Senate clears Watu Credit of malpractice and exploitation allegations

Editorial Desk
By Editorial Desk 3 Min Read

The Senate has cleared Watu Credit of any wrongdoing after completing its investigation into the firm’s alleged market malpractice.

Watu had been summoned by the Senate Committee on Trade, Industrialisation and Tourism following a statement made by Nandi Senator, Samson Cherargey claiming that the firm is operating illegally.

The Senator had cast doubts on the company’s activities following numerous complaints from the firm’s customers, who petitioned the Senate over rampant theft of motorcycles purchased from the company.

The Senate committee then requested Watu to provide submissions on the allegations of malpractices and exploitation about its way of conducting its operations in Kenya which they did.

Upon reviewing the submission that the firm provided, the Senate committee said they were sufficient and has now allowed the matter to come to a rest.

“Vide 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,” said Clerk of Senate Jeremiah Nyegenye in a letter to the firm dated December 8th, 2023.

Watu Credit country manager for Kenya Erick Massawe said that as part of the clearance process, the firm had to give details on a register of active cases in police stations and a register of vandalised assets to the committee.

Watu was also expected to provide a register of customer refunds from sales and re-possessed assets on a county-by-county basis.

They were also asked to provide details on tax compliance and its loan foam.

“Providing these details as part of the condition to be absolved of the allegations was very easy. You also need to know that we are delighted that we have been absolved of these shady blames. It’s a mark of approval to politicians that we operate above board,” said Mr Massawe in an interview with Capital Business Wednesday.

Watu is an asset fintech firm that revolutionises mass-market mobility across Africa through financial inclusion and accessibility.

The firm has provided over one million loans across 7 countries in Africa where it operates including Kenya.

This has positively impacted the lives of more than four million people.

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