact projects. With over 5 billion KES in taxes, financial inclusion for over 1.3 million customers, and employment opportunities for thousands, Watu’s contributions to the Kenyan economy are substantial.

Moreover, the company’s social impact initiatives, including road safety campaigns and scholarship programs, directly benefit millions of Kenyans, fostering holistic community development and empowerment.

Looking ahead, Watu commits to sustainable mobility solutions, pledging to finance over 500,000 Electric Motorbikes by 2030. With an investment exceeding KShs 1.3 billion, Watu aims to accelerate the transition to electric vehicles, bridging the financing gap and collaborating with manufacturing partners to deliver bikes tailored to local conditions.

Watu reaffirms its dedication to customer-centricity, transparency, and sustainable development, positioning itself as a pioneering force in Kenya’s financial and mobility sectors.