Wegagen Bank Unveils Global Prepaid Visa Card

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Wegagen Bank Unveils Global Prepaid Visa Card

Aug 25 , 2024

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Customers of Wegagen Bank are set to make cashless payments globally at ATMs and point-of-sale (POS) terminals, as the Bank introduces an international prepaid Visa card. Yared Endale, country manager of Visa Inc., underscored the Visa card's role in expanding access to international financial services and promoting economic inclusion. Officials from Tigray Regional State, and executives from VISA Inc. and Wegagen Bank unveiled the new service in Meqelle City last week. Solomon Tesfaye, deputy CEO of Technology at Wegagen Bank, emphasised the card's value in facilitating online e-commerce transactions and providing a convenient alternative for sending money from abroad. Established in 1997, Wegagen Bank has experienced substantial growth, with total assets reaching 53.49 billion Br in the 2022/23 fiscal year. Its paid-up capital and net profit also saw increases during this period. VISA Inc. recently teamed with Ethio Telecom to launch a wallet-based virtual Visa card called 'Telebirr Remit'. This service aims to enhance international money transfer remittance services using a Telebirr virtual card number.

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