Ethiopia’s largest financial institution, the Commercial Bank of Ethiopia (CBE), is in turmoil following a significant “systems glitch” that enabled customers to withdraw funds far beyond their account balances. This unexpected loophole came to light early on Saturday, leading to an unanticipated financial frenzy.
Massive Withdrawals Exceed $40 Million
The glitch sparked a wave of withdrawals, with customers managing to extract or transfer over $40 million to various accounts, according to reports from local media. The bank was slow to react, taking several hours to halt transactions and assess the magnitude of the situation.
Student Community Exploits the Flaw
CBE’s president, Abe Sano, disclosed that a substantial portion of the withdrawals was made by students who quickly capitalized on the banking error. The news of the glitch propagated swiftly through messaging apps and phone calls, particularly across university campuses.
Queues at ATMs as Word Spreads
As word of the glitch spread, long lines began to form at ATMs located on university grounds, with students eager to take advantage of the unexpected windfall. The bank now faces the daunting task of recovering the withdrawn funds and addressing the vulnerabilities that led to this significant oversight.
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