18 March 2024
Addis Ababa, Ethiopia – The Commercial Bank of Ethiopia (CBE) has moved to reassure its customers that their personal accounts remain secure following a recent service disruption.
In a statement, CBE President Ato Abie Sano clarified that an error occurred during an internal systems update on Friday, March 15th, leading to an unusual surge in financial activity.
He emphasized that this was not a cyberattack and did not compromise customer accounts.
“There is no damage to the personal accounts of our customers,” Mr. Sano declared.
The bank identified over 490,000 money exchanges on the night of the incident, including legitimate transactions.
Sano noted that university students were primarily involved in irregular withdrawals, but most have since returned the funds.
The CBE confirmed it will not press charges against these students who cooperated.
Mr. Sano highlighted the bank’s robust cybersecurity measures, successfully defending against past cyberattacks, even from well-resourced institutions. He reassured customers that the financial impact of the incident is minimal compared to the bank’s overall assets.
The CBE encourages its customers to continue banking with confidence and emphasizes the security of their personal accounts.
