Watu has released its 2024 Sustainability Report, highlighting major strides in financial inclusion, clean mobility, and gender equity across Africa.
The report outlines Environmental, Social, and Governance (ESG) initiatives that reinforce Watu’s ongoing commitment to transparency and accountability across all business operations. Building on the inaugural 2023 report, it highlights key achievements, progress, challenges, and future commitments.
The report highlights key milestones in the electric vehicles, mobility, and connectivity sectors. In 2024, Watu financed over 2,000 electric vehicles, supported by a growing network of battery-swapping stations across major markets. More than 80,000 income-generating assets, including motorcycles and tuk-tuks, were financed, alongside 1.4 million smartphones that connected underserved communities to digital financial services and e-commerce. Overall, these efforts impacted more than 8 million people.
“This is our second sustainability report, reflecting how sustainability is not separate from growth but at the heart of how we deliver impact responsibly. Through this, we remain committed to financing underserved communities with income-generating assets, advancing digital financial inclusion, and fostering e-commerce,” said Andris Kaneps, CEO of Watu.
In enhanced gender inclusive efforts, women now represent 38% of Watu’s customers, and they also hold at least one in three management positions. Across all markets, female employment surpassed the 43% target, reflecting real progress in gender inclusion and leadership.
There has also been an enhancement in safety and training excellence, which includes training over 20,000 riders and staff in road safety across Kenya, Uganda, and Tanzania, alongside targeted outreach in schools, workplaces, and communities. These initiatives contributed to measurable reductions in accident rates among Watu clients.
“Our initiatives have also directly empowered our staff, who remain our number one champions. Since 2023, we have tripled the average training hours per employee, strengthening talent development across the organization. We have further demonstrated our commitment to transparency and credibility by securing Bronze-level Client Protection Certification from MicroFinanza Rating (MFR) in Kenya, Uganda, and most recently, Tanzania. This achievement makes Watu one of the first institutions in the region to adopt these global standards for responsible financing” added Andris Kaneps.
The report highlights five key milestones, which include ESG Integration and Strategic Milestones, Environmental Impact, Social Impact and Inclusion, Operational Excellence and Governance, and Economic Contribution.
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