Wegagen Bank, one of Ethiopia’s leading financial institutions, has launched a pioneering digital lending platform called “Efoyta” in collaboration with Kena Software Design. This new service marks a significant milestone in the bank’s commitment to supporting the growth and development of micro, small, and medium enterprises (MSMEs) in the country.
Kena Software Design is a technology company that specializes in helping organizations unlock the potential of their data through innovative solutions.
The launch event took place on July 22, 2024, at the Planet Hotel in Mekelle city, where Wegagen Bank’s board of directors, management team, customers, and representatives from Kena Software Design gathered to celebrate this momentous occasion. The special guest of honor, Alganesh Tesema (Dr), joined the bank’s board chairman, Abdishu Hussein, in officially announcing the launch of the digital loan service.
Efoyta, the bank’s innovative digital lending platform, aims to revolutionize access to finance for MSMEs in Ethiopia. The intuitive mobile application allows businesses to apply for loans quickly by providing basic information about their operations. Wegagen Bank’s advanced algorithms then swiftly assess the applicant’s eligibility and provide a decision, making the process efficient and convenient for the borrowers.
In addition to the Efoyta digital lending service, Wegagen Bank offers a range of other loan products tailored to the needs of small and medium enterprises (SMEs) and MSMEs. These offerings include competitive interest rates and relaxed repayment schedules, ensuring that businesses have access to affordable financing options that cater to their specific requirements. The bank also provides loan facilities to employees of its corporate customers for the purchase of household items, vehicles, and houses.
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