in Financial Services, Sectors
15,000 Ethiopians, mostly youths have returned the money they withdrew from Ethiopia’s largest commercial bank following a system glitch that allowed customers to withdraw more money than they had in their bank accounts.
According to AP news, the Commercial Bank of Ethiopia (CBE) said it has recouped over 80% of the money lost to the system glitch that occurred weeks ago.
Abe Sano, the President of the commercial bank told reporters that about $14 million was withdrawn or transferred to other banks during the glitch as opposed to the $40 million that was earlier reported.
He stated that withdrawals ranged from 9 cents to $5,350 by the over 15,000 people who took advantage of the systems glitch during a routine maintenance and inspection activity by the bank weeks ago.
- Over 15,000 Ethiopians have returned the free money they withdrew or transferred but about 567 individuals are yet to return what they collected during the glitch.
- The bank has published the names and account details of the remaining 567 individuals in a bid to shame them to return the money.
The Bank president commenting on the remaining 20% of stolen funds yet to be recouped said the amount of money is insignificant to the Bank’s coffers.
- “The total amount remaining is not significant for the bank, but if this money is not fully recouped, it sends the wrong message,” Abe said.
The majority of the Ethiopians who withdrew or transferred money from the CBE during the glitch on March 16 were university students as the news of the glitch first hit various university campuses.
Universities in the country have publicly pleaded with university students to return the stolen funds to the commercial bank.
Recommended reading: Ethiopia’s largest Commercial Bank loses millions as technical glitch allows excessive withdrawals
What to Know
- Established in 1963, the Commercial Bank of Ethiopia is the country’s largest bank with 40 million customers.
- On March 16, a system glitch caused by routine maintenance and inspection activity led to customers of the commercial bank withdrawing more money than they had in their bank accounts. This led to a $14 million loss for the commercial bank.
- According to the Bank President, about 80% of the lost money has been recouped following Ethiopians willfully returning the money.
15,000 customers of Ethopian bank willingly return cash withdrawn during system glitch TheCable 17:52