Micro-lender Watu plans to finance 10,000 electric bikes this year as the adoption of clean modes of transportation grows.
This is contained in the firm’s first Sustainability Report.
“To reduce its carbon footprint, Watu has set an ambitious target of increasing financing for electric vehicles and their infrastructure, which will help expand e-mobility across the continent,” Watu Kenya Country Manager Erick Massawe said.
“The company 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,” Kaneps added.
“We believe that financial inclusion is the catalyst for unlocking Africa’s economic potential.”
“By championing electric mobility and advancing digital inclusion, we’re not just reducing our carbon footprint and closing the digital divide; we’re driving socio-economic development across the continent.”
The report also shows that Watu has disbursed 1 million loans since 2015, allowing thousands of Kenyans, Ugandans, Tanzanians, Rwandese, Nigerians, Congolese, and Sierra Leoneans to own motorcycles, tuk-tuks, and smartphones.
With a minimal down payment and flexible weekly payment plans, users can become owners of a boda boda or tuk-tuk in just two hours.
Watu provides payment terms that extend up to 24 months, and your loan includes GPS tracking services.
Additionally, Watu collaborates with over 400 authorised dealers throughout Kenya, allowing customers to select the two-wheeler of their choice. Choose from a variety of models, including those from Ampersand, ARC Ride, Bajaj, Haojin, Honda, Jincheng, Lifan, Piaggio, Skygo, and TVS.
The push towards e-mobility also fosters technological innovation and skill development. As the market for electric vehicles grows, so does the demand for specialised skills and technology.
During the same year, Watu financed 680,000 mobility and connectivity assets, with 50 percent of the financing being targeted at rural residents.
In 2023, 32 percent of the firm’s clients were female, while the Net Promoter Score (NPS) stood at 39.07.
So far, over 20,000 riders have received training in Kenya, Uganda, and Tanzania, focusing on road safety and first aid for boda boda riders, courtesy of Watu.
