Dutch development finance institution FMO has provided a US$15 million and US$5 million senior term loan to Wat Credit Kenya and Wat Credit Uganda, respectively.
Watu Credit Uganda Limited (‘Watu’) is a micro-lending company providing pay as you go financing to young entrepreneurs operating motorcycles (boda bodas) and tuk tuks transport businesses in Uganda. Watu is wholly owned by Watu Holding Limited registered in Mauritius and with operating companies in 6 countries in Africa, and with plans to grow further across the region. Watu’s mission is to meaningfully improve employment and opportunities for those with the greatest barriers to access financial services. Watu has been operating since 2019 and currently has operations across Uganda serving more than 40,000 clients. 90% of Watu’s clients are young entrepreneurs (aged between 20 and 28 years) and 70% are based in rural areas.
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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.