April 16, 2024

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Cheif of CBE, Abe Sano

Ethiopia: CBE Issues a Final Warning

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Today, the Ethiopian Commercial Bank CBE issued a final warning to over 5000 customers who withdrew and transferred money that exceeded their account balance due to a technical glitch.

On 16th March 2024, the Commercial Bank of Ethiopia faced a technical glitch and lost over $14M. CBE and Ethiopian Cyber Security Agency INSA back then said that it was a technical glitch, not a cyber attack.

CBE issued a deadline of March 23 for customers to return money. Two days ago, the head of CBE issued a statement and claimed that a number of customers had returned money voluntarily and the bank had recovered $10M out of $14M lost.

Yesterday, CBE issued a list of 5166 customers who had not returned the money. Today, CBE issued a final warning to all of them, threatening that the bank would release their pictures to the media and file police cases against them if they didn’t return money to the Commercial Bank of Ethiopia.

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