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Watu Credit Kenya and Uganda Awarded Client Protection Certification by MFR

Watu Credit Kenya and Uganda have received a Client Protection Certification from the Microfinanza Rating (MFR) Certification Committee, recognizing their dedication to client protection.

Achieving the Bronze level certification, they are the first financial institution in Kenya and the third in Africa to attain this distinction.

This acknowledgment highlights Watu’s adherence to stringent standards and full compliance with client protection regulations outlined in the Cerise+SPTF Methodology and the Universal Standards for Social and Environmental Performance Management.

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Watu’s General Manager for East Africa, Andrii Volokha expressed appreciation for the certification, emphasizing its significance for customers and investors alike.

He reiterated Watu’s commitment to customer welfare and its reputation as a trusted asset financing provider.

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“The company has aligned its systems and practices with globally accepted client protection standards,” Mr Volokha said.

Watu’s certification covers key aspects of client protection services, 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 mechanisms for complaint resolution.

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With a compliance rate of 99% across indicators, Watu solidifies its reputation as a model of integrity within the asset financing sector.

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

The MFR Certification Committee, authorized to conduct Client Protection Certifications under the Cerise+SPTF framework, aims to enhance practices in the financial inclusion industry.

The Client Protection Pathway serves as the global platform for all stakeholders committed to ensuring that financial products and services do not harm clients.

The certification framework includes three levels: gold, silver, and bronze, with certifications valid for three years.

Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech.

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