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Watu Uganda celebrates global service accolade

Peter 10th Oct, 2024 Financial Services Pedson Mumbere
Watu Uganda celebrates global service accolade

WINNING TEAM: Armands Supstiks, the Watu Uganda Deputy Country Manager, greets a boda boda rider at Ndeeba near Kampala. Looking on is Christian Kamukama (L), Head of Commercial and Duncan Biyinzika, Watu Ndeeba Branch Manager. COURTESY PHOTO


Watu Uganda, one of the country’s leading asset-financing companies, has been awarded the prestigious Client Protection Certification award.

The recognition by Microfinanza Rating (MFR), one of the world’s top microfinance information service providers worldwide, positions Watu Uganda as the third financial institution in Africa to achieve such an accolade, underscoring the company’s commitment to financial inclusion and responsible lending practices.

The recognition has coincided with Watu’s Customer Service Week celebrations, a time dedicated to honoring customer-centric service and engagement. Since the introduction of the Microfinance Institutional Rating (MIR) in 2012, MFR has aimed to integrate client protection into traditional financial analyses. By emphasizing social responsibility, the Italy-based MFR is paving the way for institutions to prioritize client welfare alongside profitability.

  • Christian Kamukama, Watu's Head of Commercial, told journalists at a press briefing that achieving the MFR Client Protection Certification signified their commitment to fair, transparent, and responsible lending.

“The certification process involved a comprehensive evaluation of Watu Uganda’s operations, highlighting the importance of transparency, fair product design, and effective complaint resolution mechanisms,” he said.

Since its inception in 2019, Watu Uganda has made significant strides in the boda boda industry, providing over 130,000 loans and thus positively impacting the lives of more than half a million people.

  • The Boda boda industry is a vital component of Uganda's transportation network, providing income opportunities and mobility for millions of people every day. Recent statistics indicate that approximately 1.5 million people are employed in this sector, contributing to 2% of Uganda’s GDP.

Moses Bukenya, a boda boda rider and beneficiary of Watu's services, told this publication that he is extremely happy with Watu’s services so far.

"Watu has been instrumental in helping us achieve financial inclusion and responsible lending practices. This support has uplifted our incomes and improved our livelihoods," he said.

However, according to Kamukama, the boda boda financing industry in Uganda still faces several challenges, which he said require urgent attention. These include lack of regulation, which has made borrowers vulnerable to exploitative lending practices, volatility in fuel prices which make it harder for the borrowers to pay back their loans, as well as limited financial literacy.

He noted that surveys had indicated that over 60% of boda boda operators have limited knowledge of financial products, leading to misinformed financial decisions. Kamukama highlighted the importance of collaboration among the key stakeholders to tackle these challenges effectively: “We must work hand-in-hand with the government to establish regulations that protect both borrowers and lenders. By creating a stable environment, we can enhance access to finance in the Boda boda industry,” he stated.

  • Watu Uganda’s journey toward achieving the MFR certification began in 2021 with a rigorous social rating assessment that reviewed the company's adherence to client protection principles.
  • The certification reflects the institution’s ongoing efforts to maintain ethical and transparent business operations, further strengthening its reputation as a leader in financial services.

As part of the Customer Service Week, Watu Uganda is hosting interactive activities to encourage open dialogue between staff and clients. These events offer existing and prospective clients the opportunity to learn more about Watu’s diverse financing options and the robust support systems available to assist them throughout their financial journey.

Additionally, the event provides a platform for journalists and stakeholders to explore how Watu Uganda is driving innovation in ethical and responsible financial service delivery across East Africa.

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