Watu Credit Awarded Client Protection Certification

Editorial Desk
By Editorial Desk 3 Min Read

Watu Credit’s Kenya and Uganda branches have been awarded Client Protection Certification from the Microfinanza Rating (MFR) Certification Committee.

The award recognises the asset finance firm’s unwavering dedication to safeguarding clients’ interests placing Watu as the first financial institution in Kenya and the third in Africa to achieve the Bronze level Customer Protection Certification.

The certification highlights Watu’s steadfast adherence to the highest standards of ethical business practices and full compliance with client protection regulations, as outlined in the Cerise+SPTF Methodology and the Universal Standards for Social and Environmental Performance Management.

Andrii Volokha, Watu’s General Manager for East Africa, expressed gratitude for the recognition, emphasizing the company’s commitment to customer welfare and its reputation as a trusted asset financing provider. Volokha assured investors that Watu has aligned its operations with globally accepted client protection standards.

Watu underwent rigorous evaluation on various parameters, 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 Complaint Resolution Mechanisms.

“With a stellar 99% compliance rate across key indicators, Watu has solidified its reputation as a beacon of integrity in the asset financing sector,” Volokha added.

Since its establishment in 2015, Watu has served over 500,000 clients in Kenya and Uganda, facilitating the acquisition of diverse assets such as motorbikes, tuk tuks, smartphones, and cars, establishing itself as a leading asset financing provider on the continent.

The MFR Certification Committee, recognized for its expertise in conducting Client Protection Certifications, operates under the Cerise+SPTF framework to enhance industry practices. The Client Protection Pathway serves as a global platform for stakeholders committed to ensuring financial products and services do not harm clients.

The certification framework comprises three levels – gold, silver, and bronze – with certifications valid for three years. To attain a Bronze level certification, financial service providers must meet specific criteria, including compliance with entry-level indicators and scoring at least 65% on total indicators.

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