The Commercial Bank of Ethiopia (CBE), the nation’s foremost banking institution, has announced the successful retrieval of nearly $10 million. This comes after a system malfunction allowed customers to withdraw sums exceeding their available balances, resulting in a total loss of $14 million.
Bank Leadership’s Response
Abe Sano, the president of CBE, highlighted the proactive return of funds by numerous customers and issued a cautionary note to those still in possession of the unintended withdrawals, hinting at potential legal repercussions.
University Campuses as Hotspots
The glitch predominantly affected university students, who were among the most active in withdrawing the additional funds. The anomaly became widely known on March 16, prompting long queues at ATMs within academic campuses, fueled by rapid communication through social media and direct contacts.
Bank’s Assurance Amidst Uncertainty
While specific details of the glitch remain undisclosed, CBE has reassured its clientele that the mishap was not cybersecurity-related. The integrity of personal accounts remains uncompromised, according to bank statements. Following this incident, several universities have advised their students to ethically return any funds mistakenly obtained during the glitch.
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