Digital financial fraud in Ethiopia has reached alarming levels, with authorities reporting a staggering 3.1 billion Birr in losses to date. The Information Network Security Administration (INSA) highlighted the severity of the issue during a national consultative forum held to address the growing threat to the country's digital economy.
Data from the Federal Police underscores the rapid escalation of these crimes. In the 2020/21 fiscal year (2013 E.C.), only 16 cases of digital financial fraud were recorded. By the 2024/25 fiscal year (2017 E.C.), that number had surged to 1,647, reflecting a dramatic increase in both the frequency and impact of these illicit activities.
While Ethiopia’s digital economy is expanding rapidly, with annual digital transactions now exceeding 18 trillion Birr, this growth has been accompanied by a rise in cybercrime, including data theft and identity fraud. These activities pose a significant risk to the stability of the financial sector and the security of individual assets.
During the forum, INSA Director General Tigist Hamid emphasized that while the expansion of digital financial services provides convenience, protecting the infrastructure and raising public awareness has become a matter of national survival.
Minister of Justice Hanna Araya-Selassie also addressed the gathering, noting that such crimes do more than just deplete individual wealth; they erode public trust in the national financial system. She stressed the urgent need for robust legal and policy reforms to ensure that perpetrators are held accountable and that the digital ecosystem remains secure for all citizens.
Source: Telegram / tikvahethiopia