Introduction
Watu, a prominent provider of financing solutions, has released its inaugural sustainability report, showcasing its achievements in advancing mobility and connectivity while emphasizing its environmental impact. The report underscores Watu's commitment to Environmental, Social, and Governance (ESG) principles, reflecting its dedication to fostering positive change across Africa.
CEO Andris Kaneps on Sustainability
Watu’s CEO and Founder, Andris Kaneps, highlighted the company’s dedication to integrating global best practices with local needs. "At Watu, we merge global standards with local realities, promoting financial inclusion, safety, and environmental and social responsibility," Kaneps explained. He emphasized that financial inclusion acts as a catalyst for unlocking Africa’s economic potential and driving socio-economic development across the continent.
Watu’s E-Mobility Strategy
Watu's ESG strategy revolves around three core pillars: financial inclusion, climate action, and road safety and health. Through these pillars, the company aims to provide equitable access to underserved communities, focusing on women, youth, and rural areas while meeting the financial needs of SMEs. Central to this strategy is Watu E-mobility, which promotes the adoption of electric vehicles (EVs) to transform transportation across Africa.
Impactful Initiatives and Goals
Since its founding in 2015, Watu has disbursed over 1 million loans, enabling access to essential assets like motorcycles, tuk-tuks, and smartphones for unbanked and underserved populations in Kenya, Uganda, Tanzania, Rwanda, Nigeria, the Democratic Republic of Congo, and Sierra Leone. This initiative has boosted digital literacy, economic growth, and quality of life.
To further its commitment to reducing its carbon footprint, Watu has set ambitious goals for increasing financing for electric vehicles and related infrastructure. In 2024, the company aims to fund 10,000 electric bikes in East Africa, showcasing its dedication to clean energy and sustainable transportation solutions.
Strategic Partnerships and Financing Terms
Watu’s e-mobility strategy includes offering favorable financing terms and forming strategic partnerships with key players in the EV industry. These efforts are designed to make sustainable options more accessible and affordable. The company has set a long-term target of financing 500,000 electric bikes by 2030 and supporting 1,000 entrepreneurs in adopting Compressed Natural Gas (CNG) tuk-tuks by the end of 2024.
The company’s commitment extends beyond carbon reduction to fostering innovation and promoting eco-friendly practices. This approach aligns with global environmental goals and supports the development of EV infrastructure.
Collaboration and Stakeholder Engagement
The 2023 Sustainability Report also details Watu’s collaborations with various stakeholders, including government bodies, non-profits, and private sector partners, to advance its environmental objectives. A notable partnership is with GOGO Electric, a Ugandan tech company specializing in electric vehicle solutions.
Watu’s investment in GOGO Electric reflects its dedication to sustainable transportation and expanding e-mobility. By financing over 1,000 GOGO bikes, Watu aims to have more than 5,000 electric bikes on Ugandan roads by the end of 2024.
Transformative Impact of E-Mobility
Watu’s e-mobility initiatives are set to revolutionize Africa's transportation landscape by providing cost-effective, sustainable transportation solutions. The company's strategic investments and partnerships are designed to offer comprehensive solutions, including infrastructure support and innovative EV technologies.
The report emphasizes that Watu’s ESG strategy goes beyond environmental impact, focusing on creating positive socio-economic effects by equipping individuals with tools to enhance their lives. By incorporating electric mobility into its business model, Watu sets a benchmark for responsible business practices in Africa.
Leading the Charge in Responsible Business
Watu’s sustainability initiatives and focus on e-mobility position the company as a leader in responsible business practices, driving long-term value for stakeholders and contributing positively to Africa's environment and socio-economic development. As Watu continues to expand its e-mobility efforts, it invites stakeholders to join in this transformative journey towards a more sustainable and inclusive future.
