Wegagen Bank Review
Diaspora Mortgage Loan
Deposit that enables customers to save money to meet future needs.
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
- SWIFT WEGAETAA
- [email protected]
- Automobile Loan
- Mortgage Loan
- Working Capital Loan
- Optional Diaspora Account
- Consumer Loan
- Can Check Balance
- Can Transfer Money
- View Account Statement
- Can Control Progress
- Can Pay Bills Online
- Mobile Application
- Balance Inquery
- USSD Application
- Mobile Top Up
- Money Transfer
- Personal Automobile Loan 14.5
- Diaspora Mortgage Loan 9.8
- Corporate Loan 14.5
- Investment Loan 14.5
- Working Capital Loan 14.5
- Personal Saving 7%
- Women Saving 7.5%
- Youth Saving 7.5%
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.
|USD||United States Dollar||54.2965||55.3824|
|GBP||British Pound Sterling||64.0075||65.2877|
|AED||United Arab Emirates Dirham||13.3071||13.5732|
|ZAR||South African Rand||3.1723||3.2357|
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
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
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.
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
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:
- Vehicles, and
The repayment is on a very smooth schedule that is extended from mid to long term, however, depending on the 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
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