Watu Credit Kenya and Uganda have been awarded a Client Protection Certification by the Microfinanza Rating (MFR) Certification Committee.
The two subsidiaries of Watu were awarded Bronze level Customer Protection Certification, underscoring the company’s efforts in upholding the highest standards, ethical business practices, and 100% compliance with various client protection regulations and standards.
Watu Credit was certified on key parameters of client protection services by MFR, a global rating agency providing assessments, data, and technical expertise for the finance industry. These include transparency, appropriate product design and delivery, privacy of client data, responsible pricing, among others.
The certification framework includes three levels namely gold, silver and bronze, with certifications being valid for three years. To achieve a bronze level certification, financial service providers must meet specific criteria outlined in the Client Protection Pathway, such as compliance with entry-level indicators and scoring at least 65% on total indicators.
Andrii Volokha, General Manager for East Africa at Watu, expressed gratitude for the recognition stating, “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. I want to reassure our investors that we have aligned our systems and practices to adhere to the globally accepted client protection standards.”
Since its inauguration in 2015, Watu has served over 500,000 clients in Kenya and Uganda. This has enabled them to acquire various innovative assets including motorbikes, tuk-tuks, smartphones and cars.