FMO provides funding for motorcycle financing in Kenya and Uganda
Dutch development finance institution FMO has provided a $15 million and $5 million senior term loan to Watu Credit Kenya and Watu Credit Uganda, respectively.
Watu is a fintech company that provides financing for motorcycles, which are commonly used as taxis and a source of employment.
The company, which started operations in 2015 and has since expanded across Africa, will use the funds from FMO to provide financing for youth-owned micro, small, and medium enterprises.