Watu finances over 2,000 EVs in East Africa

From the newsletter

Watu Africa’s 2024 sustainability report shows the company financed 2,193 electric vehicles across East Africa, up from 1,055 in 2023, a 108% year-on-year increase. Uganda led with 1,039 units, followed by Rwanda (723), Kenya (406) and Tanzania (25). EVs also grew to 3.8% of all vehicles financed in 2024, compared to 1.4% in 2023, signalling steady momentum.

• The high upfront cost of EVs limits ownership, but financing models from players like Watu, Mogo and M-Kopa are making vehicles more accessible. Riders can now own 2 & 3-wheelers in 12–24 months, driving adoption.

• Every East African country has financing for two- and three-wheelers. Four-wheelers, however, remain underserved, as banks treat them like fuel cars with high interest rates, keeping them out of reach for many.

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