Ethiopian banks suffers 1.8 billion birr in fraud loses in five years

Addis Ababa, May 30, 2022 (FBC) – Investigation reports released by the Ministry of Justice indicates that the banking industry in Ethiopia has suffered 1.8 billion birr in fraud loses in five years.

The study findings show that frauds worth 370 billion birr have been attempted on banks since 2017.

Based on the findings, Ministry of Justice is conducting consultation with Governer of Ethiopia National Bank, Yinager Dessie (PhD), presidents of several banks, officials of Ethio Telecom and other stakeholders on how to tackle scams targeting the banking industry.

Out of the total banks targeted by the fraud, 50pct of the loss is suffered by the Commercial Bank of Ethiopia, it is learned. Some workers of the Ethio Telecom are alledgely involved in the fraud.