The MicroFinanza Rating (MFR) Certification Committee has awarded Watu Credit Kenya and Uganda a Client Protection Certification to honour their pledge to client protection.

The two Watu subsidiaries were feted with Bronze level Customer Protection Certification to become the first financial institution in Kenya and third in Africa to get the recognition.

The provider of asset financing for boda boda riders says the recognition is testament of the firm’s commitment ethical business practices compliance with client protection regulations.

Watu GM for East Africa Andrii Volokha says the firm observes Cerise+SPTF Methodology and Universal Standards for Social and Environmental Performance Management standards.

“This recognition highlights our commitment to our customer's welfare and reinforces our reputation as a trusted asset financing provider,” indicated Volokha.

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He noted: “I want to reassure our investors that we have aligned our systems and practices to adhere to the globally accepted client protection standards.”

The committee certified Watu on key client protection services parameters among them 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.

“With a compliance rate of 99 per cent across indicators including transparency, fair and respectful treatment of clients, prevention of over-indebtedness, responsible pricing, appropriate product design, and privacy of customer data, we have solidified our position as a model of integrity within the asset financing sector,” the GM added.

Watu has enabled more than 500,000 clients in Kenya and Uganda to acquire motorbikes, tuk tuks, smartphones, vehicles among other assets since the firm was established in 2015.

The MFR Certification Committee has been approved to conduct Client Protection Certifications under the Cerise+SPTF framework.

The aim of the leading Certifier it to enhance finance inclusion industry practices while the Client Protection Pathway ensures that financial products and services do not harm clients.

The certification framework has three levels: gold, silver, and bronze and is valid for three years.