Watu, a leading asset financing company in Africa, has released its first sustainability report, highlighting its advancements in financing mobility and connectivity assets and the environmental impacts of its operations.
This report represents a significant milestone in Watu’s sustainability journey, showcasing its dedication to Environmental, Social, and Governance (ESG) principles.
Andris Kaneps, CEO and Founder of Watu, emphasized the importance of sustainable practices in empowering African entrepreneurs. “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 stated.
He further noted, “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.” he added
Since its founding in 2015, Watu has disbursed over 1 million loans, facilitating access to motorcycles, tuk-tuks, and smartphones for underserved populations in Kenya, Uganda, Tanzania, Rwanda, Nigeria, the Democratic Republic of Congo, and Sierra Leone. The company has evolved its product offerings, including the recent introduction of electric vehicle financing, reflecting its commitment to sustainability and environmental stewardship.
WATU Publishes Inaugural Sustainability Report Highlighting Progress in Sustainable Financing and Environmental Impact
Watu’s ESG strategy focuses on three main pillars: financial inclusion, climate action, and road safety and health. The company aims to provide equitable access to underserved communities, particularly women, youth, and rural residents, while supporting SMEs in meeting their financial needs.
“We aim to drive measurable, material change in our communities in a way that brings our purpose to life, differentiates us, and strengthens our business. To do this, we have identified three specific ESG focus areas where we will deliver a truly ambitious agenda,” stated Erick Massawe, Watu Kenya Country Manager.
In its efforts to reduce its carbon footprint, Watu has set an ambitious goal of increasing financing for electric vehicles and their infrastructure. By 2024, Watu aims to finance the adoption of 10,000 electric bikes in East Africa. The company has also set a target of financing 500,000 electric bikes by 2030 and empowering 1,000 entrepreneurs to adopt Compressed Natural Gas tuk-tuks by the end of 2024.
Key highlights from the 2023 report include:
- Strategic investment in GOGO Electric, a Ugandan technology company specializing in electric vehicle solutions for Africa.
- Financing of 680,000 mobility and connectivity assets, with 50 percent allocated to rural residents.
- 32 percent of clients being female.
- A Net Promoter Score (NPS) of 39.07.
- Over 20,000 riders trained in Kenya, Uganda, and Tanzania, focusing on road safety and first aid for boda boda riders.
Watu’s inaugural sustainability report marks a pivotal step in its journey towards fostering sustainable development and driving positive change across Africa.