Wegagen Bank S.C was established on June 11, 1997.

Wegagen Bank SC was established on the 11th of June 1997 It came to life as a result of the entrepreneurial wit of sixteen 16 founding members who recognized the critical role that financial institutions would play towards creating a sustained economic development and were able to put in an initial paid-in capital of Birr thirty million (Birr 30 Million).

Established under the banking proclamation of Licensing and Supervision, Proclamation No. 84/1994, the Bank was registered with the National Bank of Ethiopia on April 30, 1997. The Memorandum and Articles of Association of the Bank were signed on April 15th, 1997 and registered with the Addis Ababa Bureau of Trade, Industry and Tourism on April 15, 1997, Registration Number 1/34/4/89.

The Bank, as it started back then, operated through its Head Office located in Gofa Sefer, Addis Ababa. In October 2017, Wegagen moved to its 23 Storey Headquarters Building in front of Addis Ababa Stadium, Ras Mekonnen Street.