Commercial Bank of Ethiopia recovers $10 million from its $14 million system glitch loss

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Remember how we reported that The Commercial Bank of Ethiopia (CBE) experienced a technical glitch that allowed customers to withdraw more money than they had in their accounts? Initial claims were that the funds withdrawn were up to $40 million.

Actually, it is only about $14 million that was withdrawn and over $10 million has been returned by the people who took the money voluntarily.

The CBE has not disclosed the cause of the glitch but assures customers it was not a cyberattack and their accounts are secure. They are actively tracing both cash withdrawals and digital transfers to recover the lost funds.

The bank is taking a hard line against those who do not return the extra money. In an interview, Mr. Abe, a CBE official, stated that they are already reporting customers to the police. He emphasized that the transactions are digital and traceable, making those who took advantage of the glitch accountable for their actions.

This incident highlights the importance of responsible banking practices. While the bank is pursuing legal action, the voluntary return of funds by many customers demonstrates ethical behavior.

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