Senate clears Watu Credit of any wrong doing
The Senate has cleared Watu Credit of any wrongdoing after completing its investigations into the firm on alleged malpractice in the market.
Watu Credit was summoned by the Senate Committee on Trade, Industrialization, and Tourism in response to a statement made by Nandi Senator Samson Cherargey, who claimed that the firm was operating illegally.
Senator Cherargey expressed doubts about the company’s activities based on numerous complaints from the firm’s customers, who petitioned the Senate over the widespread theft of motorcycles purchased from the company.
Following the summons, the Senate committee requested Watu Credit to provide submissions on the allegations of malpractices and exploitation in its operations in Kenya. Upon reviewing the submissions provided by the firm, the Senate committee deemed them sufficient and has now closed the matter.
“In your letter dated 23rd November 2023, the committee received your response to the information sought. At its sitting held on November 30th, 2023, the Committee observed that the response was sufficient and resolved to conclude and close the matter,” stated Clerk of Senate Jeremiah Nyegenye in a letter to the firm dated December 8th, 2023.
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Customer refunds
As part of the clearance process, Watu Credit’s Country Manager for Kenya, Erick Massawe, mentioned that the firm had to provide details on the register of active cases in police stations, a register of vandalized assets, a register of customer refunds from sales, repossessed assets on a county-by-county basis, details on tax compliance, and information on its loan portfolio.
“Providing these details as part of the conditions to be absolved of the allegations was straightforward. It’s also important to note that we are pleased to be cleared of these allegations. It’s a mark of approval to politicians that we operate above board,” said Mr. Massawe in an interview with Capital Business on Wednesday.
Watu Credit is an asset fintech firm that revolutionizes mass-market mobility across Africa through financial inclusion and accessibility. The firm has provided over one million loans across seven countries in Africa, positively impacting the lives of more than four million people.
