Watu Holdings, a Kenyan buy-now-pay-later startup, reported a sharp 85% drop in profit to $1.2 million (KES157 million) in 2024, according to disclosures by Car & General, which holds a 29% stake in the business. The decline from $7.6 million (KES985 million) a year earlier points to rising loan defaults and deteriorating repayment behaviour in
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