Setting New Standards in Ethical Lending Practices

Watu Credit in Kenya and Uganda has earned recognition from Microfinanza Rating [MFR] Certification Committee for its unwavering dedication to client protection, receiving a Bronze level Customer Protection Certification. This achievement marks a significant milestone, positioning Watu as the premier financial institution in Kenya and the third in Africa to attain such recognition.

The certification highlights Watu’s steadfast adherence to stringent standards, ethical conduct, and full compliance with client protection regulations and standards set forth in the Cerise+SPTF Methodology and the Universal Standards for Social and Environmental Performance Management.

[L -R] Erick Massawe, Watu Country Manager Kenya and Andrii Volokha, Watu General Manger East Africa at the Watu Kenya HQ during the certification announcement. 

Andrii Volokha, Watu’s General Manager for East Africa, expressed gratitude for the honor, emphasizing its significance in fostering trust among customers and investors. Volokha underscored Watu’s commitment to customer welfare and its reputation as a reliable asset financing provider, assuring investors of alignment with globally accepted client protection standards.

Watu underwent thorough assessment across various client protection parameters, including Transparency, Appropriate Product Design and Delivery, Privacy of Client Data, Governance and Human Resources, Responsible Pricing, Prevention of Indebtedness, Fair and Respectful Treatment of Clients, and Mechanisms for Complaint Resolution. Achieving a compliance rate of 99% across these indicators solidifies Watu’s reputation as a beacon of integrity within the asset financing sector.

Since its establishment in 2015, Watu has empowered over 500,000 clients in Kenya and Uganda, facilitating access to diverse assets such as motorbikes, tuk-tuks, smartphones, and cars, thus maintaining its position as a leading asset financing provider in Africa.

The MFR Certification Committee, authorized to conduct Client Protection Certifications under the Cerise+SPTF framework, aims to enhance practices in the financial inclusion sector. The Client Protection Pathway serves as a global platform for stakeholders dedicated to ensuring financial products and services do not harm clients.

Certification, available at gold, silver, and bronze levels, remains valid for three years. To attain Bronze level certification, financial service providers must fulfill specific criteria outlined in the Client Protection Pathway, including compliance with entry-level indicators and achieving a minimum score of 65% on total indicators.

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