The National Bank of Ethiopia released its annual financial security report, which highlights the impact of monetary fraud up to June 2024. According to the report, 28 out of 31 banks in the country were defrauded, with fraudulent activities including the use of counterfeit currency, stolen ATM machines, fake checks, fraudulent phone messages, and other related methods.
The report also indicates that the amount of money lost this year has risen by 300 million birr compared to the same period last year. However, the identities of the three banks that were not defrauded were not disclosed.
The National Bank of Ethiopia noted that banks are increasingly collaborating with small credit and savings institutions to provide loans. The rise in these services, along with a surge in internet fraud, is believed to contribute to the growing financial losses.
Additionally, the National Bank revealed that the total amount of loans extended by banks has reached 2.2 trillion birr. The breakdown of loans includes 345 billion birr for the manufacturing sector, 302 billion birr for domestic trade, and 212 billion birr for export trade. However, agricultural operations received a smaller share of the loans, while the import and other business sectors received less credit in comparison.
The report also showed an increase in the total profit of banks, rising from 49 billion birr last year to 59 billion birr this year.
