Wegagen Bank S.C
Wegagen Bank S.C. provides commercial and international banking services in Ethiopia. It offers various deposit products, including overdraft accounts, checking deposits, negotiable order of withdrawal accounts, zero balance accounts, escrow accounts, savings deposits, and fixed time deposits.
Its loan portfolio comprises term loans, merchandise loans, trade and service loans, agriculture production loans, manufacturing loans, building construction loans, bridge loans, consumer loans, and automobile loans. The bank also offers international banking services, forex bureau services, and local and international money transfer services. Wegagen Bank was founded in 1997 and is headquartered in Addis Ababa.
Wegagen Bank SC was established on the 11th of June 1997 EC. It came to life as a result of the entrepreneurial wit of sixteen (16) founding members who recognized the critical role that financial institutions would play toward creating a sustained economic development and were able to put in an initial paid-in capital of Birr thirty million (Birr 30 Million).
Established under the banking proclamation of Licensing and Supervision, Proclamation No. 84/1994, the Bank was registered with the National Bank of Ethiopia on April 30, 1997. The Memorandum and Articles of Association of the Bank were signed on April 15th, 1997 and registered with the Addis Ababa Bureau of Trade, Industry, and Tourism on April 15, 1997, Registration Number 1/34/4/89.
The Bank, as it started back then, operated through its Head Office located in Gofa Sefer, Addis Ababa before it moved to its current Headquarters on the Dembel City Center across the Africa Avenue (Bole Road).
Wegagen Bank has a network of 285 branches Of which 114 are in Addis Ababa and the remaining 171 are located in other cities and towns of the country. To expand its service coverage, the Bank keeps on opening additional branches both in Addis Ababa and regional towns.
Wegagen Bank is a pioneer to introduce a Core Banking System as of July 2000, thereby managing to network the Head Office & all branches. Through its versatile ISO Standard Core Banking System, the Bank is now delivering more efficient services to its customers. The system has also enabled the Bank to provide technology-based banking services such as Card payment services (through ATM & POS), internet banking as well as mobile banking services.
HONESTY, INTEGRITY, AND LOYALTY
We are fair, transparent, and honest. By being sincere and consistent in our behavior, we are accountable and transparent in our actions, thereby delivering our promises.
We strive for excellence and quality in everything we do. We are committed to satisfying our customers by providing timely, responsive and proactive services.
Our customers will be served by competent and highly trained employees providing professional, courteous and friendly service. We are hardworking, committed, efficient and responsible.
EQUAL EMPLOYMENT OPPORTUNITY
We provide equal employment opportunity for all irrespective of their origin, ethnicity, religion, disability, gender, etc.
LEARNING AND INNOVATION
We encourage learning, initiatives and new ideas, recognize people for their creativity and challenge existing practices, as well as seek and identify improvements. We enhance team spirit; share our expertise, ideas, information, and knowledge to achieve our common goals.
We do everything we can to contribute to the community we work in. As a good corporate citizen, we actively participate in deserving social activities
RESPECT AND DIGNITY
We respect and value those we work with and the contribution that they make. We act fairly, ethically and openly in all we do.
GOOD CORPORATE GOVERNANCE
We comply with laws, rules, regulations of the country and international laws.
Wegagen Bank is governed by the Board of Directors consisting of a Chairperson, a Vice Chairperson, and seven Directors. The overall management is entrusted to the management team which comprises the President/Chief Executive Officer, who is appointed by the Board of Directors, four Vice-Presidents and sixteen Directors as well as Manager of Engineering Service.
As at March 31, 2015, the number of employees of the Bank stood at 2,951, of which 987 are diploma holders, 1,067 are holding first and second degrees, while the remaining 897 attended high school and different levels of education.