NAIROBI, Kenya, July 14 – Asset financier Watu Credit has financed over 3 million gadgets in the eight African countries that it operates in.
The firm’s Head of Growth, Kevin Michuki, told Capital FM Business during an interview that the company seeks to grow the number even higher.
“This number is a true testament because we are barely scratching the surface, especially when you consider that the smartphone penetration rate is just over 70%, and means that there is still room to deliver more numbers,” Michuki said.
Watu, which was founded in 2015 by a Latvian, Andris Kaneps, finances motorbikes and three-wheelers as well as cars.
Since then, it has financed over 2 million loans and impacted 8 million lives.
“In Kenya alone, we are present in 47 counties but there is still a lot of growth projected in these areas spanning across East Africa and in our new markets as well across Africa,” he added.
Through the financing, the financier has been able to reach individuals living in underserved areas, the majority of whom cannot afford to acquire the gadgets.
Michuki stated that low-income earners have been able to afford smartphones by acquiring gadgets through its buy now, pay later platform.
“We have actually made it easier now by providing a pay-as-you-go platform where customers are allowed to pay according to their suitability, whether it will be a daily payment or a weekly payment, it is all based on customer trends.”
