Senate Clears Top Fintech Firm Of Malpractice Claims

The Senate Committee on Trade, Industrialization and Tourism has absolved Watu Credit of any wrong doing following the completion of a probe on the firm for alleged malpractice.

Watu Credit 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.

Watu Credit had been summoned by the Senate Committee following a statement by Nandi Senator, Samson Cherargey claiming that the firm is operating in the country illegally.

The Senator had cast doubts on the activities of the company 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 with regard to its way of conducting its operations.

In a swift rejoinder, Watu Credit presented a detailed defense poking holes into the alleged malpractice and exploitation claims.

Upon review of submissions tabled by Watu Credit,  the Senate committee concluded that the defense tabled was sufficient and has now allowed the mater 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 Novber 30th,2023,the Committee observed that the response was sufficient and resolved to conclude and close the matter,”

Communicated the Clerk of Senate Jeremoah Nyegenye in a letter to the firm dated December 8th,2023.

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

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

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

“Providing these details as part of the conditions to be absolved of the allegations was very easy.You also need to know that we are very happy 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.