Watu Credit, a company notorious for exploiting its employees and borrowers, is now facing growing scrutiny, both from its disgruntled workforce and from a public increasingly aware of its unethical practices.
Whistleblowers have exposed a toxic culture within the company, where workers are subjected to unreasonable demands, working long hours without proper compensation, while the management continues to prioritize profits over human welfare.
Employees, especially in the back office, have shared disturbing accounts of being forced to work on weekends and holidays, with no overtime pay in sight.
The company’s rigid policies, enforced with an iron fist, seem designed to benefit the upper echelons of management while leaving the staff vulnerable and overworked.
One employee, who wished to remain anonymous, described a work environment where they were expected to work through holidays like Christmas and New Year without any consultation or regard for their well-being.
Despite the grueling hours, their basic salary remained stagnant at a meager 32,000 Ksh per month, with no effort from the Head of Department to improve their situation.
The staff’s complaints have fallen on deaf ears, as management appears more focused on maintaining control than addressing the concerns of those who keep the company running.
According to insiders, the Head of Department, despite holding a position of influence, has shown little to no interest in advocating for the rights of employees.
Instead, favoritism and a lack of accountability have allowed the toxic environment to fester unchecked.But the exploitation does not stop with the employees.
Watu Credit’s lending practices have earned it a reputation for being one of the most predatory companies in Kenya.
The company targets vulnerable individuals, particularly boda boda operators, offering loans with interest rates that can soar as high as 103%.
These exorbitant rates trap borrowers in a never-ending cycle of debt, making it nearly impossible for them to escape their financial burdens.
In many cases, borrowers find themselves worse off than they were before they took out a loan, further entrenching their poverty.
Despite widespread condemnation of its practices, Watu Credit operates with minimal oversight, taking advantage of regulatory loopholes to continue exploiting its clients.
The company’s failure to act responsibly towards its customers is matched only by its mistreatment of its employees.
At the center of this chaotic operation is CEO Andris Kaneps, whose leadership has done little to address the mounting issues within the company.
A Latvian national, Kaneps’ apparent indifference to the suffering of both employees and borrowers alike is staggering.
His lack of action in response to multiple complaints about the toxic work culture and predatory lending practices only deepens the sense that his priority lies in profits, not in the well-being of those affected by his company’s actions.
Under Kaneps’ watch, Watu Credit has transformed into a company where workers are disposable and borrowers are treated as nothing more than a source of revenue.
His disregard for corporate responsibility is evident in the way he has failed to address mounting concerns, leaving employees feeling abandoned and borrowers trapped in a cycle of debt.
As more individuals come forward with their stories, the future of Watu Credit appears increasingly uncertain.
The company’s toxic culture and exploitative business practices have left a trail of disgruntled employees and vulnerable borrowers, raising the question of how long it can continue operating in its current form.
With Kaneps at the helm, it seems that Watu Credit is more focused on profits than on treating its employees and customers with the dignity they deserve.
