Banking Sector Loses Nearly Two Billion Birr to Fraud

Jun 4 , 2022

Commercial banks in Ethiopia lost close to two billion Birr due to fraudulent activities, a study conducted by the Ministry of Justice showed. Carried out based on the information gathered from financial institutions, the study found that officials and employees of banks, and personnel at Ethio telecom, were found to be involved in fraud crimes. Out of the total lost amount, banks targeted, half of the loss is incurred by the state owned Commercial Bank of Ethiopia (CBE) while 17pc of the loss is accounted to the Bank of Abyssinia. Officials stress that the crimes are found to be complex in nature, making criminals face justice and retrieving the stolen money very difficult. The study findings show that frauds worth 370 billion Br have been attempted on banks since 2017.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...