CBE Recovers 99.27% of Fund Lost in a Glitch

The Commercial Bank of Ethiopia CBE said that it had recovered 99.27% of the money it lost in a glitch. In March 2024, the CBE lost 801,417,747 birr as a result of a technical glitch. Thousands of customers made illegal money transactions/transfers during the technical glitch.

CBE announced that they have recovered 795,531,754 birr, which is 99.27% of the total amount. At the mid of June 2024, CBE stated that they had recovered 794,433,104 birr, which is 99.13% of the total amount. So, in the last two weeks, the CBE successfully recovered the 1,098,650 birr.

Earlier, the Commercial Bank of Ethiopia released 6 sets of pictures of those customers who failed to return the money withdrawn illegally. The bank adopted different measures to force customers to return money. In another move, the bank displayed pictures of those who did not return the money at bank branches.

The Commercial Bank of Ethiopia authorities say they will soon recover the remaining amount as well, and they are working on it.

Other Stories

Ethiopia Hikes Tax Rates on Beer, Tobacco and Plastic Bags