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Wegagen Capital Sets Sights on a Billion Birr Capital in Debut Assembly

Sep 30 , 2025

Wegagen Capital Investment Bank plans to boost paid-up capital to one billion Birr, up from the current 385 million Br.

The Bank, which began operations three months ago, reported total assets of 387.8 million Br and equity of 374.8 million Br. It closed the year with a net loss of 10.19 million Br, driven by 22.4 million Br in expenses against 7.9 million Br in income. An independent audit confirmed liabilities of 12.9 million Br.

Brutawit Dawit, the CEO, told shareholders who meet today at Kuriftu Resorts, in Burayu town, stressing the urgency of expansion.

"The existing capital is too small to underwrite even a single company," she said.

While the target to raise more equity is set for three years, she argued them to attain the goal within the first year to remain competitive.

Longer-term, Wegagen Capital aspires to raise up to six billion Birr to fund custodial services, asset management, and technology infrastructure.

According to its Board Chairperson, Aklilu Wubet (PhD), future equity allocations will follow shareholder approval, assuring members that deposited funds are already generating returns.

The plan coincides with momentum in the capital market, expected to nearly double in size to 959 billion Br by 2028, with the Ethiopian Capital Market Authority (ECMA) and Ethiopian Securities Exchange (ESX) preparing mobile trading platforms to spur the money market.

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