June 20, 2024

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CBE Recovers Nearly All Funds Lost in Glitch (98.9%)

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Today on the 2nd June 2024 Commercial Bank of Ethiopia CBE said that it had recovered 98.9% of the money it lost in a glitch. In February 2024, the Commercial Bank of Ethiopia lost 801,417,747 Birr as a result of a technical glitch. Thousands of customers made illegal money transactions/transfers during the technical glitch.

Today CBE announced that they have recovered 792,714,347 Birr which is 98.9% of the total amount. On 15th May 2024, Commercial Bank of Ethiopia stated that they recovered 784,995,213 Birr which is 98% of the total amount. So, in the last 15 days, the Commercial Bank of Ethiopia successfully recovered the 7,719,134 Birr.

Earlier Commercial Bank of Ethiopia released 6 sets of pictures of those customers who failed to return the money withdrawn illegally.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

CBE authorities say they will soon recover the remaining 1.1% as well and they are working on it.

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