Mekelle/Tel Aviv/Nairobi/Pretoria/London
Wegagen Bank Signs Five Year Growth Partnership Agreement with VISA Inc. to Enhance Wegagen Visa International Card Service
Wegagen Bank one of Ethiopia’s pioneer private financial institutions and Visa Inc. a world leader in digital payments signed a five-year growth partnership agreement, marking a significant step toward enhancing international card banking services and expanding the global payment capabilities of the Bank.
The partnership will provide Wegagen Bank with a range of benefits based on the number of Wegagen VISA International Cards to be issued to customers and the volume of foreign currency transactions made by Wegagen VISA cardholders. As part of the partnership agreement, VISA Inc. will offer various strategic and operational support to Wegagen Bank, including specialized training for staff, access to upgraded operational software, and other capacity-building initiatives to enhance service delivery and operational efficiency. In addition, Wegagen Bank will also implement Visa’s advanced risk management and authentication solutions, ensuring that all cardholders benefit from enhanced security and peace of mind.
Signing the partnership agreement, Mr. Kidane G/Sellassie, Deputy CEO-Banking Services at Wegagen Bank, said that the collaboration with VISA Inc. marks a major milestone in Wegagen Bank’s commitment to provide secure, innovative and globally connected banking services to customers. Furthermore, he highlighted that the agreement not only strengthens the partnership between the two companies but also positions Wegagen Bank as a key player in the evolving digital financial ecosystem of Ethiopia.
Mr. Tareq Muhmood, Regional President of Central and Eastern Europe, the Middle East, and Africa on his part said that Visa is proud to join hands with Wegagen Bank to expand digital payments and drive financial inclusion, foster innovation and deliver value to consumers and merchants across the Country. He also remarked that the collaboration reflects the long term commitment and shared vision of the two organizations to drive digital transformation and provide more innovative, secure, and convenient payment solutions to consumers and merchants.
Wegagen Bank currently offers the Wegagen International VISA Card in partnership with VISA Inc. This card enables customers to make transactions via ATMs and POS terminals worldwide, and perform seamless online payment and e-commerce transactions. Moreover, the card serves as a digital alternative for remittances, allowing recipients in Ethiopia to receive money from abroad via direct card top-ups. Wegagen Bank will continue to invest in digital technologies and partnerships that ensure easy and secure access to banking and create value for its customers.
Visa Inc. is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Its mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive.
