Wegagen Bank Products and Services at a Glance

Wegagen Bank offers a variety of products and services to cater to different customer needs.

Their product portfolio includes savings accounts, current accounts, and fixed deposit accounts.

Wegagen Bank also provides loan services, including personal loans and business loans.

Their loan services have flexible repayment terms and competitive interest rates.

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Wegagen Bank is a leading private commercial bank in Ethiopia, founded in 1997 by 15 entrepreneurs.

Wegagen Bank has a strong presence in the country, with over 230 branches across Ethiopia.

The bank offers a wide range of financial services, including savings accounts, loans, and credit cards, making it a one-stop-shop for all banking needs.

Wegagen Bank is a leading private commercial bank in Ethiopia.

Founded in 1997, Wegagen Bank has a rich history of providing innovative banking solutions.

The bank has a strong presence in the country with over 130 branches across major towns and cities.

Wegagen Bank is committed to delivering exceptional customer service and has a dedicated team of professionals working tirelessly to achieve this goal.

The bank's mission is to be the best bank in Ethiopia by providing quality financial services.

Wegagen Bank offers a range of financial services to cater to different needs.

Their loan options include Automobile Loan, Mortgage Loan, Working Capital Loan, Optional Diaspora Account, and Consumer Loan.

If you're looking to manage your finances online, Wegagen Bank's Internet Banking service allows you to check your balance, transfer money, view your account statement, control your progress, and pay bills online.

Their Mobile Banking service is also convenient, offering a mobile application, balance inquiry, USSD application, mobile top up, and money transfer.

Wegagen Bank's loan interest rates vary, with Personal Automobile Loan at 14.5%, Diaspora Mortgage Loan at 9.8%, Corporate Loan at 14.5%, Investment Loan at 14.5%, and Working Capital Loan at 14.5%.

If you're saving with Wegagen Bank, you can enjoy interest rates of 7% for Personal Saving, 7.5% for Women Saving, and 7.5% for Youth Saving.

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Wegagen Bank has shown impressive growth in its financial performance, with a 27% increase in paid-up capital, reaching a total of Birr 5.1 billion.

This significant growth has exceeded the National Bank of Ethiopia's regulatory requirement, providing a strong foundation for the bank's future expansion and development.

The bank's total capital has also increased by 33% to Birr 9.2 billion, a substantial boost that will support the bank's growth plans.

Total deposits have reached Birr 52.1 billion, a 22% increase from the previous year, thanks to focused resource mobilization efforts.

The bank's assets have grown substantially, totaling Birr 65.7 billion, a 22.9% increase compared to the prior year.

The bank's outstanding loans and advances have also increased, reaching Birr 45.1 billion, a 13% increase from the previous year, supporting various sectors of the Ethiopian economy.

This growth in loans and advances is a positive sign, indicating that the bank is actively supporting the country's economic development.

Wegagen Bank has made significant strides in expanding its shareholder base, with nearly 12,000 shareholders as of June 30, 2024, a testament to the public's trust in the bank's performance and strategic direction.

This growth has also led to a substantial increase in job creation, with over 5,400 jobs nationwide, demonstrating the bank's commitment to social and economic development in Ethiopia.

The bank's dedication to community development is evident in its corporate social responsibility initiatives, with Birr 75 million in donations made to socioeconomic development projects that support low-income communities.

By integrating an Environmental, Social, and Governance (ESG) framework into its operations, Wegagen Bank has strengthened its commitment to sustainable practices, including green financing initiatives.

Wegagen Bank's shareholding structure has become more diverse, with nearly 12,000 shareholders as of June 30, 2024. This growth is a testament to the increased public trust in the bank's performance and strategic direction.

The bank has made a significant impact on the community by creating over 5,400 jobs nationwide. This demonstrates its commitment to social and economic development in Ethiopia.

Wegagen Bank has also shown its dedication to corporate social responsibility by donating Birr 75 million to socioeconomic development initiatives. These initiatives support philanthropic organizations that aim to uplift low-income communities.

By integrating an Environmental, Social, and Governance (ESG) framework into its operations, Wegagen Bank is strengthening its commitment to sustainable practices. This includes green financing initiatives that prioritize environmental responsibility.

Wegagen Bank offers a unique service called Interest-Free Banking. This allows customers to withdraw money from their deposit account at any time without incurring interest.

The Bank and the customer must come to an agreement about the amount deposited, which is a crucial aspect of this service.

Wegagen Bank has actively invested in digital transformation to enhance customer experience and accessibility.

The bank operates 436 branches across Ethiopia, providing both conventional and interest-free banking services.

