Watu, a Pan-African asset finance provider, has surpassed a milestone of selling over one million mobile devices in Kenya through its Watu Simu subsidiary. Partnering with major brands like Samsung. Watu has enabled its millionth customer to acquire a smartphone through financing by the end of October.
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Watu Simu Head of Growth, Kevin Michuki, highlighted that this achievement comes just 23 months after launching its mobile device financing. The company aims to close the digital gap in Kenya and Tanzania. With financing options for smartphones priced between KES 45,000 and KES 80,000. These devices are crucial for customers using them in sectors like ride-hailing, online delivery, and other gig economies.
Michuki stated, “Our customer base data confirms that most customers are using the devices they acquire in active economic production sectors. Over 70% of our clients work in digital enterprises. This includes ride-hailing, online delivery, marketplaces, and other gigs that rely on smartphones for efficient operations.”
Watu now serves over 1.5 million mobile device customers across sub-Saharan Africa. Positioning it as one of the region’s fastest-growing smartphone financiers.
Supporting this growth, a GSMA report projects Kenya’s digital economy will add KES 662 billion to GDP by 2028. This is driven by smartphone adoption, policy reforms, and expansion in key sectors like agriculture, manufacturing, and trade. According to the Communications Authority of Kenya, smartphone penetration in the country reached 68.3% by mid-2024, with mobile device connections totalling 66.1 million.
