Asset financier Watu Africa posted a 67% growth in revenue to $230 million, equivalent to KES 29.7 billion in 2024 from $138.6 million recorded in 2023, underpinned by smartphone financing through its Watu Simu programme.
Key Highlights
- Net profit dropped by 3% to KES 839.7 million
- Wages and Salaries increased by 48% to KES 4 billion
- Paid KES 1.03 billion in taxes to host governments
- Gross loan book expanded to KES 31.4 billion from KES 27.6 billion in 2023
In 2024, Watu Africa financed 1.4 million smartphones, 2193 electric vehicles, and more than 80,000 income-generating assets. Since 2015, the asset financier has issued over 2 million loans, benefiting more than 8 million people. Between 2022 and 2024, over 1.8 million smartphones have been financed; of these, more than 1 million devices have been disbursed in Kenya alone.
Currently, Watu operates in Kenya, Uganda, Tanzania, Sierra Leone, Nigeria, Rwanda, South Africa, and the Democratic Republic of Congo, with 1.9 million active clients (a 216.6% increase from 600,000 clients in 2023). The number of female clients edged up 250% to 700,000, while the company’s employees reduced by 3.6% to 2,465.
Environmental performance
Watu Africa financed 2,193 electric vehicles, up 108% year-over-year, with Rwanda recording the highest uptake. The annual amount of carbon emissions avoided due to financed electric vehicles increased to 5,483 tonnes in 2024, largely driven by the expansion of clean mobility sales in Rwanda.
Watu Africa’s 2025 Forecast
In connection with its target to achieve a revenue of KES 44 billion and a net profit of KES 1 billion, Watu plans to finance 50,029 motorbikes, 2,823 three-wheelers, 7,248 electric bikes, and 2.98 million phones. The financier plans to increase its active clients to 2.3 million and its employees to 2,500, with women accounting for 45% of the workforce. Watu forecasts 4.29 million active loans.
