Nairobi — Micro-lender Watu plans to finance 10,000 electric bikes this year as adoption of clean modes of transportation grows.

This is contained in the firm's first Sustainability Report.

"To reduce its carbon footprint, Watu has set an ambitious target of increasing financing for electric vehicles and their infrastructure, which will help expand e-mobility across the continent," Watu said in a statement.

"The company seeks to increase EV financing to 500,000 bikes by 2030 while empowering 1,000 entrepreneurs to adopt Compressed Natural Gas tuk-tuks by the end of 2024."

Watu CEO and founder Andris Kaneps said empowering millions of African entrepreneurs starts with a commitment to sustainable practices.

"At Watu, we integrate global best practices with local needs, fostering financial inclusion, upholding the highest safety standards, and championing environmental and social responsibility in everything we do," Kaneps added.

"We believe that financial inclusion is the catalyst for unlocking Africa's economic potential."

"By championing electric mobility and advancing digital inclusion, we're not just reducing our carbon footprint and closing the digital divide; we're driving socio-economic development across the continent."

The report also shows that Watu has disbursed 1 million loans since 2015, allowing thousands of Kenyans, Ugandans, Tanzanians, Rwandese, Nigerians, Congolese, and Sierra Leoneans to own motorcycles, tuk-tuks, and smartphones.

"Over the years, we've adapted our product range to meet our customers' evolving needs, marked by significant milestones, including introducing electric vehicle financing, reflecting our commitment to sustainability and environmental stewardship," he stated.

"We are dedicated to creating an ecosystem that supports those without access to traditional banking services with tools that enhance digital literacy, economic growth, quality of life, and opportunities across Africa."