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CBE Reveals Hundreds of Millions in Unauthorised Transactions

Mar 26 , 2024

Executives of the state-owned Commercial Bank of Ethiopia (CBE) have disclosed startling figures in withdrawals due to unauthorised transactions following a recent system malfunction. Nearly 15,008 customers were involved in the activity, averaging 14 transactions a person, amounting to nearly 756.75 million Br, the Bank said today.

Abie Sano, president of the Bank, confirmed that CBE has recovered 78pc of the total amount, with almost 622.7 million Br returned, including both partial and full repayments. However, the rest remains unaccounted for, with some "private banks yet to return the funds."

The largest transaction amounted to 304,000 Br. Close to 567 customers, including university students, are currently holding nearly 9.8 million Br from these transactions, the Bank disclosed.

Abie warned of "stringent measures" to hold those accountable who fail to return the funds, including public disclosure of names, publication of photos, and legal actions in the coming weeks. He also disclosed CBE is conducting thorough audits and investigations with the assistance of internal and external experts to identify the root cause of the malfunction. He stressed the importance of transparency in a digital transaction-driven environment.

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