Wegagen Bank Review

Wegagen Bank Exchange Rate

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 collateral.

At least, the customer must deposit for one year to be eligible for Admas Loans.

Diaspora Mortgage Loan

Non-resident Ethiopians and Non-Resident Foreign Nationals of Ethiopian Origin, or known as ‘Diaspora’, have the ability to get loans from Wegagen Bank. Loan interest rates are to be as of what follows Wegagen’s terms and tariffs. Diaspora can get loans for the purpose of:

• Purchase a residential house either from real estates’ agents, individual sellers, or associations
• Construct a residential house on their own land
• Purchase/construct commercial buildings
• Finalize the construction of a residential house or commercial building.

Diaspora Ethiopians need to save with Wegagen Bank some amount portion of the original value in advance, in foreign currency for a specified timeframe.

Features

Wegagen Bank prohibits withdrawal from the Diaspora mortgage savings account. However, shall the customer to withdraw, it will be considered as a breach of the contract and will be treated based on the pre-agreed upon the contract that has been made between Wegagen Bank and the Diaspora.

For the residential/commercial building, Wegagen Bank is to finance and fund up to %50 of its value, based on the sales agreement or Wegagen’s engineering valuation, whichever is low is to be chosen eventually

For finished house purchase or who is able to provide other additional collateral, in the case of under-construction under %50, Wegagen Bank is to finance up to %70 of its value.

If the Diaspora returns to Ethiopia for permanent living, the loan repayment will be in Birr but with a 1% additional interest rate.

Premium Banking

Personalized, premium and exclusive banking services are awaiting for those who are interested in banking in premium with Wegagen. Not only in their premium branch but also at every Wegagen branch using a uniquely designed ID as well as Agar Gold Card. The latter is for higher cash withdrawal and Point Of Sale transactions which are of daily limits. There is also the Cas Collection service, which can be provided upon the customer’s request. Additionally, customers get priority within credit facilities as well as the allocation of Foreign Currency

International Banking

Trade Service

Guarantee

Customers who have bid bonds, performance bonds, advance payments, or custom bond guarantees can get several types of guarantees by Wegagen bank, such as:

• Letters of Credit (L/C): For importing and exporting goods/services, Wegagen bank provide L/C (Letter of Credit)
• Export Credit Guarantee (ECG): To exporters, there is an advance credit facility against %80 of the guarantee.
• Cash against Document (CAD): Suppliers/sellers submit documents to his/her drawers bank. After that, the documents are to be sent to the importer’s bank on a collection basis.
• Outward Bills Purchased (OBP): Outward Bills Purchased, or known as OBP, are payments made such as checks, drafts, travelers’ checks, international money orders, and alike.
• Outward Documentary Bills Purchased (ODBP)
  • Any foreign Bank provides an instrument for the benefit of its importing customer, in which the bank that issues the instrument mentioned all the requirements in the form of a credit letter. It handles all the drafts drawn in compliance with the Bank’s credit terms, conditions, and policies.
• Outward Documentary Bills Sent for Collection (ODBC)
  • Whenever the exporter ships, documents are sent to the issuing bank on a collection basis standard.

Money Transfer

local money transfer

Customers of Wegagen Bank can collect and send money to anywhere around Ethiopia from any branch of the bank at a swift speed.

International money transfer

.Wegagen Bank has made partnerships with big international money transfer companies, such as: Dahabshiil, Kaah Express,Amal-Express,Western Union,Ria,MoneyGram,Tawakal Express, X-Press Money,Fast Pay,Osob, TransFast,Olympic Express, and, I-Cash

Forex Services

Wegagen Bank has dedicated forex bureaus is some of its branches. The daily exchange rate for Wegagen Bank can be found here.

Electronic Banking

Agent Banking

Wegagen Agent Banking

Customers can find Wegagen Bank’s HelloCash Mobile & Agent Banking Services at chosen branches and agents in the capital city, Addis Ababa, as well as regional cities and towns. Such agents, however, are individuals who are running their own and legal businesses and are recruited by Wegagen Bank. The Bank has a vision of stressing the problem of low financial inclusion and easy local money transfer, payment, cash deposit, and cash withdrawal. It provides smooth accessibility to financial services through a wide-range branch and agent network for all Wegagen customers at any time, anywhere, to anyone who is in Ethiopia through a mobile phone, without the need to go to bank branches.

Card Banking

With Wegagen’s Agar Visa card, customers are able to execute a number of several banking activities 24 hours a day, seven days a week.

Currently, over 100,000 Agar Visa Electron cards are in the hands of customers provided by Wegagen Bank. The Visa debit product line, which is accepted at the Bank’s ATM network across Ethiopia, aids in purchase payments at Wegagen’s Point of Sale (PoS) terminals placed at various merchant sites.

Customers can also do payments for goods and services they purchase without carrying cash via Point of Sale (POS) terminals found at pre-selected market sites and service organizations in Addis Ababa and regional towns, such as:

• Supermarkets
• Restaurants
• Hotels, and
• Travel & tour agencies

Wegagen Bank accepts two of the most used international payment cards Visa and Master Card, via its ATMs & POS terminals.

ATM Banking

WegagenDirect | ATM ,POS

The newly introduced national switching system allows Wegagen’s ATM Cards, namely Agar, to be used at other bank’s ATMs. Apart from that, Wegagen bank’s ATM and POS terminals are deployed at many locations in Ethiopia and can be accessed easily.

The Bank also provides especially for women and Amana customers Nigat Debit Card.

Wegagen Bank also has made partnerships with retail shops, such as Shoa, which provides shopping cards, and FETTAN, which is an aggregation and service provider.

Internet Banking

WegagenDirect  | Internet

This service, WegagenDirect for Internet Banking, allows customers to have easy accessibility and management of their accounts at any time from anywhere via the bank’s website: https://www. Wegagenbanksc.com.et

Corporate Internet Banking

Non-individuals are targeted within the Corporate Internet Banking, such as NGOs, International Organizations, Government Bodies, Private Companies, etc

Depending on the retail/corporate policies, Wegagen can give access to the account to more than one user.

Retail Internet Banking

This service is for individuals and businesses whose signatory is used to run the business.

Wegagen Bank Mobile Banking

Customers of Wegagen Bank, who are interested in mobile Banking, are enabled to have accessibility and management of their accounts 24 hours a day,  7 days a week, both in the English and Amharic languages.

Wegagen Bank Mobile Banking Code

The code for Wegagen bank mobile banking is *866#. You can simply type the code and dial and get access to Wegagen Bank Mobile Banking,