According to data released by the company in its 2024 sustainability report, Watu grew its revenue by 67 per cent to $231 million (Sh29.9 billion) for the year ended December 2024 from $138 million (Sh17.9 billion) in the prior year. The growth was driven by rapid expansion of smartphone financing and regional scale-up across East Africa as well as consolidation of numbers across all Watu markets as 2023 figures reflected East Africa operations only.
The microlender also revealed that its targeting to grow the revenue by 47 per cent to $340 million (Sh44 billion) by the end of 2025.
The number of active loans financed by the company more than tripled to 1.9 million (from 0.6 million) with women representing 40 per cent of the customers as it continues to focus on increasing accessibility for women entrepreneurs across both mobility and connectivity.
Watu Group CEO, Andris Kaneps said:
“Women represent 40% of our customer base today. Our mission is to grow that number by ensuring access to both mobility and digital finance solutions is equitable and sustainable for women entrepreneurs.”
Watu financed 2,193 electric bikes during the year ended 31st December 2024, a 108% growth compared to the electric vehicles it financed in 2023. The company says customers benefit from approximately 57% lower down payments, 76% lower maintenance costs, and an overall reduction of 95% in operational costs over an 18-month period compared to Internal Combustion Engine (ICE) bikes.
The microlender, which operates in Kenya, Uganda, Tanzania, Rwanda, Nigeria, Sierra Leone and South Africa, plans to increase the number of electric vehicles it will finance in 2025 to at least 5,000 in line with its sustainability goals of reducing carbon emissions from the vehicles it finances. Watu offers lower interest rates on EV financing (7% compared to 8.75% for ICE bikes) reflecting the substantially lower risks associated with EVs, particularly their much lower theft rate.
In 2024, Watu financed 1.4 million smartphones, Watu’s fastest-scaling product, with 40 per cent of Watu Simu customers in Kenya reporting income growth while in Tanzania and Uganda 64 per cent and 54 per cent reported higher earnings respectively
Watu Group CEO, Andris Kaneps said:
“In 2024 alone, we financed 1.4 million smartphones. That’s not just scale for scale’s sake - it means millions more people now have access to digital tools that drive income, opportunity, and inclusion."
Watu saw its number of employees drop by 92 to 2,465 employees in 2024 compared to 2,557 employees in 2023. The employee turnover rate at the company was 14.6 per cent, an improvement compared to 15.9 per cent in 2023. As part of its DEI policy, the group’s female employment increased to 43.4 per cent(from 39.6 per cent), with all markets exceeding the 40 per cent target.
In September 2025, South African private equity firm, Metier, announced an investment of undisclosed amount in Watu Group, through its fund, Capital Growth Fund III.
