Bank Review: Wegagen Bank—Everything you need to know
Wegagen Bank SC was formed by 16 members. It was registered with the National Bank of Ethiopia on April 30, 1997, and it started operations on the 11th of June, 1997.
Wegagen Bank is a commercial bank in Ethiopia with over 397 branches and 4990 employees. It offers personal and premium banking services to its individual and business customers.
Wegagen Bank also works with the Ethiopian government as part of its corporate social responsibility initiative. It has donated millions of Birr to local charities and organisations in different sectors.
This article covers the products and services offered by Wegagen Bank.
History of Wegagen Bank
Wegagen Bank SC was formed by 16 members. It was registered with the National Bank of Ethiopia on April 30, 1997, and it started operations on the 11th of June, 1997.
Wegagen Bank started with an initial paid-in capital of Birr 30 million and two Branches located in Goffa Sefer and Meskel.
Wegagen Bank is one of the first banks in Ethiopia to introduce core banking systems as part of its infrastructure.
It also added card banking as part of its services in June 2010 with the launch of its Agar Visa debit card and 11 ATMs in different parts of Ethiopia.
In 2014, Wegagen Bank introduced mobile banking as part of its product offerings. It also celebrated the opening of 100 branches in Ethiopia in 2014.
The Goffa Seher branch served as its headquarters when the bank first started. Wegagen moved its headquarters in October 2017 to a 23-stories headquarters building in front of Addis Ababa Stadium, Ras Mekonnen Street.
Wegagen Bank's products and services
Wegagen Bank offers savings and loan products to its customers. Its products are split into main categories: personal bank accounts and personal loans.
Personal bank accounts
These are current and savings accounts for individuals living in Ethiopia. Some of Wegagen Bank’s personal bank account products are:
Agar regular savings deposit account
This is an interest-earning savings account for individuals that want to save towards a particular need in the future.
Customers are required to use a passbook to withdraw or deposit money into their accounts. A minimum amount of Birr 25 ($0.47) is required to open the account.
Admas saving
This is an interest-earning savings account for individuals interested in taking a house or car loan from Wegagen Bank.
Customers are required to use a passbook to withdraw or deposit money into their accounts. A minimum amount of Birr 25 ($0.47) is required to open the account.
Diaspora saving
This is a savings account for Ethiopians in the diaspora and foreigners living in Ethiopia that are interested in paying for a Wegagen diaspora mortgage loan.
The loan can be used to purchase or construct residential and commercial buildings. Funds can not be withdrawn after they have been deposited into the account.
Nigat women's savings account
This is a high-interest-earning savings account for only women. Nigat account owners also receive special discounts from merchants and service providers affiliated with Wegagen Bank.
To open a Nigat women's savings account, you need a valid identity card and two passport photographs.
Other personal bank accounts are Wegagen Amana, Goh junior savings account, and premium banking accounts.
Personal loans
These are Wegagen bank loans for individuals. Wegagen Bank offers three types of personal loans: Admas loan, consumer loan, and Diaspora-mortgage loan.
Admas loan
This is a loan for individuals that earn a monthly salary. It works as a savings account where employees can save a percentage of their salary to use as collateral.
For car loans, the customer must deposit 40% of the total value of the vehicle before they can apply for a loan. Wegagenbank funds the remaining 60%.
For mortgages, the customer must deposit 30% of the total value of the property before they can apply for the loan. Wegagen Bank funds the remaining 70%.
Car loans have a maximum repayment period of 7 years while house loans have a maximum repayment period of 10 years.
To be eligible for the loan, you must open an Admas bank account for at least one year.
Consumer loan
These are loans available to Wegagen's corporate customers interested in purchasing or leasing buildings and vehicles.
The maximum repayment period for the loan depends on if the loan is a short, mid, or long-term loan.
Just like the Admas loan, corporate customers must deposit 40% of the total value of the vehicle before they can apply for a loan. Wegagenbank funds the remaining 60%.
For mortgages, corporate customers must also deposit 30% of the total value of the property before they can apply for the loan. Wegagen Bank funds the remaining 70%.
Car loans have a maximum repayment period of 7 years while house loans have a maximum repayment period of 10 years.
To be eligible for the loan, you must open the account for at least one year.
Diaspora / non-resident mortgage loans
Wegagen's mortgage loans are for individuals interested in buying or building residential or commercial buildings in Ethiopia.
It's available for Ethiopians in the diaspora and foreigners living in Ethiopia. To apply for the loan, the borrower has to open a diaspora mortgage savings account with Wegagen Bank and deposit 50% of the property's value.
The amount can't be withdrawn after it has been deposited. The bank will cover the remaining % of the mortgage. The loan's interest rate depends on the bank’s terms and tariffs.
Businesses and individuals can apply for a Wegagen mortgage loan by visiting any Wegagen Bank branch.
Wegagen Bank also offers Forex services and trade services to its customers.
Wegagen Bank's alternate banking channels
These are the different ways customers can manage and access Wegagen Bank’s services without visiting a bank branch.
Wegagen agent banking (HelloCash)
This is an agent and mobile banking service created by Wegagen Bank to increase financial inclusion in certain areas in Ethiopia.
HelloCash was also created to allow people carry out banking transactions like money transfers, cash deposits, etc. without visiting a Wegagen Bank branch.
With HelloCash, Wegagen Bank customers can
- Manage their Wegagen Bank account
- Withdraw and deposit money
- Transfer money to other accounts
- Buy airtime
You can register for HelloCash Wegagen mobile and agent banking service by visiting any Wegagen Bank branch or Wegagen agent near you. All you need is a valid ID and a mobile phone.
Wegagen bank cards
Wegagen Bank offers three types of ATM cards to its customers: Agar card, Nigat card and Amana card.
These cards can be used at any mobile banking agent shop or ATM to carry out some banking transactions.
Wegagen Bank internet banking (WegagenDirect)
This is Wegagen’s internet banking portal for its retail and corporate customers. With the bank portal, customers can
- Manage and access their Wegagen Bank accounts and loans
- Transfer funds to other accounts
- Make bulk payments
- View the bank’s exchange rate
You can register for WegagenDirect by visiting any Wegagen Bank branch near you. Registered users can log into the portal here
Money transfer
Wegagen Bank customers can send and receive money from anywhere in the world through the bank’s l international money transfer companies. Wegagen Bank’s international money transfer partners are:
- Dahabshiil
- Kaah Express
- Amal-Express
- Western Union
- Ria
- MoneyGram
- Tawakal Express
- X-Press Money
- Fast Pay
- Osob
- Trans – Fast
- Olympic Express
- I-Cash.
Wegagen Bank’s mobile banking (*866# and WeganDirect app)
Wegagen Bank customers can access and manage their accounts through the bank’s USSD code (*866#) and its WeganDirect bank app.
Wegagen’s mobile banking service is available in English & Amharic.
To register for Wegan Bank’s mobile banking, dial *866# and follow the prompts OR visit any Wegagen Bank branch near you.
You can also download the Wegagen Bank app from the Playstore and Appstore.
Frequently asked questions
What is Wegagen Bank contact information
Wegagen bank head office: Wegagen Tower, Ras Mekonen St, Addis Ababa
Wegagen Bank email address: info@wegagenbanksc.com
Wegagen Bank call center: +251 115 523 800 and +251 115 177 500
Wegagen Bank working hours: 8am-7pm on Monday- Friday
8am-6pm on Saturdays
You can find a Wegagen Bank branch here or an ATM here
What is Wegagen Bank SWIFT code
WEGAETAA
What is Wegagen Bank website
You can visit Wegagen Bank’s website here.
You can also view its Instagram, YouTube , Facebook, Twitter, and LinkedIn pages.
What is Wegagen Bank's USSD code
866#
Conclusion
Wegagen Bank is a commercial bank in Ethiopia that offers banking products and services to both individual and business customers.
Although its website is easy to navigate, it is best to visit a Wegagen Bank branch to learn more about the bank's financial offerings.