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Wegagen Bank Partners With WorldRemit to Offer Digital Money Transfer Service

Wegagen Bank Partners With WorldRemit to Offer Digital Money Transfer Service


Addis Ababa and London, 15 May 2019- Wegagen Bank and WorldRemit one of the leaders in global money transfer announced their partnership to provide digital money transfer service to Ethiopian customers in a joint press conference on May 15, 2019 at the Hilton Hotel in Addis Ababa.
Wegagen Bank President Abay Mehari said on the occasion: “We are delighted to partner with WorldRemit one of the leading digital money transfer service provider to give our customers more options to receive money sent to them from abroad fast and safe.” He added Wegagen customers would benefit from the fastest and safest money transfer service Wegagen would provide in cooperation with WorldRemit. The partnership between Wegagen Bank and WorldRemit enables the three million-strong Ethiopian Diaspora living abroad in over 50 countries to send money home to over 1.2 million Wegagen Bank account holders safely and fast. Beneficiaries can also collect money sent from abroad at any of Wegagen Bank’s 335 branches across Ethiopia.
Sharon Kinyanjui, Head of East and Central Africa at WorldRemit, on her part said: “We are pleased to partner with one of Ethiopia’s leading private commercial banks. Like WorldRemit, Wegagen Bank is committed to offering its customers choice and convenience through digital financial services.” Kinyanjui also said, “This new partnership will further expand WorldRemit’s reach in Ethiopia, and help Ethiopian Diaspora communities worldwide connect with family and friends back home.”
World Remit offers a variety of convenient ways for recipients in Ethiopia with or without a bank account to receive money, including bank account transfer, cash pickup and mobile money. WorldRemit is a global leader in international remittances to mobile money services, and launched its first mobile money service to Ethiopia in 2018. In addition to mobile money, the company is connected to 32 million bank accounts and 4,000 cash pick-up locations nationwide.
Top senders to Ethiopia include the United Kingdom, United States and Canada. The National Bank of Ethiopia estimates that the country received over $5 billion in remittances in 2017/2018 fiscal year. However, evidence suggests that a significant portion of remittances to the country still flow through informal channels, which are often costly and put customers at risk of fraud and transaction delays. WorldRemit provides a solution to these challenges through its award-winning mobile phone application
and website. Customers can send money 24/7 with just a few taps on their smart phones. Today, around 70% of WorldRemit transfers are sent from the mobile app.
Having started operations in June 1997, Wegagen Bank offers a wide range of efficient banking services including electronic banking accessible through mobile app, USSD & internet platforms. The Bank provides both local and international money transfer service and partners with over eleven international money transfer agents. Currently Wegagen Bank has a network of 338 Branches of which 134 are in Addis
Ababa and the remaining 204 are located in other cities and towns across the country.


About WorldRemit
WorldRemit is the leading digital money transfer service that makes sending money as easy as sending an instant message. We currently send from 50+ countries to more than 145 receiving destinations, leading the shift to online and mobile money transfers and improving speed and convenience for users.On the sending side WorldRemit is 100% digital. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel Partners, TCV and Leapfrog – early investors in Facebook, Netflix and Slack –WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, the Philippines, Poland, Colombia, Kenya, and South Africa.
It’s easy to use – just open the app or visit the website and send money 24/7 – no more agents. Learn more at


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 Bank Gross Profit Hits a Billion Birr Mark

Wegagen Bank Gross Profit Hits a Billion Birr Mark

 Addis Ababa, November 15, 2018- Wegagen Bank announced a gross profit of Birr 1 billion 50 million in the 2017/18 Fiscal Year ended June 30, 2018, showing a 49% increase over the previous year’s profit of 705 million. The Bank’s profit has seen a continuously rising trend over the past three years. The significant increase in the profit is attributed largely to the significant increase in the total income, which stood at 2.34 billion, a 39.6% increase over the previous fiscal year. This development puts Wegagen in the category of the few private Banks that managed to gross a billion birr profit.

The Bank has officially announced its achievements in the audited annual report presented at the 25th Ordinary and 13th Extraordinary Shareholders’ Meeting held at Hilton Addis Ababa on November 15, 2018.

