In a startling turn of events, Ethiopia’s largest bank, the Commercial Bank of Ethiopia (CBE), encountered a severe system glitch that permitted customers to withdraw millions of dollars in excess of their account balances, sparking a financial frenzy.
Key Points:
- Over $40 million was illicitly withdrawn or transferred from the Commercial Bank of Ethiopia due to a system glitch.
- The glitch mainly benefited students, who were among the most active in withdrawing funds, leading to sizable queues at ATMs, especially on campuses.
- CBE’s President, Abie Sano, announced at a press conference that those who return the funds will not face legal actions, encouraging restitution.
- Despite speculations, the bank has confirmed that the mishap was not a result of a cyberattack and assures that ATM services have resumed normal operations.
A Weekend of Financial Chaos
Over the past weekend, Ethiopia’s financial landscape was shaken to its core when a technical glitch at the Commercial Bank of Ethiopia, the nation’s most significant banking institution, allowed customers to withdraw more money than they owned. This incident led to the unauthorized withdrawal of more than $40 million, causing a considerable stir across the country.
Students at the Forefront
Interestingly, a significant portion of these unexpected withdrawals was conducted by students. This demographic swiftly took advantage of the glitch, with reports of long queues forming at ATMs located on various campuses. This unusual banking activity did not go unnoticed, with several universities promptly advising students to return the funds to avoid potential legal consequences.
Bank’s Response and Assurance
In response to the crisis, Abie Sano, the President of CBE, held a press conference to address the issue head-on. Sano’s message was clear: those who return the misappropriated funds will be exempt from criminal prosecution, a move aimed at encouraging ethical behavior among the beneficiaries of the glitch. Moreover, the bank took to X to confirm that the service interruption was indeed a glitch and not a cybersecurity breach, seeking to quell any rumors of external interference.
In an effort to restore public confidence, CBE has announced that its ATM services are now “fully operational,” signaling a return to normalcy. Furthermore, Ethiopia’s central bank has issued a statement, downplaying the severity of the incident and asserting that it did not compromise the safety of the bank’s customers or the financial system at large.
