Watu to finance 10,000 electric bikes in 2024 in push for E-mobility
Asset financing company, Watu has revealed plans to finance 10,000 electric bikes in 2024 in Kenya as it pushes for e-mobility adoption in Kenya.
The pans are included in the company’s inaugural sustainability report released last week which highlights its progress in financing mobility and connectivity assets and the environmental impact of its operations.
Watu says the report is the first chapter in its sustainability journey, showcasing a commitment to Environmental, Social, and Governance (ESG) principles.
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.”
“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,” Mr Andris added.
Since its inception in 2015, Watu has disbursed over 1 million loans, unlocking opportunities by making motorcycles, tuk-tuks, and smartphones accessible to the unbanked and underserved citizens of Kenya, Uganda, Tanzania, Rwanda, Nigeria, the Democratic Republic of Congo, and Sierra Leone.
“Over the years, we’ve adapted our product range to meet our customers’ evolving needs, marked by significant milestones, including introducing electric vehicle financing, reflecting our commitment to sustainability and environmental stewardship. We are dedicated to creating an ecosystem that supports those without access to traditional banking services with tools that enhance digital literacy, economic growth, quality of life, and opportunities across Africa.”
Watu’s ESG strategy is underpinned by three key pillars: financial inclusion, climate action, and Road Safety and Health. Through these pillars, Watu seeks to provide equitable access to underserved communities, focusing on women, youth, and rural residents while enabling SMEs to meet their full 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,” Watu Kenya Country Manager Erick Massawe said.
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. In 2024, Watu has set an ambitious target to finance the adoption of 10,000 electric bikes in East Africa in a commitment to clean energy adoption and promoting sustainable transportation solutions.
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.
