Wegagen Bank, in collaboration with Visa Inc., has introduced an International Prepaid Visa Card service, enabling customers, embassy staff, and international organization employees to make global payments without the need for cash.
The launch event took place at the Planet Hotel in Mekelle, attended by notable figures, including Atsbeha G/Egziabher (PhD), Head of the Bureau of Culture and Tourism under the Interim Administration of Tigray, along with members of the Bank’s Board of Directors, Senior Management, representatives from Visa Inc., the Ethiopian diaspora, and customers.
Atsbeha encouraged the Ethiopian diaspora to engage in the region’s tourism and investment opportunities and commended Wegagen Bank for its progress in digital banking through the new prepaid Visa card service.
Solomon Tesfaye, Deputy CEO of Technology at Wegagen Bank, explained that the card allows users to transfer funds and make payments at ATMs and POS machines worldwide. He also noted that it supports seamless online transactions and provides a digital alternative for sending money from abroad via top-ups.
Yared Endale, Visa Inc.’s Country Manager, highlighted the role of digital transformation in driving economic growth. He mentioned that Visa Inc. has established local operations in Ethiopia to support and strengthen the financial ecosystem by promoting inclusive and sustainable economic development and providing access to international financial services.
Currently, the Bank’s paid-up capital exceeds 5 billion Birr, with total capital reaching 10 billion Birr. The Bank offers conventional and interest-free banking services through 438 branches nationwide and provides various digital services accessible via 385 ATMs, 430 POS machines, 4,800 agents, and online platforms. Recently, Wegagen Bank also launched a digital loan service application called Efoyta, designed to support micro, small, and medium enterprises by providing easy access to credit services.
