Wegagen Bank, in collaboration with Visa Inc., has launched its International Prepaid Visa Card service, allowing customers, embassy staff, and international organization employees to make global payments without carrying cash.
The launch event took place at the Planet Hotel in Mekelle and was attended by distinguished guests, including Atsbeha G/Egziabher (PhD), Head of the Bureau of Culture and Tourism under the Interim Administration of Tigray, the Bank’s Board of Directors, Senior Management, Visa Inc. representatives, members of the Ethiopian diaspora, and customers.
Atsbeha encouraged the Ethiopian diaspora to actively participate in the region’s tourism and investment opportunities, while also praising Wegagen Bank for its efforts in advancing digital banking through its international prepaid Visa card services.
Solomon Tesfaye, Deputy CEO of Technology at Wegagen Bank, highlighted that the card enables customers to transfer funds and make payments at ATMs and POS machines globally. He added that it facilitates seamless online transactions and serves as an alternative digital means for sending money from abroad via top-ups.
Yared Endale, Visa Inc.’s Country Manager, emphasized that digital transformation will drive economic growth. Visa Inc. has established local operations in Ethiopia to support and strengthen the financial ecosystem by promoting inclusive and sustainable economic development, broadening access to international financial services, and providing convenient global payment options.
Wegagen Bank first commenced operation on June 11, 1997, with a paid-up capital of 30 million Birr raised by 16 investors. Currently, the Bank’s paid-up capital reached over Birr 5 billion, and its total capital grew to Birr 10 billion. In addition to its conventional and interest-free Wegagen Amana banking services offered through 438 branches nationwide, Wegagen Bank also provides a plethora of digital services to its customers that are accessible via 385 ATMs, 430 point-of-sale (POS) machines, 4,800 agents, as well as through internet and mobile banking platforms. It is to be recalled that Wegagen Bank has recently launched a digital loan service application called Efoyta, designed to support citizens involved in micro, small, and medium enterprises by providing easy access to credit services.
Source (including image): A press release sent to 2Merkato from Wegagen Bank on August 21, 2024
