June 18, 2024

Three-wheeler financing for cleaner vehicles unveiled in Tanzania

2 min read

Watu Credit Limited has announced an initiative to expand its asset financing support for compressed natural gas (CNG) powered three-wheelers (bajaji) 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. ‘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.”

Added Rumisho Shikonyi, country manager at Watu in Tanzania: “Transitioning to cleaner energy is essential, and we are dedicated to financing this project to help the commuters, drivers and the community adopt 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.”

Watu has been working toward 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 its impact, helping the company 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 James Mologosho, principal engineer: Natural Gas – Distribution & Supply at the Energy and Water Utilities Regulatory Authority; Tajiel Urioh, expert in climate policy, carbon markets and energy transition; and Dr Esebi A. Nyari, mechanical engineering lecturer and CNG project co-ordinator at the Dar es Salaam Institute of Technology.

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