Watu, a Pan-African buy-now-pay-later firm, is targeting revenues of KES 44 billion ($340 million) in 2025 as it pivots towards smartphone lending, which has overtaken motorbike financing as its fastest-growing product. While gross revenues surged 67% in 2024, net profit slumped 85% to $1.2 million. Active loans tripled in 2024 to 1.9 million, and Watu is aiming for 2.3 million in 2025. Watu has built its model around lending to informal operators and low-income earners without access to formal credit. Employee numbers fell 3.6% last year to 2,465, suggesting heavier use of digital channels to manage millions of small-ticket loans.