Senate clears Watu Credit of malpractice and exploitation claims

The Senate has cleared Watu Credit Limited of any wrongdoing after concluding its probe on the firm over alleged malpractices and exploitation.

In October, the Senate Trade and Industrialisation Committee began investigations over complaints of exploitation and suspicious loss of motorbikes sold to boda boda operators by the credit company.

The aggrieved customers had petitioned the Senate over rampant theft of motorcycles purchased from the company.

“Vide your letter dated 23rd November 2023, the Committee received your response to the information sought. At its Sitting held on 30th November 2023, the Committee observed that the response was sufficient and resolved to conclude and close the matter. The purpose of this letter, therefore, is to communicate the Committee’s resolution on the conclusion of the consideration of the above Statement,” reads a letter from the Office of the Clerk of the Senate.

In October, the credit company was summoned by the Senate Committee on Trade, Industrialisation and Tourism following concerns raised by Nandi Senator Samson Cherargey.

The Senate committee requested Watu to provide submissions on the allegations of malpractices and exploitation about its way of conducting business in Kenya

On November 16, Watu CEO Andris Kaneps, Mr Massawe, the company’s Kenya Country Manager and Rose Osiemo, its HoD Legal appeared before the senate, to clear the air over its business model and relationship with its customers.

Watu submitted evidence based on several documents as requested by the committee, then the Senate Committee resolved all allegations against Watu on December 8.

“One of the things we were able to address during this senate submission, we highlighted challenges the industry is facing and one of them is the informal set up and we believe through that platform, the govt will allow players like us to create a platform and bring all stakeholders in one table so that we can discuss the way ford on how to formalise the industry,” Mr Massawe said.