A digital lending platform for micro, small, and medium enterprises (MSMEs) was launched by Wegagen Bank last week. Dubbed Efoyta, the application is put forth in partnership with Kifiya Financial Technology. The platform leverages artificial intelligence and alternative data to assess creditworthiness and facilitate quick loan approvals. The platform was officially unveiled last week at a ceremony in Mekelle City, with bank executives and government officials in attendance. Wegagen Bank’s Board Chairperson, Abdishu Hussien, emphasized the platform’s role in addressing cash flow challenges faced by MSMEs. Embracing the digital realm, Wegagen Bank officially launched its mobile banking application a few months ago. The App was inaugurated in Dire Dewa City, with executives showcasing its service that provides secure and seamless financial services. Incorporated in 1997, Wegagen Bank has grown to become a prominent financial institution with a paid-up capital of 4.5 billion Br and total assets reaching 58 billion Br. Operating through an extensive network of over 424 branches across the country, it continues to play a significant role in the banking sector expanding its digital reach.

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