Category Archives: press release

WEGAGEN BANK APPOINTS ABAY MAHARI AS NEW PRESIDENT

Addis Ababa, February 6, 2019 – The Board of Directors of Wegagen Bank has announced that Ato Abay Mahari has been appointed as the 5th Chief Executive Officer/President of Wegagen Bank, effective February 1, 2019.

Ato Abay Mehari has an extensive experience in the banking industry. He graduated from Addis Ababa University with BSC in statistics in 1985 and earned a Masters Degree in Business Administration from Greenwich University. He started his career as a young professional with Commercial Bank of Ethiopia in 1986 where he worked in diverse roles ranging from junior statistician, planning and budgeting officer, Statistics Department Head, and Credit Information Head. He has served as Retail Credit Assessment and Corporate Relationship Manager, consecutively. During his continued career at the CBE, he has been elevated to a higher position to serve as the Vice President, Credit Management function of Commercial Bank of Ethiopia from 2008, up to his appointment at Wegagen Bank as a President.

The Chairman of the Board of Directors of Wegagen, Ato Mengisteab G/Kidan said, “Ato Abay Mehari is a seasoned banker and his career which spans over 28 years within the banking industry combined with his leadership capability will be of significant value in his role as a CEO”. The Chairman added, “The Board of Directors is pleased to appoint Ato Abay to the role of Chief Executive Officer and look forward to leveraging his expertise and track record in steering the Bank forward”.

Ato Mengisteab stated that Ato Abay Mehari replaces Ato Araya G/Egziabher who recently announced his resignation from the position. Ato Araya has been serving the Bank at different capacities over the last almost 20 years, thirteen of which as a CEO. The Chairman added, “on behalf of the Board of Directors, the Management, and entire Bank’s community, I would like to thank Ato Araya for his dedicated service & outstanding achievements”.

The newly appointed CEO of the Bank commented saying that he is very pleased to joining the Bank to play his part in the execution of its corporate strategy going forward. Finally, Ato Abay Mehari said, “I would like to thank the Board of Directors of Wegagen Bank for the privilege and honor it has given me to lead one of the leading private Banks in the country. Thus, together with the support of the board and the Bank’s Management team, I am confident of continuing the Bank’s remarkable journey these past 21 years and contribute much to assure the intended growth and development of the Bank in the future.”

Wegagen Makes Birr 478.5 Million Gross Profits

Addis Ababa, November 10, 2016– Wegagen Bank announced that it earned a gross profit of Birr 478.5 million in the 2015/16 Fiscal Year ended June 30, 2016.
The Bank announced this achievement in the audited annual report unveiled at the 23nd Ordinary Shareholders’ Meeting held at Hilton Addis Ababa on November 10, 2016.

Bank President/CEO Ato Araya G/Egziabher said on the occasion that the Bank earned a net profit of Birr 375.6 million in 2015/16 Fiscal Year after paying a profit tax of Birr 102.9 million. The net profit showed a growth of 6.6 percent as compared to 2014/15 Fiscal Year, and a 92% achievement of plan target, the President said.

The Bank’s paid up capital which was 1.5 billion in the last Fiscal Year, rose to Birr 1.8 billion in 2015/16 and the total capital including reserves reached Birr 2.8 billion. In addition, the Bank’s total asset grew to Birr 16.2 billion from Birr 13.7 billion in the previous Fiscal Year. In a similar trend, the total deposit mobilized reached Birr 11.8 billion while the total loans and advances excluding loans to priority sectors (NBE Bills) increased to Birr 7.6 billion. The number of shareholders is now 2,456. On the other hand, the number of employees stood at 3,385 on June 30, 2016.
The President/CEO also said that 75 percent of the construction work of the 23-story Headquarters ultra-modern complex building is now completed and the final finishing works are well underway. The fact that the building is a “Smart” consisting of advanced building management systems in the management of utility, security and communication aspects makes it unique.

In order to realize its Vision of becoming one of the most reputable and competent Banks in Africa by the year 2025, it is aggressively working to achieve high level of customer centric operational excellence, human capital development and accessibility of its services as well as enhance information technology capabilities.
On top of branch based interest bearing and interest free Banking services, Wegagen Bank offers E-Banking services such as card payment-ATM and Point of Sale (POS), internet and mobile banking.

It provides payment card service to holders of its Agar Visa Card, Visa International and Master Cards through 150 ATMs and 250 Point of Sale (POS) terminals deployed at selected market places and at sales points such as supermarkets, restaurants, hotels and travel & tour agencies located in Addis Ababa and regional towns.

Over the fiscal year, the Bank has been intensively engaged in various capacity building projects such as developing and implementing integrated performance management system, rebranding and aggressive branch expansion covering all regions of the country.

Wegagen Bank has recently introduced Cobranded prepaid payment and gift card service in cooperation with Supermarkets, Petrol Stations and other mass customer businesses. The prepaid card service allows customers to enjoy loyalty customer benefits in the form of preferential treatment, discount and gifts when they make repeated purchases from Wegagen’s cobranding partners such as Shoa Supermarket.

Wegagen Awards Outstanding Customers

Wegagen Bank awarded its customers engaged in export business for their immense contribution to the growth of the Bank including International Money Transfer Companies and other businesses which significantly contributed in foreign currency earning through inward swift remittance in 2015/16 Fiscal year.

At a ceremony held at Elilly International Hotel on September 29, 2016, Chair Person of the Bank’s Board of Directors Ato Teferi Zewdu and the CEO Ato Araya G/Egziabher presented certificates and awards to these customers in recognition of their unreserved contribution to the growth of the Bank.

Speaking on the occasion, Ato Araya G/Egziabher said that Wegagen Bank has been delivering efficient international banking services to its customers in export business and significantly contributed to the growth of the sector.