You can find these services at one of the bank's 360 ATMs or 436 Point of Sale (POS) terminals.

The bank has also deployed a network of 4,784 agents to broaden service accessibility through various channels.

This extensive network allows customers to access banking services through internet, mobile, and card banking platforms.

Wegagen Bank has experienced robust growth in several key financial metrics, including a 27% increase in paid-up capital, reaching Birr 5.1 billion.

This significant increase exceeds the National Bank of Ethiopia's regulatory requirement, providing a strong foundation for future expansion and development.

The bank's total capital rose to Birr 9.2 billion, a 33% increase from the previous year, supporting various sectors of the Ethiopian economy.

Total deposits reached Birr 52.1 billion, representing a 22% increase over the previous year, thanks to focused resource mobilization efforts.

Wegagen Bank's assets have also grown substantially, totaling Birr 65.7 billion, a 22.9% increase compared to the prior year.

The bank's outstanding loans and advances reached Birr 45.1 billion, a 13% increase, supporting various sectors of the Ethiopian economy.

As Wegagen Bank looks toward the future, its priorities include expanding the capital base, optimizing resource mobilization, and enhancing risk management frameworks.

Improving service quality and advancing technological capabilities are also central to the bank's long-term growth strategy, as outlined by CEO Dr. Aklilu.

Wegagen Bank has a strong leadership team, including Kaleb Woldearegay, who is the Director of Marketing and Corporate Communication. He plays a vital role in shaping the bank's marketing strategies and corporate communications.

Wegagen Bank's leadership team is well-structured and effective, with Kaleb Woldearegay at the helm of marketing and corporate communication efforts.

344 people are employed at Wegagen Bank.

The number of employees at Wegagen Bank is a significant aspect of the bank's operations.

This number highlights the bank's commitment to providing a personal touch to its customers, with a smaller workforce allowing for more focused attention.

In fact, 344 is a manageable number that enables Wegagen Bank to maintain a strong sense of community and customer relationships.

This approach to staffing can be a key differentiator for the bank in a competitive market.

Kaleb Woldearegay is the Director Marketing and Corporate Communication of Wegagen Bank. He holds this position at Wegagen Bank.

Having the right leader in place can make a huge difference in a company's success. Kaleb Woldearegay is a great example of this, serving as the Director Marketing and Corporate Communication of Wegagen Bank.

Wegagen Bank offers a wide range of products and services to cater to different customer needs. The bank operates 436 branches across Ethiopia, providing conventional and interest-free banking services.

Wegagen Bank has invested heavily in digital transformation, deploying 360 ATMs, 436 Point of Sale (POS) terminals, and a network of 4,784 agents to enhance customer experience and accessibility. This extensive network allows customers to access services through internet, mobile, and card banking platforms.

The bank provides loan facilities to various customers, including NGOs, micro-finance institutions, Embassies, Corporate/institutions employees, and International Organizations. Loan facilities can be used for purchasing items such as vehicles and houses, and repayment schedules are flexible, ranging from mid to long term.

Wegagen bank offers a range of loan facilities to various individuals and organizations, including NGOs, micro-finance institutions, and corporate employees.

You can borrow money from Wegagen bank for specific items, such as vehicles and houses.

The repayment schedule is designed to be smooth, with options for mid to long-term repayment periods depending on the loan.

Here are some of the loan facilities provided by Wegagen bank:

Wegagen Bank offers a unique account option that adheres to Sharia laws, known as Wegagen Amana.

This special account is free and interest-bearing, making it a great option for those who want to manage their finances in line with their values.

Wegagen Amana has its own dedicated window in every branch, providing easy access to this specialized account.

It's a recommended product, suggesting that it's a reliable and trustworthy option for customers.

Wegagen Bank offers competitive exchange rates for various currencies.

You can find the current exchange rates for Wegagen Bank on their exchange rates page, which also lists rates for other banks in Ethiopia.

The exchange rate for the US dollar (USD) is 128.09 birr for buying and 130.65 birr for selling, with a difference of ±2.56 birr.

The exchange rate for the British pound (GBP) is 161.10 birr for buying and 164.32 birr for selling, with a difference of ±3.22 birr.

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Wegagen Bank's exchange rates for the Euro (EUR) are 132.89 birr for buying and 135.55 birr for selling, with a difference of ±2.65 birr.

The exchange rate for the Swiss franc (CHF) is 141.83 birr for buying and 144.67 birr for selling, with a difference of ±2.83 birr.

Here's a breakdown of Wegagen Bank's exchange rates for various currencies: