Wegagen Bank Review

Wegagen Bank Exchange Rate

The exchange rate for Wegagen Bank can also be found at ourexchange rates page, along with all other banks’ exchange rates in Ethiopia today.

About Wegagen Bank

In November 1996, Wegagen Bank was established by 16 founding members with an initial capital of 30 Million Birr. With over 4,000 Employees, the Bank has gone through milestones throughout the years that pioneered Wegagen Bank among other banks.

Services Provided by Wegagen Bank

Personal Banking

Agar Regular Accounts

This is a deposit, interest-bearing type account, where the initial deposit plan is 25 Birr and users can access their accounts either via Payment Card, Mobile & Internet Banking Services. However, when making withdrawals and/or deposits, customers shall have their passbook presented. Wegagen offers a free of charge bank statement once a month.

There are types of Agar Accounts provided by Wegagen Bank, which are:

• Agar Checking
• Agar Fixed
• Agar Now
• Agar Plus

Admas Savings

This is a saving, interest-bearing account where customers, especially employees, can save money to get loans for purposes like purchasing a vehicle/house. The minimum initial deposit is 25 Birr and users can access their accounts either via Payment Card, Mobile & Internet Banking Services. However, when making withdrawals and/or deposits, customers shall have their passbook presented. Wegagen offers a free of charge bank statement once a month.

Goh Junior Saving

This is a saving, higher interest-bearing account where parents/guardians can open an account on behalf of their children so they may use the deposited money after they turn 18. Minimally, 1,200 Birr is the initial amount for the account to be opened. There are situations where normal savings interest rate is to be applied:

• If the customer decided not to renew every 5 years.
• If a withdrawal is made before the maturity date

Wegagen Bank will issue a bonus depending on the deposit amount at the maturity date. At every renewal, the Bank will raise the interest rate until the child is 18, which means that he/she will have all the ownership of the account and its withholdings once he/she is 18.

Nigat Saving for Her

This is a saving, higher interest rate account that targets individuals and businesswomen. Customers have full accessibility to their accounts either via Payment Card, Mobile & Internet Banking Services. Wegagen bank offers a free of charge bank statement once a month, and individual customers get discounts from specific merchants & services if they did payments via POS.

Interest-Free Banking

Wegagen Amana

This is a special, free interest-bearing account provided by Wegagen Bank that follows Sharia laws, namely known as Wegagen Amana, which has its own window on every branch.

Wadia Amana – Interest-free Savings

Wegagen Bank has a service that allows the customer to withdraw money at any time with a deposit account with no interest. The Bank and the customer have to come to an agreement about the amount deposited.

Kerd Amana Interest-free current account

Wegagen Bank provides its customers the opportunity to withdraw money at any time with a deposit account with no interest. The minimum deposit amount required is 25 Birr. The Bank and the customer have to come to an agreement about the amount deposited. This account can be operated by payment cards, mobile & internet banking services. For money withdrawal & deposit, the customer has to present the passbook at any branch

Loans

Personal loan

Wegagen bank provides loan facilities that are extended to NGOs, micro-finance institutions, Embassies, Corporate/institutions employees, International Organizations, etc

Loan facilities have the following:

• Items
• Vehicles, and
• Houses

The repayment is on a very smooth schedule that is extended from mid to long term, however, depending on the loan.

Admas Loan

Targeting individual employees, Adamas loan allows the customers to save some money and get a loan to, say, purchase a vehicle or house. The interest rate is calculated and set by Wegagen Bank. Admas loans by Wegagen Bank have the following features:

To purchase a vehicle, a customer has to deposit an initial amount of %10 of the original value and then within 6 months, deposit %15. After that, Wegagen Bank is to provide the %60 remaining of the value

To purchase a house, a customer has to deposit an initial amount of %10 of the original value and then within 6 months, deposit %10. After that, Wegagen Bank is to provide the %70 remaining of the value

The maturity of the loan for a vehicle is 7 years and 10 years for a house.

The assets received and obtained with the Wegagen bank’s finance is to be utilized as