Watu Credit launches a new entity – the first lending company from Uganda on Mintos

Watu Credit, a lending company on Mintos offering investment opportunities in loans issued in Kenya, is broadening its portfolio and is offering investors the opportunity to invest in motorbike loans issued in Uganda.

The Ugandan economy

According to the World Bank, the Ugandan economy is emerging from the impact of the Covid-19, which, similarly to many economies, caused a contraction of the economy due to businesses closure and unemployment increase. Now in 2021, signs of recovery have strengthened, underpinned by improved business and trading conditions as Covid-19 restrictions ease. The country’s domestic investments picked up during the last quarter of 2020 in line with global investment recovery, and the World Bank suggests the macro-economic recovery and stimulus packages, combined with structural measures, will sustainably increase productivity and build resilience to enhance livelihoods, the economy, and general well-being in Uganda.1

Watu Credit in Uganda

Watu Credit Uganda was founded in July 2019 and currently has a growing team of 140 employees. As of May 2021, the company had 15 431 active borrowers, with a net loan portfolio worth € 12.1 million. 93% of Watu Credit Uganda customers are men, with an average age of 34 years, and the main purpose of taking loans is to buy a motorcycle taxi (bodaboda).

The company is successfully collecting over 90% of scheduled loan repayments from borrowers (an average of 92.4% from the last 4 months). The company shares that it aims to empower local entrepreneurs who strive to improve their livelihood by creating a service-oriented business with flexible and affordable financing of their vehicles.

To make sure their clients are creditworthy, Watu Credit Uganda requests a minimum downpayment of 20% for all the issued loans, asks for a reference letter from their local government chairperson or bodaboda (motorcycle taxi) stage chairperson, asks to provide two guarantors who are willing to guarantee their loans, as well as checks the client’s weekly income.

On Mintos Watu Credit’s motorbike loans are listed as car (vehicle) loans.

Watu Credit Uganda loans on Mintos

Annual interest rates

Up to 12%

Average APR* 


Average loan amount

€ 971

Non-performing loans ratio (PAR 90**)


Average loan term

21 months

Skin in the game


Mintos Risk Score


Buyback obligation


Interest on delayed payments


*Annual Percentage Rate
**Portfolio At Risk (overdue more than 90 days)

The Mintos Risk Score for loans issued by Watu Credit Uganda is 7, with the subscores of 8 for loan portfolio performance, 6 for loan servicer efficiency, 6 for buyback strength, and 5 for cooperation structure.

Watu Credit will pledge loan receivables in favor of Mintos in the amount that will be more than the funded amount on Mintos, making the investment opportunity more secure for the investors.

“After partnering for several years in Kenya, we are delighted to extend our cooperation with Mintos in Uganda. Uganda represents a rapidly growing Watu market in East Africa and Mintos will be a crucial pillar in our capital raising exercise to satisfy the market demand for our services and products.”

Agris Varpins,  Board Member of Watu Credit Uganda

How to invest in Watu Credit Uganda loans

Mintos has added Watu Credit Uganda loans to the diversified and conservative strategies. If you want to invest in these loans with a custom automated strategy, make sure to adjust your strategy settings. If you’re investing manually, you can filter the loans on the Primary Market.

About Watu Credit

Watu Credit is a fast-growing alternative lending company. Headquartered in Mombasa, Kenya, Watu Credit aims to become the leading African provider of a broad set of inclusive financial products, delivered in a fast, efficient, and professional manner. The company primarily offers asset financing (motorcycles and three-wheelers) loans.

Watu Credit joined Mintos on 29 Jan 2018. Since the start of cooperation, Watu Credit has funded a total of € 22 423 497 worth of Kenyan loans, and investors on Mintos have earned € 867 918 in interest.


Have something to share?

Ask questions, share your thoughts, and discuss with other investors in our Community.