Wegagen Bank Launches International Prepaid Visa Card Service at Diaspora Day Event











Mekelle, August 15, 2016During the Diaspora Day celebration held at Planet Hotel in Mekele City, Wegagen Bank announced the launch of its new international prepaid Visa card service. This service, developed in collaboration with Visa Incorporated, enables customers of the bank, as well as embassies and international organizations, to make global payments without the need to carry cash.

The event, attended by prominent officials, including Dr. Atsbha Ge/Egzehabiher, Head of the Culture and Tourism Bureau of the Tigray Region Interim Administration, highlighted the importance of such financial innovations. Dr. Atsbha encouraged the Ethiopian Diaspora to explore tourism and investment opportunities within the region.

Solomon Tesfaye, Deputy Executive Officer of Wegagen Bank’s Technology Department, noted that the new service allows customers to use the international Visa card for transactions at ATMs and payment terminals (POS) worldwide, eliminating the need to carry foreign currency.

Wegagen Bank, established on June 4, 1989, with an initial paid-in capital of 30 million ETB from 16 investors, has grown substantially over the years. The bank now boasts a paid-up capital exceeding 5 billion ETB and a total capital of more than 10 billion ETB. Operating 438 branches nationwide, Wegagen Bank provides a range of regular and interest-free banking services, along with digital offerings through 385 ATMs, 430 payment processing machines, 4,800 agents, as well as internet and mobile banking. The bank recently introduced the ‘Efoita’ digital loan service application, designed to support micro, small, and medium enterprises seeking credit services.