Statement on Buy-Now, Pay-Later services and Watu’s commitment to Kenya

Introduction: Recent social and mainstream media reports have highlighted the operations of Buy-Now and pay-later service providers in Kenya. As a responsible corporate entity operating under robust ethical guidelines, Watu is inclined to present the following statement of facts to the public:

1. About Watu:
   • Watu is an asset finance solutions provider driven by a cutting-edge digital engine, aimed at revolutionizing mass-market mobility in Kenya and beyond. It is a subsidiary of Watu Africa, a multinational FinTech solutions provider with operations in the DRC, Uganda, Sierra Leone, Tanzania, Nigeria, and Rwanda. Since its establishment in 2015, Watu has been supported by several global impact investment funding agencies committed to exemplary corporate governance and ethical trading practices.
2. Our Commitment:
   • Watu is dedicated to fostering national development and economic inclusion by offering non-bank financial services. Our asset finance solutions enable underserved communities to access economic opportunities. These solutions include:
     • Watu Boda: Financing for two and three-wheelers.
     • Watu Simu: Smartphone financing.
     • Watu Shule: Kenya’s first motorbike riding school.
     • Watu Gari: Car financing.
3. Flexible Repayment Options:
   • All our solutions feature flexible hire purchase repayment options. The hire purchase price includes the asset’s retail price and value-added services such as GPS tracker fees, log book transfer, customer service, and a 24/7 emergency response team.
4. Impact on Mobility:
   • Watu has financed over 700,000 two and three-wheelers, empowering more than 2.1 million Kenyans to enhance their economic activities, particularly in the informal public transport sector.
5. Client Commitment:
   • Our commitment to our clients is evident from our high-performance hire purchase portfolio, with over 96% performing loans and more than 70% repeat clients. Our Watu Simu solution is rapidly growing, following the success of our Watu Boda and Watu Gari solutions.
6. Customer Service:
   • Clients can access dedicated customer service for inquiries and reports. Loan balances can be checked via the USSD code *876#. We offer customer support daily from 6 a.m. to 10 p.m., reachable at 0790 000 999 or 0709 739 000.
7. Collaboration with Dealers and Associations:
   • Watu Boda collaborates with registered Boda Boda Riders Associations and over 400 authorized dealers across Kenya, offering a range of models including Ampersand, ARC Ride, Bajaj, Haojin, Honda, Jincheng, Lifan, Piaggio, Spiro, Skygo, and TVS.
8. Addressing Theft:
   • We are proactive in combating motorbike theft, working closely with security enforcement and stakeholders. Of our 400,000 financed motorbikes, fewer than 100 have been reported lost. We cooperate with investigative and insurance companies for quick resolution.
9. Theft Recovery:
   • In 2023, over 100 motorbikes financed by Watu Credit were reported stolen. With our tracking solution and the support of the National Police Service, 96 bikes were recovered. Insured missing bikes were fully settled, enabling clients to continue their business operations.
10. Economic Contributions:
    • Over the past nine years, Watu has significantly contributed to Kenya’s economy and citizen welfare, including:
      • Over KShs 5 billion in taxes.
      • Financial and digital inclusion for over 1.3 million customers.
      • Employment of 1,500 full-time employees and creation of over 600,000 business opportunities.
      • Economic and social development impacting over 6 million people.
      • Empowering over 500,000 business owners, benefiting over 3 million people.
      • Connecting over 500,000 businesses to the digital environment via financed smartphones.
11. Social Impact Projects:
    • Tujenge Msingi: A road safety campaign in partnership with NTSA, promoting SDG 3 and SDG 8. This initiative has impacted over 7,000 boda boda riders.
    • Scholarship Programme: Launched in 2022 to support the education of students from boda boda rider families, currently benefiting 37 students across Kenya.
12. Commitment to Electric Mobility:
    • In response to the draft National Electric Mobility Policy, Watu Boda has committed to financing over 500,000 electric motorbikes by 2030, with an investment of KShs 1.3 billion. We are collaborating with manufacturers like ARC Ride and GOGO Electric to deliver locally suitable bikes and developing a network of electric bike battery-swapping stations.

At Watu, we pride ourselves on our customer focus and transparency. Our automated operations ensure a quick turnaround, processing assets within two hours with no hidden fees. What you see is what you get!

For more information or assistance, please contact our customer service. We are committed to addressing all your needs promptly and efficiently.