Verdant Capital Hybrid Fund completes its first investment, in Watu Credit Uganda Limited. : Verdant Capital
Summary
This represents an important milestone for Watu in Uganda, its second largest market after Kenya, where the business was first established in 2015. Watus operations are backed by the strong use of technology, including automated processes, GPS tracking tools for the motorbikes and the exclusive use of digital payments via mobile money wallets. Watus business model provides an affordable route for riders to attain financial stability, the ability to participate in the economy and, in many cases, the first opportunity to have tangible wealth in the form of ownership of a motorbike. The Fund is targeting high developmental impact, including job creation and income generation through SMEs and micro-entrepreneurship. The Fund is investing hybrid capital and subordinated debt instruments into inclusive financial institutions on a pan-African basis.