Wegagen Capital Investment Bank (WCIB), Ethiopia’s first licensed private investment bank, has announced plans to broaden its operations to include wealth and portfolio management services, as well as environmental, social, and governance (ESG) aligned and Shariah-compliant financial products.

In its first performance report for the fiscal year ending June 30, 2025, WCIB outlined its activities since commencing operations in March 2025 with a paid-up capital of Birr 385 million. The bank became the first trading member of the Ethiopian Securities Exchange (ESX) when live trading began earlier this year.

According to the report, WCIB has opened 37 investment accounts across sectors such as banking, real estate, and insurance. It recorded Birr 7.9 million in revenue against operational expenses of Birr 22.4 million during the period. The bank also noted continued investment in fixed assets, staff training, and the hiring of experienced professionals to address skills shortages in the local financial sector.

The report added that WCIB had implemented compliance and risk management systems in line with national regulations. The bank projects improved financial performance in the next fiscal year, supported by anticipated economic growth and expansion in Ethiopia’s developing capital market.

Source: Capital Newspaper