Watu Credit Awarded Client Protection Certification
Asset financing firm Watu Credit‘s subsidiaries in Kenya and Uganda have been awarded a Client Protection Certification in recognition of their commitment to client protection by the Microfinanza Rating (MFR) certification committee.
The two subsidiaries were awarded Bronze level Customer Protection Certification, becoming the first financial institution in Kenya and the third in Africa to achieve this accolade.
This recognition underscores Watu’s commitment to upholding rigorous standards, ethical business practices, and total compliance with various client protection regulations and standards outlined in the Cerise+SPTF Methodology and the Universal Standards for Social and Environmental Performance Management.
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Andrii Volokha, General Manager for East Africa at Watu, stated, “This recognition highlights our commitment to our customer’s welfare and reinforces our reputation as a trusted asset financing provider.”
Watu was certified on key metrics of client protection services, 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.
“With a compliance rate of 99 percent across indicators including transparency, fair and respectful treatment of clients, prevention of over-indebtedness, responsible pricing, appropriate product design, and privacy of customer data, we have solidified our position as a model of integrity within the asset financing sector.”
Since its start in 2015, Watu has served over 500,000 clients in Kenya and Uganda, enabling them to acquire motorbikes, tuk-tuks, smartphones, and cars.
