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Ethiopia’s biggest bank -Commercial Bank of Ethiopia has recouped nearly 80% of the cash it lost due to a glitch in its system. The system failure allowed customers to take out more money than they had in their accounts
Ethiopia’s biggest bank -Commercial Bank of Ethiopia has recouped nearly 80% of the cash it lost due to a glitch in its system. The system failure allowed customers to take out more money than they had in their accounts.
Abe Sano, president of the Commercial Bank of Ethiopia, said that around USD 14 million was withdrawn or digitally transferred during the error. The value of the transactions ranged from 9 cents to USD 5,350, he said. The amount lost initially was reported as USD 40 million.
Nearly 15,000 people have voluntarily returned funds that were taken illegally. But 567 individuals haven’t yet returned the money that is not theirs. Recently, the bank posted their names and account details online. This was an apparent attempt to shame them into giving it back.
The total amount remaining is not significant for the bank. However, the bank feels that if that money is not recovered, it will send a wrong message. Much of the money was withdrawn by university students. Several universities have publicly urged their students to return the cash.
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The problem was caused by a “routine system update and inspection” rather than a cyberattack. Established in 1963, the Commercial Bank of Ethiopia is the country’s largest bank with 40 million customers.