The CEO said, “The Bank is undertaking a study aimed at improving international banking service it offers to export businesses to enable them carryout their activities efficiently and bring about a better result.”

Wegagen Bank’s Forex Day is an annual event aimed at recognizing and honoring export business customers ,International money transfer Companies and non export companies that contribute to the generation of foreign currency through inward swift remittance.

Wegagen Bank and Shoa Shopping Center Launch Co-Branded Shopping Cards

Wegagen Bank and Shoa Shopping Center, the largest super market network in Ethiopia, launched three Co-Branded Shopping Cards today in an event held at Shoa Hypermarket located at Zefmesh Grand mall around Megenagna interchange. The three shopping cards, Shoa Prepaid, Shoa Gift and Shoa Loyalty cards were unveiled by the heads of the three parties involved in the development and issuance; Ato Alexander G/Egziabher, E-Banking Services Director of Wegagen Bank, Ato Kemil Mama, Manager of Shoa Shopping Center San Branch and Ato Samson Getu, Vice President of FinServ Technology Services Plc. The launching ceremony was attended by officials of the three companies as well as invited guests and press corps.

Shoa Shopping Cards enable customers enjoy a wide range of benefits; from convenience in planning for shopping to strengthening friendship through flexible gift and rewarding loyalty with points earned for every purchase made. Customers will have a safe, simple and flexible shopping facility with the brand new reusable smart cards, branded as Shoa Prepaid, with which customers can shop at any of Shoa supermarkets, while thy can top it up at any of Shoa stores and Wegagen’s over 60 branches across Addis. The facility will have a great deal of significance in bringing intimate services to customers of shoa Supermarkets.

The prepaid card enables the customers to plan their purchase to the level of their capacity without needing to withdraw cash from ATM or bank branches now and then. Given the limited working hours of bank branches and intermittent connectivity of ATMs, the prepaid cards will bring shoppers, particularly working class shoppers, great relief. The issuance of such shopping cards by Shoa and Wegagen complements the ever growing modern lifestyle.

The Co-branded shopping cards are the result of the Strategic Partnership Alliance forged into effect between Shoa Shopping Center and Wegagen Bank encompassing comprehensive financial services. The partnership is expected to bring modern shopping experience to customers, while both companies maximize their mutual benefits. withdraw cash from ATM or bank branches now and then. Given the limited working hours of bank branches and intermittent connectivity of ATMs, the prepaid cards will bring shoppers, particularly working class shoppers, great relief. The issuance of such shopping cards by Shoa and Wegagen complements the ever growing modern lifestyle.

Wegagen Earns Birr 452.5 Million Gross Profit

Wegagen Bank announced that it earned a gross profit of Birr 452.5 million in the 2014/15 Fiscal Year ended June 30, 2015.

The Bank announced this achievement in the audited annual report unveiled at the 22nd Ordinary Shareholders’ Meeting held at Hilton Addis Ababa on November 5, 2015.

Bank President/CEO Ato Araya G/Egziabher said on the occasion that the Bank earned a net profit of Birr 352.4 million in 2014/15 Fiscal Year after paying a profit tax of over 100 million. The net profit showed an increase of 11 percent as compared to 2013/14 Fiscal Year, the President said.

The Bank’s paid up capital which was 1.3 billion in the previous Fiscal Year, grew to Birr 1.5 billion in 2014/15 and the total capital including reserves reached Birr 2.4 billion. In addition, the Bank’s total asset rose to Birr 13.7 billion from Birr 11.5 billion in the previous Fiscal Year. In a similar trend, the total deposit mobilized reached Birr 10.2 billion while the total loans and advances increased to Birr 6 billion. The number of shareholders is now 2,280.On the other hand, the number of employees stood at 2,948 on June 30, 2015.

Meanwhile, the number of shareholders is now 2,280. The President/CEO also said that 61 percent of the construction work of the 23-story Headquarters ultra modern complex is now completed and expected to be finalized by November 2016.

The Bank has recently launched a full- fledged interest free banking service. On top of branch based services, Wegagen Bank offers E-Banking services such as card payment-ATM and Point of Sale (POS), Internet and mobile banking.

It provides payment card service to holders of its Agar and Visa International Cards through 97 ATMs and 112 Point of Sale (POS) terminals deployed at selected market places and at sales points such as supermarkets, restaurants, hotels and travel & tour agencies located in Addis Ababa and regional towns.

Wegagen is the only private Bank working with 22 international money transfer companies which include, among others, Dahabshiil, KAAH Express, Western Union, Amal Express, Money Gram, Xpress Money and Money Express.

Wegagen Recognizes Outstanding Export Business Customers and Money Transfer Agents

 

Wegagen Bank honored and awarded customers engaged in export business and money transfer companies that generated significant amount of foreign currency in the 2014/15 Fiscal Year.

On the event organized at Capital Hotel and Spa on October 1, 2015, the Bank’s Board of Directors and Executive Managers awarded certificates and special prizes to outstanding customers of export business and money transfer companies.

On the occasion, Ato Araya G/ Egziabher, President of Wegagen Bank congratulated exporters and representatives of money transfer companies for the success they achieved in generating large amount of foreign currency which immensely contributed both to the growth of the Bank and the national economy.

The President in his opening remark said that the event was aimed at further strengthening the Bank’s business relations with its customers and shows its resolve and readiness to help them achieve better results in the current Fiscal Year for mutual benefit.

He also confirmed that the Bank would introduce new services that expedite the export business and would do its level best to better serve exporters and money transfer companies to enable them generate more foreign currency.

Wegagen Bank’s Exporters and Money Transfer Agencies Recognition and Reward Program is an annual event aimed at appreciating export business customers and money transfer partners for their continued business.