Wegagen Bank Review

Item: Wegagen Bank
Rating: 8.1
Author: abenezer

Wegagen Bank

8.1 Rating

16% Loan Interest

Nigat Saving

Diaspora Mortgage Loan

Trade Services

Agar Saving

Deposit that enables customers to save money to meet future needs.

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Written by: abenezer Proof Read by: abenezer

Pros and Cons

Personalized and customized personal & premium banking options

Dedicated Diaspora loan that can be used for several purposes

402 number of brunches

Less smooth loan opportunities.

Few ATMs within one’s radius location

Wegagen Bank Information

Contact Information

SWIFT WEGAETAA
866
+251115523800
[email protected]

Diaspora Benefits

Automobile Loan
Mortgage Loan
Working Capital Loan
Optional Diaspora Account
Consumer Loan

Internet Banking

Can Check Balance
Can Transfer Money
View Account Statement
Can Control Progress
Can Pay Bills Online

Mobile Banking

Mobile Application
Balance Inquery
USSD Application
Mobile Top Up
Money Transfer

Loan Interest

Personal Automobile Loan 14.5
Diaspora Mortgage Loan 9.8
Corporate Loan 14.5
Investment Loan 14.5
Working Capital Loan 14.5

Saving Interest

Personal Saving 7%
Women Saving 7.5%
Youth Saving 7.5%

Apply for a loan here

Banks Ethiopia gives you the access and information you need to get car loan and house loan services in Ethiopia from the bank of your choice. If you are a non-resident and/or a foreigner with origin of Ethiopia looking for these loan services, make sure to visit our diaspora mortgage loan and diaspora vehicle loan pages to acquire more detailed information.

Wegagen Bank Exchange Rate

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

weightedSelling	name	buyingTrend	Difference
163.38			± 3.19
0.00			± 4.24
185.62			± 3.76
0.00			± 3.95
0.00			± 0.32
0.00			± 0.47
0.00			± 0.87
0.00			± 0.01

About Wegagen Bank

Established in November 1996, Wegagen Bank S.C. emerged from the visionary mindset of sixteen founding members who recognized the pivotal role financial institutions would play in fostering sustained economic development. With an initial paid-in capital of Birr 30 million, the bank commenced operations from its head office in Gofa Sefer, Addis Ababa. In October 2017, Wegagen Bank relocated to its current impressive 23-storey Headquarters Building, situated in front of Addis Ababa Stadium on Ras Mekonnen Street. Today, Wegagen Bank stands as one of Ethiopia’s largest private banks, distinguished by its unwavering commitment to service quality, diverse product offerings, and cutting-edge technologies.

Wegagen Bank Services

Personal Banking

Saving 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 Saving Accounts provided by Wegagen Bank, which are:

Local Currency Saving Accounts
Special Saving Account
Goh Child Trust Account
Nigat (Women) Saving Account
Supplier Credit Saving
Normal Checking Account
Foreign Currency Saving Account
Non-Resident Foreign Currency Account (NR-FCY)
Non-Resident Non-Transferrable Account

Local Currency Saving Accounts

This is a savings, 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 Child Trust Account

This is a savings, 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 the normal savings interest rate is to be applied:

If the customer decides 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/institutional 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.