Commercial Bank of Ethiopia Recovers 95.4% of Money Lost in a Glitch

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Commercial Bank of Ethiopia (CBE) claimed that they have recovered 95.4% of the money lost in a glitch. Last month, the bank lost Birr 801,417,747.81 when CBE systems were hit by a technical glitch. Thousands of customers made illegal money transactions/transfers during the technical glitch.

As per the recent statement by CBE, they have recovered Birr 764,567,820 which is 95.4% of the total amount. Earlier the Commercial Bank of Ethiopia CBE issued multiple deadlines to the bank customers to return the money gained illegally.

Whereas, earlier CBE released 6 sets of pictures of those customers who failed to return the money withdrawn illegally. It is reported that previously CBE also threatened those who took the money and didn’t return.

Interestingly from last Monday, strict search and identity-checking measures were adopted at the entrance of the bank. Bank employees have to wait in queues for a long time before clearance for entry into the bank building.

This happened after after Amhara Fano militia members clashed with Ethiopian police in the Bole sub city of Addis Ababa. On Friday, two Amhara Fano fighters were killed and 1 was captured by the police after a shootout erupted between Fano and Addis Ababa police.

However, the bank announced that they are working on it and they will recover the remaining amount as well.