- ORIGINAL NEWS
‘Glitch’ at Ethiopia’s biggest bank sees customers withdraw millions that isn’t theirs
- SUMMARY
Ethiopia’s largest bank, the Commercial Bank of Ethiopia (CBE), encountered a significant challenge recently.
Due to a glitch in its system, customers were able to withdraw unlimited funds from their accounts.
This resulted in over $40 million being withdrawn or transferred out of the bank before transactions were halted.
The bank’s president, Abie Sano, identified a large portion of the withdrawals as being made by students.
Local media reported long queues forming at ATMs on university campuses.
Students have been urged by their universities to return any cash that they may have withdrawn beyond their account balances.
The bank has stated that it will not prosecute individuals who return the money.
The CBE denied reports that the issue was caused by a cyberattack, attributing it instead to a routine system security check.
The bank’s ATM services have been restored to full functionality.
Ethiopia’s central bank emphasized that the interruption was not a compromise of the bank’s security or the financial system as a whole.
The bank’s officials have been contacted for further clarification, but no comment has been provided at this time.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
Negative
“Ethiopia’s largest bank is struggling to recoup millions of dollars after a glitch over the weekend allowed customers to withdraw unlimited funds, according to local media reports.”
“Several universities have urged students to return cash that isn’t theirs, and Sano reportedly told Monday’s press conference that anybody who returns the money will not be criminally prosecuted.”