Commercial Bank of Ethiopia News: CBE has issued a deadline for the customers who made illegal money transfers on Saturday. CBE systems were hit by unprecedented glitch letting account holders make transactions exceeding their account balance.
The bank did not share details of the loss suffered during the glitch. The loss could be billions of birrs, according to some experts. While CBE immediately launched a recovery campaign after Saturday’s glitch. A task force was established. The National Bank of Ethiopia and Security Agencies were involved.
As large number of customers who made illegal transactions are youths, universities authorities were contacted. However CBE has not been able to fully recover its loss.
A new deadline has been issued by CBE authorities. While the bank officials have announced that account holders must return the money by Saturday, March 23. Moreover, after Saturday, details and pictures of the account holders who made illegal transactions will be made public and shared with police for legal action.
Commercial Bank of Ethiopia news: CBE can easily recover money transferred through CBE-to-CBE transactions. However recovery of money sent from CBE to other banks remains a challenge for CBE.
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