How it All Started
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)
Since its establishment Wegagen decided to join the competition in full force, setting new standards for service delivery and customer handling. Most importantly Wegagen, however young, turned out to be the pioneer in adaptation of information technology. With its innovative business strategies and prompt responses to customer demand, Wegagen became the modern bank attracting a massive base of customers. It also built the widest network of International correspondent Banks all over the world enabling out international trade with smoother transactions.
The pinnacle of Wegagen’s development is manifested best in it’s excellence in International Money Transfer business, pioneering partnerships with the likes of Dahabshiil, and earning the trust and affection of milions.