Three-wheeler financing for cleaner vehicles unveiled in Tanzania

Dar es Salaam: Watu Credit (Tanzania) Limited announced an initiative to expand its asset financing support for Compressed Natural Gas (CNG)-powered three-wheelers across Tanzania.

This initiative is part of Watu’s ongoing commitment to environmental sustainability, with the goal of financing at least 1,000 CNG-powered three-wheelers by the end of 2024, intensifying efforts to transition the transport sector to cleaner energy sources.

The initiative was officially launched in the presence of the Ilala District Commissioner, Edward Mpogolo, who highlighted the collaborative efforts of the government and private sector through public-private partnerships.

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“These efforts align with Sustainable Development Goal No. 7, ensuring access to affordable, reliable, sustainable, and modern energy for all, including that every Tanzanian can access affordable and clean energy by 2030,” stated Edward Mpogolo.

“Transitioning to cleaner energy is essential, and we are dedicated to financing this project to help the commuters, drivers, and the community adopts clean, safe, and sustainable transport. This commitment helps safeguard our environment because the future of our entire planet depends on the actions we take today,” said Rumisho Shikonyi, Country Manager at Watu in Tanzania.

Watu has been working towards this goal, financing over 200 CNG-powered three-wheelers worth Tshs. 2.2 billion in the past two months alone.

This campaign will further amplify their impact, helping them achieve the target of financing at least 1,000 more vehicles and advancing the clean mobility agenda across the continent.

The event also featured prominent stakeholders from the energy and environmental sectors, including Engineer James Mologosho (Principal Engineer Natural Gas – Distribution & Supply at EWURA), Tajiel Urioh, expert in climate policy, carbon markets and energy transition, and Dr Esebi A. Nyari (Mechanical Engineering Lecturer & CNG Project Coordinator at DIT).

Watu is an asset financing company revolutionizing financial inclusion across Africa. The company is building an ecosystem for unbanked and underserved individuals by providing access to mobility and connectivity tools that enhance digital literacy, economic growth, quality of life and opportunity.

So far, Watu has provided over 1 million loans across 7 countries and has positively impacted the lives of more than 4 million people.

In addition, Watu actively promotes financial literacy and independence, as well as increased regulatory and safety compliance.