The Commercial Bank of Ethiopia, the largest state-owned bank, has faced temporary disruption in its digital service, affecting online payment options.
The bank in a social media update said on Friday that the disruption has something to do with in-house work to improve its services. However, no further detail was provided regarding the nature of the “improvement work.”
The bank informed its clients that the bank’s digital payment options are disrupted and advised them to prepare for it.
The bank system was compromised in March 2024 which it later claimed occurred during the course of improving its digital structure.
Clients, however, were able to make cash transfers they do not have in their bank account.
The bank claimed it had lost only 800 million birr but later said the money was recovered.
Recently, there was another report of fraudulent transfer of billions of birr from the bank to an individual account.
The story was not independently verified.
The National Bank of Ethiopia has been introducing a range of regulatory measures to straighten irregularities in the sector.
MG/as/APA