Watu Credit has today been awarded a Client Protection Certification in recognition of their long-standing commitment to client protection by the Microfinanza Rating (MFR) Certification Committee. The recognition was awarded to both Watu Kenya and Watu Uganda.
The two subsidiaries of Watu were awarded Bronze level Customer Protection Certification. They become the first Kenyan financial institution to be awarded and the third in Africa.
This recognition means Watu is 100% compliant with various client protection regulations and standards outlined in the Cerise+SPTF Methodology and the Universal Standards for Social and Environmental Performance Management.
Andrii Volokha, General Manager for East Africa at Watu, expressed gratitude for the recognition, stating, “We are privileged to have been awarded this certification, which is a vote of confidence for our customers and investors. This recognition highlights our commitment to our customer’s welfare and reinforces our reputation as a trusted asset financing provider. I want to reassure our investors that we have aligned our systems and practices to adhere to the globally accepted client protection standards.”
Watu was certified on key parameters of client protection services, including, Transparency, Appropriate Product Design and Delivery, Privacy of Client Data, Governance and Human Resources, Responsible Pricing, Prevention of Indebtedness, Fair and Respectful Treatment of Clients, and Mechanisms for Complaint Resolution.
“With a compliance rate of 99% across indicators including transparency, fair and respectful treatment of clients, prevention of over-indebtedness, responsible pricing, appropriate product design, and privacy of customer data, we have solidified our position as a model of integrity within the asset financing sector.”
The MFR Certification Committee is approved to conduct Client Protection Certifications under the Cerise+SPTF framework. The MFR, a leading Certifier, seeks to improve practices in the finance inclusion industry. The Client Protection Pathway is the global home for all stakeholders committed to ensuring that financial products and services do not harm clients.
The certification framework includes three levels: gold, silver, and bronze, with certifications valid for three years. To achieve a Bronze level certification, financial service providers must meet specific criteria outlined in the Client Protection Pathway, such as compliance with entry-level indicators and scoring at least 65% on total indicators.
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