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National Bank of Ethiopia Denies System Attack Despite Unprecedented Six Billion Birr Vanishing in hours

National Bank of Ethiopia

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The National Bank of Ethiopia (NBE) on Sunday released a statement in connection with the incident in Commercial Bank of Ethiopia which some sources say have caused a 6 billion birr loss to the bank. 

“As is known, banks regularly undertake improvement and system security tests to deliver fast and secure service. As a result of changes and tests to their system, banking services could be interrupted sometimes,” reads the statement from NBE. And then it said that it has confirmed that ” the system interruption in Commercial Bank of Ethiopia is related to that process.”

Furthermore, it said that it has been working with other relevant stakeholders since the incident happened to follow up on the security of the Bank and its clients. 

Noting that it was possible to resume service “within a short time,” NBE stated that it has “confirmed that the service interruption in Commercial Bank of Ethiopia was due to regular system update and improvement, and there was not an incident that endangers its clients or the financial system.”  

A report from Wazema radio, which cited sources from within the bank, indicated that up to six billion birr worth of transactions were made during the six hours long service interruption on Saturday.  Borkena has reported that Jimma and Addis Ababa Universities issued a statement urging students who withdraw money from online banking or ATMs to return it to the bank before facing legal consequences.  

The National Bank of Ethiopia said that it will investigate “inconveniences and other issues, and make it public.”  Experts have remarked, according to the Wazema report, that the system likely experienced an attack from within internal staff. 

More than 66,000 CBE clients were affected by the incident and as many as 25,000 transactions were made within six hours. 

Last week, a video footage was circulating among Ethiopians on social media purportedly showing Commercial Bank of Ethiopia branch tellers denying a person cash withdrawal claiming “that the branch has run out of cash.” The video was not independently verified. 

Corruption has been worsening in Ethiopia since Abiy Ahmed became Prime Minister in April 2028 following Prime Minister Hailemariam Desalegn resignation. 

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5 COMMENTS

    • What the ”sources from within the bank” didn’t tell you is that every dime transferred and all the accounts involved in this action even beting accounts which received payment during that time is suspended.
      Hence diminishing the ”loss” to just 7 figure.

  1. What the ”sources from within the bank” didn’t tell you is that every dime transferred and all the accounts involved in this action even beting accounts which received payment during that time is suspended.
    Hence diminishing the ”loss” to just 7 figure.

  2. What the ”sources from within the bank” didn’t tell you is that every dime transferred and all the accounts involved in this action even beting accounts which received payment during that time is suspended.
    Hence diminishing the ”loss” to just 7 figure.

  3. What the ”sources from within the bank” didn’t tell you is that every dime transferred and all the accounts involved in this action even beting accounts which received payment during that time is suspended.
    Hence diminishing the ”loss” to just 7 figures.

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