Watu has released its 2024 Sustainability Report, with one of the most striking highlights being the financing of 1.4 million smartphones across Africa. In Kenya, where mobile connectivity underpins daily life from money transfers to e-commerce, this milestone represents a significant leap in expanding digital access for underserved communities.
The phones, many of which reached low-income earners who could not otherwise afford them upfront, are not just communication tools but gateways to mobile banking, digital loans, online learning, health services, and marketplace opportunities. By enabling people to own smartphones through flexible financing, Watu is directly tackling the digital divide that has long left millions excluded from Kenya’s rapidly growing digital economy.
Kenya already ranks among the most connected nations in Africa, with mobile penetration surpassing 133 percent according to the Communications Authority of Kenya. However, the gap has been in smartphone ownership, particularly in rural areas and among lower-income groups. Watu’s model of asset financing is helping to bridge this gap by putting affordable devices into the hands of first-time smartphone users.
The report notes that these 1.4 million smartphones are part of a wider portfolio of over 80,000 financed motorcycles, tuk-tuks, and 2,000 electric vehicles, impacting more than 8 million people. But it is the smartphone financing that paints a powerful picture of Kenya’s tech habits: a society that has leapfrogged into mobile-first adoption, where everything from paying bills to running small businesses happens on a phone.
“Through this, we remain committed to financing underserved communities with income-generating assets, advancing digital financial inclusion, and fostering e-commerce,” said Andris Kaneps, CEO of Watu.
The findings suggest that Kenyans’ tech habits are not just about social media and communication, but about leveraging digital tools for survival, income generation, and upward mobility. For many, the smartphone has become the primary point of access to the economy.
By lowering the barriers to ownership, Watu is shaping a future where digital access is more equitable, ensuring that the benefits of Kenya’s tech-driven growth reach beyond urban centres and wealthier groups.
