Watu has released its inaugural sustainability report disclosing its progress in financing mobility and connectivity assets and the environmental impact of its operations.
In the report, the company has said it plans to increase financing of electric vehicles and their infrastructure. The company plans to finance the adoption of 10,000 electric bikes in East Africa in 2024. Back in April, the company said it was ready to commit over Ksh 1.3 billion to accelerate Kenya’s efforts to transition to electric bikes.
Watu further seeks to increase EV financing to 500,000 bikes by 2030 while empowering 1,000 entrepreneurs to adopt Compressed Natural Gas tuk-tuks by the end of 2024.
Watu CEO and Founder Andris Kaneps said empowering millions of African entrepreneurs starts with a commitment to sustainable practices. “At Watu, we integrate global best practices with local needs, fostering financial inclusion, upholding the highest safety standards, and championing environmental and social responsibility in everything we do.”
Since its inception in 2015, Watu has disbursed over 1 million loans making motorcycles, tuk-tuks, and smartphones accessible to the unbanked and underserved citizens of Kenya, Uganda, Tanzania, Rwanda, Nigeria, the Democratic Republic of Congo, and Sierra Leone.
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