Wegagen Bank

Establishment

Wegagen Bank is a privately owned share company which started operations on June 11, 1997 with a subscribed capital of Birr 60 million and a paid up - capital of Birr30 million.

The number of shareholders reached 2,130 while the total capital (including paid-up capital, share premium and legal reserves) reached over Birr 1.5 Billion as at March 31, 2012.

Vision

“Becoming the most preferred Bank in Ethiopia”.

Mission Statement

“To provide a wide range of quality banking services through a dynamic workforce and up-to-date IT solutions to satisfy the desires of all stakeholders”.

Principles and Values

• Outstanding customer services,
• Business integrity, honesty and loyalty,
• Effective, efficient and expanding operations,
• Strong capital and liquidity position,
• Prudent lending,
• Reasonable cost control discipline,
• Fair & objective employment practices,
• Play a responsible role in aligning objectives with those of the local communities, and
• Commitment to comply with the spirit and letter of the Law.

Main Objectives

• Maximizing profitability through increased efficiency
• Enhance growing market share
• Expanding the bank’s capital base
• Ensuring excellence in customer services
• Provide differentiated, varied and value added banking  services

Loan Facilities

Wegagen Bank currently offers services for diverse credit needs with flexible borrowing options.

Term Loans

Term Loan is the type of loan granted to a customer repayable within specified period through installments agreed.

Overdraft Facility

Overdraft is a type of facility with which borrowers are allowed to draw beyond the deposited amount of money in their current accounts with limit for a specified period of time.

Overdrawal 

Overdrawal facility is the type of loan made available to customers who need temporary funding to execute contract based activities. Such loans are granted against reliable evidence that future proceeds from a contracting party will be used to repay the loan.

Manufacturing Term Loan 

Type of loan for working capital as well as purchasing of machineries and equipments required for manufacturing, cottage industries and mining.

Building Construction Term Loan

Type of loan used for renovating houses or to meet fund requirement at the completion phase of buildings.

Construction Bridge Term Loan

Type of loan available for contractors to bridge their financial constraints (through working capital financing) while executing contractual construction activities.

Mortgage Term Loan

Type of loan provided to customers who need to purchase commercial and/or residential buildings.

Project Finance

Type of credit provided for various viable project promoters with 50% finance for new customers and with 60% finance for existing customers of the Bank.