Ethiopia: $10 Million Recovered After Technical Glitch at Commercial Bank of Ethiopia

Abe Sano, the head of the Commercial Bank of Ethiopia (CBE), announced on Tuesday that approximately $10 million has been recovered following a technical glitch that caused significant financial disruption. Thousands of customers voluntarily returned the cash, while Mr. Sano warned that those who failed to do so would face criminal charges.

The incident saw a surge in withdrawals, particularly by university students, prompting concerns over the loss of funds. Initial reports suggested that over $40 million had been affected by the glitch. However, the bank has not provided specific details regarding the nature of the problem.

While the CBE assured customers that the glitch was not the result of a cyber-attack and that personal accounts remained intact, efforts to rectify the situation have proven challenging. According to a CBE employee speaking to the BBC, tracing money transferred to other banks has been more difficult than tracing sums moved to another CBE account.

In response to the situation, at least three universities issued statements urging students to return any money not belonging to them that they may have withdrawn from the bank.

The technical glitch affected a total of 490,000 transactions before it was identified by the CBE. Despite the setback, the bank remains a significant financial institution in Ethiopia, with over 38 million people holding accounts at the CBE, which was established 82 years ago.


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