Monday, July 22, 2024
HomeBusinessCommercial Bank of Ethiopia introduces Adjustments to Service Charges 

Commercial Bank of Ethiopia introduces Adjustments to Service Charges 

Bank _ Commercial Bank of Ethiopia _ news

borkena

Toronto – The Commercial Bank of Ethiopia on Thursday introduced an adjustment to service charges. This will be effective as of Ethiopia’s new fiscal year in late July this year. 

The information released in connection with the changes indicates some services that used to be free will remain free while others are subject to service charges. The changes are mostly reflected in mobile banking. 

Withdrawals of any authorized amount will remain free. On the other hand, mobile money transfers that used to be free, will now be subject to service charges. 

Digital Banking account-to-account transfers between 1 birr and 10,000 birr used to be free. As of next week, the bank will start charging 3 birr. The highest fee in this category is 20 Ethiopian birr and is applicable for transfers of more than 300,000 Ethiopian birr. 

Mobile transfers from the account to Tele Birr and other wallets will be charging fees too. The maximum is 15 birr for a transfer of 10,000 birr and above. 

Transfer through “Internet Baking,” as the bank calls it, to accounts with other Banks does not seem to see major changes. 

For details, see Image below 

Bank _ Business _ Ethiopian news
credit : CBR

In March 2024, Commercial Bank of Ethiopia experienced a serious systemic glitch which it said was created in the process of updating its mobile banking system. The Bank says about  800,000 birr (other sources put the figure between 5 billion and 10 billion birr) was illegally withdrawn as the system was allowing clients to withdraw money they do not have in their account. This month, the bank said it has recovered more than 97 percent of the money that it lost to the “illegal withdrawal.

Commercial Bank of Ethiopia is the largest bank with more than 2000 branches across the country and it is state-owned. 

__

Join our Telegram Channel : t.me/borkena

Like borkena on Facebook

Add your business to Ethiopian Business Listing / Ethiopian Business Directory  

Join the conversation. Follow us on twitter @zborkena to get the latest Ethiopian News updates regularly.  Subscribe to YouTube channel To share information or for submission, send e-mail to info@borkena.com 

advertisment

8 COMMENTS

  1. I APPRECIATED THIS NEWS, HOWEVER THE BANK ALREADY COLLECTED 99.27% NOT 97%, FROM WITHDRAW ILLEGAL 5MILLION BIRR ONLY REMAIN, SO PLEASE DURING YOU DO NEW FULL I ATTEMT TO USE CURRENT INFORMATION
    THANKS A LOT

LEAVE A REPLY

Please enter your comment!
Please enter your name here