Watu Sold One Million Mobile Devices in Kenya

Pan-African asset finance provider Watu is celebrating the sale of over one million mobile devices in the Kenyan market.

The achievement, reached through its subsidiary Watu Simu and strategic partnerships with leading manufacturers like Samsung Mobile, highlights Watu’s commitment to enhancing digital access.

At the end of October, Watu Simu successfully financed the smartphone purchase for its millionth customer, just 23 months after entering the mobile device asset finance sector.

The rapid growth underscores the rising demand for sustainable financing models, particularly in the form of Buy Now, Pay Later (BNPL) products aimed at bridging the digital divide in regions like Kenya and Tanzania.

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Kevin Michuki, Head of Growth at Watu Simu, expressed his pride in the company’s journey, stating, “Celebrating our millionth customer milestone confirms the increasing demand for accessible financing solutions. Our data indicates that over 70% of the devices purchased are being used in active economic sectors, particularly in digital enterprises like ride-hailing, online delivery, and marketplace services.”

Watu Simu’s financing solutions are especially vital given the average smartphone price range of Ksh 45,000 to Ksh 80,000. These affordable options empower customers to invest in quality devices that enhance their economic productivity.

Expanding its impact beyond Kenya and Tanzania, Watu Credit has now reached over 1.5 million mobile device customers, establishing itself as the fastest-growing smartphone financier in sub-Saharan Africa.

A recent GSMA report reveals that Kenya’s digital economy is poised to contribute Ksh 662 billion to GDP by 2028, driven by strategic policy reforms and an acceleration in digitalization across critical sectors like agriculture, manufacturing, transport, and trade. The report anticipates the creation of approximately 300,000 new jobs and an increase in tax revenues by Ksh 150 billion.

The Communications Authority of Kenya (CA) has also noted remarkable growth in the telecommunications sector during the 2023/24 financial year.

Their latest Fourth Quarter Sector Statistics Report indicates that, as of June 30, 2024, there were 66.1 million mobile devices connected to networks, demonstrating a penetration rate of 128.3%. Smartphone penetration has reached 68.3%, reflecting a growing trend as the demand for feature phones has slightly declined.