Local micro lender Watu Credit has secured key certification in recognition of client protection efforts in both its Kenyan and Ugandan operations, after attaining a compliance rate of 99 percent on parameters that spanned fair and respectful treatment of clients and responsible pricing among others.
The certification, issued by the Microfinanza Rating (MFR) Certification Committee, marked a significant milestone for Watu Credit as it became the first institution in Kenya and the third in Africa to achieve the accolade.
Other parameters upon which the award was based included privacy of client data, prevention of indebtedness and availability of mechanisms of complaint resolution.
While welcoming the development, Watu General Manager for East Africa Andrii Volokha termed it a vote of confidence in the organisation’s commitment to uphold ethical business standards.
“We are privileged to have been awarded this certification, which is a vote of confidence for our customers and investors. This recognition highlights our commitment to our customer's welfare and reinforces our reputation as a trusted asset financing provider,” said Volokha.
Since its inauguration in 2015, Watu has served over 500,000 clients in Kenya and Uganda, enabling them to acquire various innovative assets, including motorbikes, tuk tuks, smartphones and cars.
