Watu Credit (Tanzania) Limited announced an initiative seeking to expand its asset financing support for Compressed Natural Gas (CNG)–powered three-wheelers across Tanzania. CNG use is attributed to having better efficiency as it is typically less expensive than petrol, resulting in lower fuel costs for CNG car owners. Longer engine life: CNG cars have a longer lifespan compared to petrol cars due to the cleaner burning fuel. Lower CNG cost: CNG costs are lower than petrol.
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.
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.
During the launch, the Ilala District Commissioner, Hon. Edward Mpogolo, highlighted the collaborative efforts of the government and private sector like Watu Credit through public-private partnerships as essential.
“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,” he said
According to Rumisho Shikonyi, Country Manager at Watu in Tanzania, the embrace of cleaner energy is essential and a great step toward reducing carbon emissions thus a relief in the global warming conditions.
“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,” said Rumisho Shikonyi.
