The Senate Assembly has cleared the embattled Watu Credit of any wrongdoing following its investigation into allegations of malpractice and exploitation in the Kenyan market.
The Senate Committee on Trade, Industrialisation and Tourism had summoned Watu Credit after Nandi Senator Samson Cherargei claimed that the firm was engaged in illegal dealings.
Cherargei claimed numerous complaints had been raised against the firm by its customers, who petitioned the Senate over widespread theft of motorcycles bought from the company.
Based on this, the Senate committee had asked Watu Credit to file its submissions before it in response to the grave allegations raised about how it conducts its business in the country.
The committee indicated that the matter be laid to rest after it reviewed Watu’s submission saying the documents provided sufficient evidence to clear the firm of any wrongdoing.
“Vide your letter dated 23rd November 2023, the committee received your response to the information sought. At its sitting held on November 30th,2023,the Committee observed that the response was sufficient and resolved to conclude and close the matter,” said Senate Clerk Jeremiah Nyegenye, in a letter to the company dated December 8, 2023.
In his rejoinder, Watu Credit Country Manager for Kenya Erick Massawe said they had availed a register of active cases in police stations and a register of vandalised assets.
Masawe also indicated that they had been asked to provide a register of customer refunds from sales, repossessed assets per county and details on tax compliance and its loan forms.
Watu Credit is an asset fintech in the mass-market mobility market and boasts of dispensing more than a million loans in Kenya and six other countries it operates in across Africa.
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