Ethiopia’s biggest bank, the Commercial Bank of Ethiopia, reported that it had recovered nearly 80% of the $40 million lost due to a system glitch that allowed customers to withdraw more money than they had in their accounts. Bank president Abe Sano stated that around $14 million was withdrawn or transferred digitally, with transactions ranging from 9 cents to $5,350. Nearly 15,000 people have voluntarily returned funds that were illegally taken, but 567 individuals have not yet returned the money that is not theirs. In an attempt to shame these individuals into returning the money, the bank published their names and account details online.
The glitch, which was caused by a routine system update and inspection rather than a cyberattack, received widespread attention on social media on March 16. A large portion of the money withdrawn came from university students, prompting several universities to publicly urge their students to return the cash. The Commercial Bank of Ethiopia, established in 1963, has 40 million customers and is the country’s largest bank. While the total amount remaining to be recouped is not significant for the bank, Abe emphasized the importance of recovering all the money to avoid sending the wrong message.
In response to the glitch, the bank has recovered nearly 80% of the lost funds. The individuals who have not yet returned the money have had their names and account details published online by the bank in an effort to pressure them into doing so. Abe Sano stressed the importance of recouping all the lost funds to maintain the integrity of the bank’s operations. With the glitch reportedly caused by a routine system update rather than a cyberattack, the Commercial Bank of Ethiopia has taken steps to address the issue and recover the lost funds.
Overall, the glitch at the Commercial Bank of Ethiopia resulted in around $14 million being withdrawn or digitally transferred, with transactions ranging in value. Nearly 15,000 people have already returned the funds they took illegally, but 567 individuals have not yet done so. The bank has made efforts to shame these individuals into returning the money by publishing their names and account details online. Despite the glitch not having a significant financial impact on the bank, it is important for the integrity of the institution that all the money is recouped.
The widespread attention the glitch received on social media prompted several universities to encourage their students to return any funds they had taken. The Commercial Bank of Ethiopia has identified the problem as stemming from a routine system update and inspection, rather than a targeted cyberattack. The bank’s efforts to recover the funds and ensure all the money is returned are ongoing, and they are actively pursuing the individuals who have not yet given back the money that was not theirs. As the country’s largest bank with 40 million customers, it is crucial for the Commercial Bank of Ethiopia to address this issue and recover the lost funds to maintain confidence in its operations.
