Watu, a financing provider, released its first sustainability report, documenting its accomplishments in funding mobility and connectivity assets and their environmental impact. The study highlights Watu’s commitment to ESG principles, uplifting millions, and enduring good change in Africa.
Watu CEO and Founder Andris Kaneps stressed the importance of sustainability for African enterprises. Kaneps said Watu integrates global best practices with local needs, promoting financial inclusivity, high safety standards, and environmental and social responsibility in everything we do.
“We believe financial inclusion unlocks Africa’s economic potential. He noted that electric transportation and digital inclusion drive socio-economic development across the continent while reducing our carbon footprint and narrowing the digital divide.
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Watu’s Vision for a Sustainable Future
In its ESG approach, Watu prioritizes financial inclusion, climate action, and road safety and health. It strives to give equal access to marginalized areas, including women, youth, and rural inhabitants while helping SMEs achieve their financial needs through three pillars. This plan centres on Watu E-mobility, which promotes electric vehicles to change African transportation.
Since 2015, the organization has granted over 1 million loans to unbanked and underserved people in Kenya, Uganda, Tanzania, Rwanda, Nigeria, the Democratic Republic of Congo, and Sierra Leone for motorcycles, tuk-tuks, and smartphones. This campaign empowered individuals and small businesses, improving digital literacy, economic growth, and quality of life.
The corporation has lofty goals to increase finance for electric vehicles and infrastructure to lower its carbon impact and spread e-mobility across the continent. In 2024, Watu will finance 10,000 electric bikes in East Africa to promote clean energy and sustainable transportation.
Watu’s Vision for Sustainable Transportation
Watu’s e-mobility initiatives include offering preferential financing terms and forming strategic partnerships with critical electric vehicle (EV) industry players. These efforts are designed to make sustainable choices more accessible and affordable for their clients.
The company has set long-term goals to significantly increase EV financing, targeting 500,000 electric bikes by 2030 and empowering 1,000 entrepreneurs to adopt Compressed Natural Gas (CNG) tuk-tuks by the end of 2024.
The company’s commitment to e-mobility is about reducing carbon emissions, fostering innovation, and promoting eco-friendly practices. This approach aligns with global environmental goals and supports infrastructure development for electric vehicles.
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Benefits of E-Mobility with Watu and GOGO Electric
Watu, a prominent African e-mobility provider, teamed with Ugandan technology startup GOGO Electric to promote sustainable transport and e-mobility. Watu plans to finance over 1,000 GOGO bikes and put over 5,000 electric bikes on Ugandan roads by 2024.
The company’s ESG strategy promotes socio-economic growth by providing individuals with the necessary tools to improve their quality of life. By employing electric mobility, Watu illustrates successful business practices in Africa.
Watu’s sustainability and e-mobility initiatives have positioned it as a leader in ethical business practices. They bolster Africa’s socio-economic growth and environment and create lasting value for stakeholders. The company invites stakeholders to participate in its journey towards a sustainable and inclusive future.