This year, Watu plans to introduce 10,000 electric motorcycles in Kenya, Tanzania, and Uganda. Watu is committed to increasing its electric vehicle financing portfolio to 40 % within three years and financing the acquisition of 500,000 electric motorcycles by 2030. The company has partnered with Uganda-based GOGO Electric to drive the design and development of the first electric boda bike suited for use in Africa.

Increasing green mobility in Africa

As the global call for environmental protection grows louder, the need for individuals, businesses, and governments to promote green mobility solutions intensifies.

One of the pioneers seeking to play a key role in combating pollution is asset financier Watu Credit. The group’s programs aimed at promoting sustainable development in Africa are gaining momentum in the green mobility segment.

According to Watu’s first sustainability report for the fiscal year 2023, the company has set ambitious goals to revolutionize green mobility in Kenya, Uganda, and Tanzania. Information provided by Watu shows that the company is at the heart of East Africa’s green mobility drive. For instance, this year, the company is implementing a plan to introduce 10,000 electric motorcycles in Kenya, Tanzania, and Uganda.

Pioneering green mobility initiatives in Africa

Recognizing the enormous benefits that electric vehicles can offer the region, Watu is committed to increasing its electric vehicle financing portfolio to 40 % within three years and financing clients (individuals and businesses) for the purchase of about 500,000 electric motorcycles by 2030.

« At Watu, we integrate global best practices with local needs, promoting financial inclusion, adhering to the highest safety standards, and championing environmental and social responsibility in everything we do », said Watu’s CEO and founder, Andris Kaneps.

To realize green mobility solutions, Watu has partnered with Uganda-based GOGO Electric. This agreement has led to the design and development of the first electric boda bike suited for use in Africa.

In 2023, Watu invested strategically in GOGO Electric, formerly Bodawerk International Limited, a pioneering Ugandan tech company in electric vehicle (EV) solutions for Africa. This partnership underscores Watu’s commitment to promoting sustainable transportation and expanding electric mobility across the continent. Watu’s support has financed over 1,000 GOGO bikes, with projections exceeding 5,000 on Ugandan roads by the end of 2024.

Watu-GOGO Electric alliance deploys battery swap stations in Uganda

Watu is working with GOGO to improve the green mobility value chain in Uganda. This partnership allows for the strategic deployment of a network of battery swap stations nationwide. The goal is to support the adoption and use of electric motorcycles.

The GOGO-Watu alliance not only supports the promotion of sustainable transport services in East Africa but also addresses the specific mobility needs of the African market, such as access to financing. By offering affordable and efficient electric bikes adapted to the African transport ecosystem, Watu strives to reduce carbon emissions and respond to the urgent call for cleaner urban transportation.

Since entering the market in 2015, Watu’s programs show that the asset financier has disbursed over one million loans. This creates enormous economic opportunities by making motorcycles, tuk-tuks, and smartphones accessible to unbanked and underserved individuals in Kenya, Uganda, Tanzania, Rwanda, Nigeria, the Democratic Republic of Congo (DRC), and Sierra Leone.

What’s ESG strategy is based on three key pillars :

• Financial inclusion
• Climate action
• 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 all their financial needs.

Social responsibility in service of green mobility

Throughout the region, Watu has made a significant impact by implementing community-focused projects. One of Watu’s flagship programs is « Tujenge Msingi », a program the company runs in collaboration with Kenyan authorities.

Kenya, a market where motorcycles are ubiquitous, has been instrumental in helping key players better understand road safety, first aid, and the potential benefits of a green transition. Thus, Watu not only promotes safer roads but also facilitates the transition to green mobility.

Another notable Watu initiative to strengthen the mobility ecosystem was the launch of Watu Shule, a knowledge-sharing program specializing in driver training on compliance issues such as licensing and adherence to road safety measures.