Wegagen Bank, one of Ethiopia’s leading private financial institutions, has signed a five-year growth partnership agreement with Visa Inc., a global leader in digital payments. The agreement aims to expand the bank’s international card banking services and strengthen its global payment capabilities.
Under the partnership, Wegagen Bank will receive a range of benefits tied to the number of Visa International Cards issued and the volume of foreign currency transactions made by its cardholders. Visa will provide technical and strategic support, including staff training, upgraded operational software, and capacity-building initiatives to enhance service quality and operational efficiency. The bank will also adopt Visa’s advanced risk management and authentication systems to improve transaction security for its customers.
The collaboration is expected to contribute to the growth of Ethiopia’s digital financial ecosystem by increasing access to secure and globally accepted payment solutions. It also reinforces Wegagen Bank’s strategy to modernize its services and align with international banking standards.
Wegagen currently offers the Wegagen International Visa Card, which allows customers to make payments and withdrawals through ATMs and point-of-sale terminals worldwide. The card also supports online shopping and e-commerce transactions, serving as a digital channel for remittances that enables recipients in Ethiopia to receive money directly through card top-ups.
Through this new partnership, Wegagen Bank plans to further invest in digital technologies that simplify access to financial services and ensure greater convenience and security for its customers. Visa, operating in over 200 countries and territories, continues to expand its role in promoting digital payments and financial inclusion across Africa. The collaboration with Wegagen Bank is expected to help advance the use of cashless payments and strengthen Ethiopia’s growing digital economy.
Source (including image): A press release sent to 2Merkato from Wegagen Bank
