Watu Credit, a fast-growing asset financing company, has announced it has financed over 3 million smartphones across eight African countries, marking a major milestone in its mission to expand digital inclusion on the continent.
Speaking in an interview with Capital FM Business, Kevin Michuki, the firm’s Head of Growth, said the achievement reflects growing demand for accessible mobile technology and is only the beginning of what Watu aims to achieve.
“This number is a true testament to the need and opportunity. We’re barely scratching the surface.Smartphone penetration in Africa is just over 70%, which means millions still lack access to digital tools,” said Michuki.
Founded in 2015 by Latvian entrepreneur Andris Kaneps, Watu initially focused on financing motorbikes and three-wheelers (tuk-tuks) before expanding into vehicle and smartphone financing to serve the continent’s underserved populations.
The company has since issued over 2 million loans and estimates that it has positively impacted more than 8 million lives through its accessible financing models.
In Kenya, Watu operates in all 47 counties and continues to scale up its presence in East Africa, as well as emerging markets in West and Central Africa.
Watu’s smartphone financing model is based on a buy now, pay later (BNPL) system designed to accommodate the financial realities of low-income earners. Customers can choose flexible repayment plans, including daily or weekly options, tailored to their income patterns.
“We’ve built a pay-as-you-go platform that adjusts to a customer’s cash flow. This model has been a game-changer for many people who couldn’t afford to pay upfront for a smartphone,” Michuki explained.
The company’s focus on financial inclusion and digital empowerment has made it a critical player in bridging the technology gap, especially in rural and peri-urban areas where access to credit remains limited.
Looking ahead, Watu Credit plans to deepen its footprint across Africa and increase the number of financed smartphones and other assets, with the goal of empowering millions more through accessible financing.
