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A central bank digital currency (CBDC; also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank. It is also a liability of the central bank and denominated in the sovereign currency, as is the case with physical banknotes and coins.
CBE also stated that it affected the branch level as well as the mobile banking system, particularly the CBE online service. The bank also dismissed the social media claims that ATM system was restored to provide "digital banking". See also. Banks portal; List of banks in Ethiopia; References
Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual, remains ongoing, and is constituted by differing degrees of banking service digitization.
Digital banks in the Philippines are a new formal category of banks which were only approved by the Bangko Sentral ng Pilipinas (BSP), the country's central bank, in 2020. The first such banks launched in the Philippines were Tonik, Overseas Filipino Bank, and UnionDigital of UnionBank Corp.
On 15 March 2024, the Commercial Bank of Ethiopia (CBE) reported having glitching issues between 12 a.m. and 3 a.m. Customers were able to withdraw large amounts of cash (more than 40 million dollars) not deposited in their accounts, and were able to make unlimited ATM withdrawals.
The bank has maintained bancassurance partnership with Union Assurance for nearly 10 years whereas the customers of Commercial Bank obtain insurance related products from Union Assurance directly. The bank launched its groundbreaking digital product "Flash" to facilitate convenient digital banking practices. Subsidiaries