Watu 2024 Sustainability Report: Over 2,000 EVs and 1.4M Smartphones Financed
Watu has published its 2024 Sustainability Report, showcasing significant progress in financial inclusion, clean mobility, gender equity, and responsible financing across Africa.
The report builds on the company’s inaugural 2023 edition, reinforcing its commitment to transparency and accountability while outlining achievements, challenges, and future goals.
According to the report, Watu financed more than 2,000 electric vehicles in 2024, supported by an expanding network of battery-swapping stations in key markets. The company also financed over 80,000 income-generating assets such as motorcycles and tuk-tuks, alongside 1.4 million smartphones that connected underserved communities to digital financial services and e-commerce platforms. Collectively, these initiatives impacted more than eight million people.
“This is our second sustainability report, reflecting how sustainability is not separate from growth but at the heart of how we deliver impact responsibly. Through this, we remain committed to financing underserved communities with income-generating assets, advancing digital financial inclusion, and fostering e-commerce,” said Watu CEO Andris Kaneps.
The company reported notable progress in gender inclusion, with women now accounting for 38 percent of its customer base and at least one in three management positions. Female employment across all markets also surpassed the 43 percent target, underscoring the company’s drive to strengthen women’s participation in leadership and economic opportunities.
Safety and training formed another major pillar of Watu’s 2024 sustainability agenda. More than 20,000 riders and staff across Kenya, Uganda, and Tanzania received road safety training, complemented by targeted outreach programs in schools, workplaces, and local communities. These efforts contributed to measurable reductions in accident rates among Watu clients.
The company also emphasized employee empowerment and governance. Since 2023, average training hours per employee have tripled, reflecting an enhanced focus on talent development. In addition, Watu secured Bronze-level Client Protection Certification from MicroFinanza Rating (MFR) in Kenya, Uganda, and most recently Tanzania, becoming one of the first institutions in the region to adopt these global standards for responsible financing.
“Our initiatives have also directly empowered our staff, who remain our number one champions,” added Kaneps. “We are proud to align our operations with global standards while driving meaningful change across our markets.”
The 2024 report is structured around five key pillars: ESG integration and strategic milestones, environmental impact, social impact and inclusion, operational excellence and governance, and economic contribution. Together, they reflect Watu’s long-term ambition to scale impact while embedding sustainability at the core of its business model.
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