CEO of the Bank Araya G/Egziabher remarked that the Bank registered a commendable growth in all aspects of operation highlighting key achievements of the Bank in the fiscal year ended on June 30, 2018. He indicated that the Bank’s paid up capital grew 11% to reach Birr 2.3 billion in 2017/18  from 2.1 billion at the end of  2016/17  Fiscal Year, . The total capital including reserves also increased by 19% to reach Birr 3.8 billion. According to the CEO, the Bank’s total asset rose to Birr 27.3 billion at the end of 2017/18 showing a 33% increase from Birr 20.9 billion last Fiscal Year. Similarly, the total deposit mobilized increased by 31% to reach Birr 20.5 billion in 2017/18 from Birr 15.6 billion in 2016/17. Similarly, the Bank’s total loans and advances grew to over Birr 15.1 billion from Birr 10.2 billion in 2016/17. The number of shareholders is also reached 3,199 while the number of employees increased to 4,451 in 2017/18 Fiscal Year from 3,856 last year. The Bank opened 64 new branches across the country expanding its network of branches to 277 at June 30. 2018.

The CEO also indicated that the Bank has carried out several projects aimed at modernizing its infrastructure in a bid to provide better services to its customers. The most notable of such projects carried out in the 2017/18 Fiscal Year was the replacement of  its core banking system with Oracle Flex Cube which has significantly transformed its operational performance and customer service delivery to the highest level of efficiency. It is also undertaking a project to build a new state of the art data center in its newly inaugurated Headquarters building on Ras Mekonnen Street. Wegagen’s new IT infrastructure has enabled it to provide innovative & value adding financial services, including the newly introduced air travel payment services in collaboration with Ethiopian Airlines.

Wegagen Bank, as part its corporate social responsibility, has extended its support, in the amount of Birr 23 million, to the effort in the rehabilitation of people internally displaced due to conflicts in various parts of the country. It also donated Birr 2 million to support the fight against engulfment of Lake Tana with Water Hyacinth weed also known as “Emboch Arem.”

Wegagen Bank provides electronic banking services through its extensive network of ATMs and Point of Sale (POS) terminals as well as through its internet and mobile banking platforms in addition to the regular banking services through its ever-growing network of branches that reached 312. In an effort to boost accessibility of financial services to the unbanked segment of our population, Wegagen has introduced Agency banking service, deploying hundreds of Agents in the neediest part of the country including Gambella in partnership with Bellcash Technologies.

ECX Recognized Wegagen Bank for Top Performance

ECX Recognized Wegagen Bank for Top Performance

August 2, 2018: Addis Ababa;

Wegagen Bank has received a trophy and certificate from ECX (Ethiopian Commodity Exchange) for standing third in clearing the largest amount of settlements among all clearing banks during the course of the past ten years.

Wegagen has earned the award and the certificate of recognition on the occasion of the 10th Anniversary of ECX for its outstanding contribution in building modern trading system and clearing over Birr 23 billion since joining the platform as a clearing Bank. Wegagen Bank’s Accounts and Reconciliation Director, Kindie Abebe, received the award on behalf of the Bank on July 28, 2018.

We would like to extend our utmost gratitude to our esteemed customers for choosing to work with us and congratulate the entire Wegagen family, the Board of Directors, Executive Management and employees, for this outstanding achievement.

Wegagen Donates Birr 25 Million for Displaced People

August 1, 2018

Wegagen Bank donated Birr 23 million in the 2017/18 fiscal year to various regional governments to support their effort in the rehabilitation of internally displaced people. In a similar development, the Bank granted Birr two million to strengthen the effort to control and eradicate the American Army weed or locally known as “Emboch” which has infested the Lake Tana threatening the livelihood of thousands of farmers.

The Donations were made to support the efforts being exerted to rehabilitate internally displaced people following communal conflicts mainly in Oromia and Ethio-Somali regions and SNNP and Oromia regions. The donations cheques have been handed over to corresponding authorities in Oromia, Ethio-Somali and SNNP regions in various events in the presence of high ranking regional government officials and the Bank’s executives.

Over the past 21 years, the Bank has been responsive to the calls of the government of Ethiopia and regional governments during the times of natural and man made disasters extending its support morally and financially. As part of discharging its corporate social responsibility the Bank allocates budget regularly to address various social and environmental challenges faced by various communities.