FMO provides funding for motorcycle financing in Kenya and Uganda
Dutch development finance institution MO has provided a $15 million and $5 million senior term loan to Watu Credit Kenya and Watu Credit Uganda, respectively. Watu is an Asset FinTech revolutionising mass-market mobility across Africa through financial inclusion and accessibility. Watu provides financing for motorcycles, which are commonly used as taxis and a source of employment.
Boda bodas are a significant part of Uganda’s transport industry and play a crucial role in its economic growth. For many people struggling to earn a sustainable livelihood in the pearl of Africa, the boda boda business has enabled them to become entrepreneurs and indirectly offer employment opportunities to many others.
The company, which started operations in 2015 and has since expanded across Africa, will use the funds from FMO to provide financing for youth-owned micro, small, and medium enterprises.Watu is one of the leading asset financing companies in Kenya, providing boda boda and tuk tuk loans to thousands of aspiring business owners every day.
At a median age of 18, Africa is the youngest continent globally and is growing at an unprecedented rate. With an estimated 1.2 billion person growth in the next ten years, Watu is committed to transforming urban mobility and the financial lending landscape. We are continuously helping to shape a brighter and better future by giving people opportunities to build and change the course of their lives.