staff writer

The Commercial Bank of Ethiopia (CBE) has published the name and account information of 567 individuals who have yet to return money misappropriated during a March system glitch. On March 16th, a 12-hour technical issue impacted CBE’s core banking platform. An investigation found that 25,761 accounts were involved in unauthorized transfers totaling 801.4 million birr. […]

For over three years, high inflation has been a persistent challenge for the National Bank of Ethiopia (NBE) and the overall Ethiopian economy. Retail and wholesale price increases above 30 percent eroded living standards and damaged confidence as the monetary authorities struggled to get inflation under control. However, the latest data from the NBE provides

In an effort to attract more foreign capital, Ethiopia will now allow foreign investors to own property for the first time. Prime Minister Abiy Ahmed (PhD) announced the loosening of property ownership laws during a meeting with investors on March 22, 2024. While Ethiopians and the Ethiopian diaspora have long been allowed to purchase property,

United Insurance Company (UNIC) has become the second private insurer to buy into the developing Ethiopian Securities Exchange (ESX). In a statement released on the ESX LinkedIn page, the exchange celebrated United’s 30 million birr commitment, calling it a “crucial step” that helps finalize the capital raising process. United follows in the footsteps of Zemen

Ethiopia has posted strengthened coffee export numbers for February in defiance of logistical challenges bedeviling Red Sea transport routes since last November. Data from the Ethiopian Coffee and Tea Authority shows shipments reaching 19,200 tons valued at 88.6 million dollars last month – a 20 percent volume and seven percent earnings increase versus February 2023.

Zemen Insurance entered the record books this week as the first private insurance company to purchase shares on the Ethiopian Securities Exchange (ESX). The company acquired a two percent stake worth 20 million Birr. While state-run Ethiopian Insurance Corporation (EIC) was an early founding shareholder, Zemen is now pioneering private insurance participation in Ethiopia’s nascent

The Commercial Bank of Ethiopia (CBE) has issued a final call for individuals who misappropriated funds during a brief system outage on March 16th to return the money by this Saturday’s deadline. A preliminary investigation found that 490,000 transactions were impacted during the 12-hour outage on March 16th, though customer accounts and data remained secure.

The Ethiopian government has decided to pay back pensions that went unpaid for over two years during the devastating Tigray conflict, according to State Minister of Finance Eyob Tekalign (PhD). The war between federal forces and the Tigray People’s Liberation Front (TPLF) raged from November 2020 until it formally ended in November 2022 with a

The Commercial Bank of Ethiopia (CBE) has confirmed that no customer funds were lost due to a brief system outage that occurred in the early hours of March 16th. From 1am on March 16th, CBE experienced interruptions to its branch and digital banking services for over 12 hours. In today’s press conference, CBE President Abe

The National Bank of Ethiopia (NBE) says a systems upgrade was behind yesterday’s outage at the Commercial Bank of Ethiopia (CBE).   In a statement, the NBE revealed the disruption impacting all CBE branches occurred as part of routine maintenance and technology improvements. As the nation’s largest financial institution with over 30 million customers, the