Pan-African asset finance provider, Watu has achieved a remarkable milestone by selling over one million mobile devices in the Kenyan market.
The accomplishment comes through its subsidiary, Watu Simu, in collaboration with top manufacturers including Samsung Mobile.
The company reached this goal by financing the smartphone purchase for its millionth customer at the end of October, just 23 months after entering the mobile device asset finance industry.
Kevin Michuki, Watu Simu’s Head of Growth, celebrated this achievement, stating, “Reaching our millionth customer is a testament to the increasing demand for flexible financing models like Buy Now, Pay Later. We are dedicated to helping bridge the digital divide in Kenya and Tanzania by providing access to quality smartphones.”
Watu Simu aims to meet the needs of customers seeking quality smartphones, which typically cost between Ksh 45,000 and Ksh 80,000. Michuki noted that over 70% of devices purchased are being actively utilized in economic sectors that rely on digital tools, such as ride-hailing, online delivery, and various marketplace services.
With a growing customer base that extends beyond Kenya and Tanzania, Watu Credit currently boasts over 1.5 million mobile device customers, making it the fastest-growing smartphone financier in sub-Saharan Africa.
A recent report from GSMA projects that Kenya’s digital economy will contribute Ksh 662 billion to the GDP by 2028. This growth is expected to be propelled by targeted policy reforms and a broader push for digital transformation across vital industries such as agriculture, manufacturing, transportation, and trade. The report also states that this digital expansion could create approximately 300,000 new jobs, resulting in an increase of Ksh 150 billion in tax revenues.
The Communications Authority of Kenya (CA) has reported remarkable growth in the telecommunications sector during the 2023/24 financial year.
According to the CA’s Fourth Quarter Sector Statistics Report, released for the period ending June 30, 2024, there are now 66.1 million mobile devices connected to networks in Kenya, leading to an impressive penetration rate of 128.3%. Smartphone penetration has reached 68.3%, while the acquisition of feature phones has declined, indicating a shift toward more advanced mobile technology.
