Watu Credit, a leading asset financing company, has achieved a monumental milestone, surpassing 1 million active smartphone loans in Kenya through its innovative Watu Simu program.
Erick Massawe, Watu’s Kenya Country Manager, announced the achievement in a heartfelt address, emphasizing the transformative impact of these loans on Kenyan communities. “Each loan represents a family staying connected, an entrepreneur growing their business, and a community member stepping into the digital age,” Massawe said. “This isn’t just a metric—it’s a million promises kept, a million barriers broken, and a million paths opened to possibility.”
Since its inception in Mombasa in 2015, Watu has grown from a local startup to a global fintech powerhouse, operating in seven African markets and recently expanding to South America, with Mexico as its latest venture.
“We are the only company that started in Kenya, crossed continental boundaries, and now has plans to reach even further,” Massawe revealed, hinting at future expansions to new continents.
Watu Simu, launched in 2022, has financed 1.8 million smartphones and tablets in Kenya alone, making it the fastest-growing player in the asset financing space.
Massawe attributed this success to Watu’s customer-centric approach, which prioritizes empowering underserved communities. “When a farmer can check market prices instantly, a student can access online learning, or a mother can stay in touch with her children—that’s the real impact of what we do,” he said.
Watu Simu’s acquisition rate is nearly double that of its closest competitor, driven by its flexible pay-as-you-go model and partnerships with brands like Samsung, whose Knox Guard technology ensures secure financing.
“We’re not just distributing phones; we’re distributing opportunities, one connection at a time,” Massawe emphasized. Watu’s commitment to its customers is evident in its operations.
The company maintains a robust network of over 2,000 dealerships and supports underserved areas with mobile branches and a 24-hour emergency contact center.
Customer testimonials adorn the corridors of Watu’s Nairobi office, serving as a constant reminder of its mission. “We are here because of our customers,” Massawe said. “Unlike other businesses where priorities shift with growth, our focus remains on making their stories happe.
”Beyond smartphones, Watu has financed over 500,000 motorcycles in Kenya, contributing to the country’s 2.5 million-strong boda boda fleet. “You can go anywhere in Kenya, count 10 boda bodas, and five to seven are likely financed by Watu,” Massawe noted.
The company also supports riders with free helmets, reflectors, and first responder training, fostering trust within the boda boda community.
Additionally, Watu is poised to dominate the asset financing space, with plans to expand its electric mobility initiatives and leverage AI for smarter service delivery. “Our mission is to empower entrepreneurs,” Massawe said.
“Whether it’s a boda boda rider joining a ride-hailing app or a small business owner using a smartphone for digital payments, we’re building a more connected Kenya.