Ugandan asset financier to protect environment after emerging Africa’s best ethical service provider
Armands Supstiks, Deputy Country Manager, Christian Kamukama, Head of Commercial and Duncan Biyinzika, Watu Ndeeba Branch Manager at the customer service press conference.
What you need to know:
- Watu is the third African company to receive the MFR certification.
- Since 2019, Watu has become the top asset financing provider for the Bodaboda community, supporting their growth and prosperity with their products and services.
A leading asset financier has become the third financial institution in Africa to receive an esteemed Client Protection Certification from Microfinanza Rating (MFR).
The significant achievement by Watu Uganda underscores Watu Uganda's commitment to advancing financial inclusion and responsible lending practices, announced during their Customer Service Week celebrations.
Since its establishment in 2019, Watu Uganda has provided over 130,000 Bodaboda loans impacting not only the lives of more than half a million people but also the country's Bodaboda sector. With the recognition, the asset financing provider for the Bodaboda community, is now looking at financing more electric motorcycles as a move to help reduce carbon emissions into the ecosystem.
According to the head of commercial at Watu Uganda, Mr Christian Kamukakama, the transport industry is evolving with emphasis on transition to cleaner energy, and the company, he says, is already on the evolution path.
The certification process involved a comprehensive evaluation of asset financier’s policies and operations, with a particular emphasis on transparency, fair product design, complaint resolution mechanisms, and fair pricing.
“This prestigious recognition highlights the company’s unwavering dedication to upholding the highest standards in client protection, ensuring that its financial solutions meet the needs and well-being of its customers,” reads part of the statement.
“Our mission is to revolutionize asset financing in Uganda," said Armands Supstiks, Deputy Country Manager of Watu.
Sector analysts’ spoken say the certifications achieved goes a long way in demonstrating the reward for good practice in the domestic financial sector where responsible lending practices are crucial in supporting growth and development.
According to Watu Uganda's management, the certification sets a new standard for financial institutions in the country and demonstrates the company's leadership in ethical financial services.
This achievement comes in a month the company celebrates Customer Service Week, themed “Above and Beyond”.
Going green
The recognition also comes at a time when the company is looking to finance, “particularly the motorcycle (Bodaboda) sector, which plays a crucial role in Uganda’s transportation system” that are in sync with friendly environmental requirements.
