Firm seeks greener mobility, introduces asset financing

Ilala District Commissioner, Edward Mpogolo, sits on a three-wheeler rickshaw to officially launch an environmental conservation initiative championed by Watu Credit (Tanzania) Limited over the weekend. The initiative involves financing three-wheelers powered by compressed natural gas (CNG). Positioned behind him in the rickshaw is Watu Credit Country Manager, Rumisho Shikonyi. On the left (facing the DC) is the head of Business at TVS, Jonathan Masanja. The launch took place in Dar es Salaam last week. PHOTO | CORRESPONDENT

What you need to know:

  • In the last two months, Watu Credit (Tanzania) Limited has financed 200 tricycles worth Sh2.2 billion and the target is to reach at least 1,000 CNG-powered three-wheelers by the end of 2024

Dar es Salaam. The push for green mobility has received a boost after an asset financing company joined the fray to deepen adoption of the gas-fired three-wheelers in Tanzania.

Last week, Watu Credit (Tanzania) Limited announced an initiative to expand its asset financing support for compressed natural gas (CNG)-powered three-wheelers as part of the company’s efforts to support environmental sustainability.

In the last two months, the company has financed 200 tricycles worth Sh2.2 billion and the target is to reach at least 1,000 CNG-powered three-wheelers by the end of 2024.

“Sustainable future in Tanzania is only possible if we take action to transform urban mobility with clean transportation solutions. This is a crucial step that we must take to ensure a better world for ourselves and future generations,” said the company’s country manager, Mr Rumisho Shikonyi.

According to him, the firm bridges the gap of meeting upfront costs of adopting clean transportation by offering asset financing for mobility and connectivity assets, making eco-friendly vehicles more accessible.

“We go beyond just vehicles, extending financing to smartphones for ride-hailing apps and city navigation. This comprehensive approach empowers individuals, entrepreneurs, and small businesses to overcome financial hurdles and participate in a cleaner transportation future,” said Mr Shikonyi.

The company also provides financing for supporting electric vehicle adoption which fosters a nascent industry with immense job creation and economic development potential.

“We’re helping Dar es Salaam build a greener future by pioneering innovative financing solutions for clean energy transitions.

Through collaborative partnerships with manufacturers, government agencies, and community organisations, we’re driving positive change and laying the groundwork for a brighter, greener tomorrow for our city,” he added.

He added that the company looks to empower individuals and businesses in Tanzania to thrive in a rapidly evolving world, by staying at the forefront of asset financing for sustainable mobility.