Watu’s 2024 Report: 2,000 EVs, 1.4M Smartphones Financed

Watu’s 2024 Report: 2,000 EVs, 1.4M Smartphones Financed

Watu, a leading asset financier in Africa, has released its 2024 Sustainability Report. The company remains committed to unlocking opportunities for underserved communities through access to productive assets and digital tools.

The report showcases progress in financial inclusion, clean mobility, and gender equity. It also outlines Environmental, Social, and Governance (ESG) initiatives that demonstrate Watu’s focus on transparency and accountability.

Building on the inaugural 2023 report, it documents key achievements, challenges, and future priorities.

Financing Growth and Expanding Access

In 2024, Watu financed more than 2,000 electric vehicles, supported by a growing network of battery-swapping stations in major markets. The company also financed over 80,000 income-generating assets, including motorcycles and tuk-tuks.

In addition, 1.4 million smartphones were distributed, connecting underserved communities to digital financial services and e-commerce. Together, these efforts reached over 8 million people.

“This is our second sustainability report. It shows that sustainability is not separate from growth but central to how we deliver impact responsibly. We remain committed to financing underserved communities, advancing digital financial inclusion, and fostering e-commerce,” said Andris Kaneps, CEO of Watu.

Watu’s 2024 Report: 2,000 EVs, 1.4M Smartphones Financed

Driving Inclusion, Safety, and Responsible Financing

Watu made progress in gender inclusion. Women now represent 38% of its customers and hold at least one in three management positions. Female employment across all markets also surpassed the 43% target, showing stronger participation in leadership.

The company enhanced safety efforts, training more than 20,000 riders and staff in road safety across Kenya, Uganda, and Tanzania. Targeted outreach in schools, workplaces, and communities also helped reduce accident rates among Watu clients.

“Our initiatives have empowered our staff, who remain our strongest champions. Since 2023, we have tripled average training hours per employee, strengthening talent development across the business. We also reinforced our credibility by securing Bronze-level Client Protection Certification from MicroFinanza Rating (MFR) in Kenya, Uganda, and most recently, Tanzania. This makes Watu one of the first institutions in the region to adopt global standards for responsible financing,” added Kaneps.

The 2024 report highlights five milestones: ESG Integration and Strategic Milestones, Environmental Impact, Social Impact and Inclusion, Operational Excellence and Governance, and Economic Contribution.

Since 2015, Watu has disbursed over 4 million loans and unlocked more than US$1 billion in credit across eight countries, empowering millions of entrepreneurs and families to build better futures.

The full 2024 Sustainability Report can be accessed here: https://watuafrica.com/sustaianability-report-2024/