Economy

Ethiopia’s largest Commercial Bank loses over $10m following glitch

Date: Mar 27, 2024

The Commercial Bank of Ethiopia has announced the recovery of approximately $10 million, nearly three-quarters of the funds lost during a recent system malfunction.

The glitch, which permitted customers to withdraw funds exceeding their account balances, led to the misappropriation of $14 million. Abe Sano, the bank's President, confirmed the recovery and commended the thousands of customers who proactively returned the excess funds.

However, Sano issued a stern warning to those who have yet to return the funds, stating they would be subject to legal action.

The majority of the erroneous withdrawals were conducted by university students after the glitch became widely known on March 16th, causing a frenzy at campus ATMs.

Despite the chaos, the bank reassured its customers, clarifying that the glitch was not a cyber-attack and affirming the security of personal account information. Investigations continue as the bank works to rectify the aftermath of the technical error.

--ChannelaAfrica/Reuters--

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