According to Watu Credit’s first Sustainability Report, the micro-lender plans to finance 10,000 electric bikes in 2024 as the adoption of clean modes of transportation grows.

In a statement, Watu says it has set a target of increasing financing for electric vehicles and their infrastructure to expand e-mobility across the continent to reduce its carbon footprint.

“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.”

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.”

Did you read this?

  1. Environment CS Duale Flags Off 100 Electric Vehicles In Nairobi
  2. BasiGo Secures Kes5.43B To Deliver 1,000 Electric Buses In East Africa
  3. Chinese Electric Vehicle Firm BYD Expands Into Kenya

The report also shows that Watu has disbursed 1 million loans since 2015, allowing thousands of Kenyans, Ugandans, Tanzanians, Rwandese, Nigerians, Congolese, and Sierra Leoneans to own motorcycles, tuk-tuks, and smartphones.

“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,” he stated.