June 20, 2024

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Commercial Bank of Ethiopia (CBE)

Commercial Bank of Ethiopia (CBE) Recovers 98% of Money Lost in a Glitch

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Today on the 15th May 2024 Commercial Bank of Ethiopia (CBE) announced that they have recovered 98% of the money that they 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 Commercial Bank of Ethiopia (CBE) said that they have recovered 784,995,213 Birr which is 98% of the total amount. Last month, CBE stated that they recovered 771,387,192 Birr which is 96.3% of the total amount. So, in one month, the Commercial Bank of Ethiopia successfully recovered the 13,608,621 Birr.

Earlier CBE released 6 sets of pictures of those customers who failed to return the money withdrawn illegally.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 money, on bank branches.

The bank authorities say they will soon recover the remaining 2% as well as they are working on it.

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