Ethiopian Commercial Bank launches campaign to recover loss of billions of Birrs

Ethiopian Commercial Bank CBE has reportedly launched a campaign to recover the loss which it suffered on Saturday. Within 6 hours, Ethiopian Commercial Bank lost billions of birrs through illegal money transfers. Around 25,000 illegal money transfers were made and more than 60,000 accounts were disrupted. CBE branches, ATMs and online banking remained suspended for hours.

Yesterday CBE and National Bank of Ethiopia denied security breach, technical glitch or cyberattack. Instead, National Bank of Ethiopia claimed that CBE service disruption on Saturday was due to system upgrade. But, reportedly, CBE in collaboration with other authorities has set up a task force to recover the losses. The task force has members from CBE, National Bank and security agencies. Account holders are being contacted and told to return the money.

Ethiopian Dilla university authorities confirmed today that the university students have returned around 400,000 birrs. Several other universities, including Addis Ababa University, have told students to return money. The account holders who made illegal money transfers are being contacted. They are being told to return the money or face criminal proceedings. Some arrests have also been made in this regard.

So far, the Ethiopian Commercial Bank has not shared details of the financial loss suffered by the bank. But according to financial experts, a conservative estimate stands around 2 billion birrs.

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