Wed. Jul 24th, 2024

#Ethiopia: NewsAlert: Commercial banks lose 1.8 billion birr due to fraud

Banks have lost 1.8 billion birr due to fraud over the last four years, according to a new study undertaken by the Ministry of Justice.

Commercial Bank of Ethiopia accounts for 51 percent of the money lost due to fraudulent activities. It is followed by Bank of Abyssinia (17 percent), Oromia (8.5 percent)and Wegagen (8.2%) banks.

“Such activities is causing a mess in the banking industry,” said Fekadu Tsega, state minister of Justice.

The findings of the new study announced in an event that is currently being held at Sheraton Addis Hotel.

“I don’t recall such a study conducted previously, at least never since I became a governor,” said Yinager Dessie, governor of Central Bank as he opened up the event.

The Justice Ministry reviewed 155 cases as a sample while undertaking the study. Out of this, 78 were linked with the state giant, CBE.

Via The reporter

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By Chala Dandessa

I am Lecturer, Researcher and Freelancer. I am the founder and Editor at ETHIOPIANS TODAY website. If you have any comment use as email contact. Additionally you can contact us through the contact page of

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