Self-employment has increasingly become the key to financial freedom for the younger population in a world where the job market continues to shrink with each new dawn.
The boda boda economy, which provides passengers and cargo, is one of Kenya’s fastest-growing self-employment opportunities.
The success stories of Watu Credit’s society
With the availability of credit on flexible terms being a major impediment to most start-ups, Watu Credit’s accommodating loans have made it possible for unemployed men and women to get credit.
Michael Muthee from Kayole, for instance, started with a leased motorcycle but presently owns two and plans to add a second.
Similar to Kawangware, where thousands of students who almost perished in despair then earn up to KSh 4, 000 per day through boda boda.
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Yet as praises are lavished on the young men and women who create success stories, it is wise to bear in mind that such achievements cannot be achieved without financial education.
Putting a high priority on ethical loans
For this reason, Watu Credit has frequently been at the forefront of providing education courses to ensure responsible saving and ethical business practices.
The finance company helps borrowers avoid defaults by providing detailed guidance to customers on how to manage their income and calculate repayment options.
According to Watu Credit leader Andris Kaneps, “a customer receives detailed guidance on applicable repayment options, the impact of repayment periods on the entire loan amount, and the importance of managing their income efficiently.” i. ke.
Kaneps claims that the great encounter his business, one of Africa’s largest asset financing firms, has accumulated over the past eight years is what is taught to clients.
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A collapse of the training
Customers are empowered to understand the effects of loans and the entire loan cycle, from loan initiation to last repayment, as the first lesson.
Consumers are then taught about the value of fiscal control and how to set aside money for “rainy days.”
Kaneps continued, “This not only prevents failures but furthermore cultivates a benefits society as a way of life.”
Financial education equips small-scale boda boda owners with the necessary information to make informed choices regarding benefits and insurance policy.
Even in hard times, the long-term result is that borrowers ‘ livelihoods are safeguarded while their families are kept financially stable.
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One must have the following in order to be eligible for a loan from Watu:
- A KRA PIN certificate as well as an original ID (borrower and one guarantor).
- Two referees (age 18 or older) and a guarantor (age 20 or older) are required.
- A required down payment is required for the chosen property.
- A Safaricom mobile number that has been used for the past six months has been registered with M- Pesa