15,000 customers of Ethopian bank ‘willingly return’ cash withdrawn during system glitch

The Commercial Bank of Ethiopia, the country’s biggest bank, says it has recovered nearly 80 percent of the cash it lost during a system glitch, from 15,000 customers.

According to AP News, the hitch allowed customers to withdraw more money than they had in their accounts.

Abe Sano, president of the Commercial Bank of Ethiopia, told reporters on Tuesday, that about $14 million was withdrawn or digitally transferred during the error.

He said the value of the transactions ranged from 9 cents to $5,350.

“The total amount remaining is not significant for the bank, but if this money is not fully recouped, it sends the wrong message,” Sano said.

According to the report, the amount lost initially was reported as $40 million, but 567 individuals have not yet returned the money.

“On Tuesday, the bank posted their names and account details online, in an apparent attempt to shame them into giving it back,” the bank’s president said.

“News of the glitch spread on social media on March 16 as much of the money was withdrawn by university students. Several universities have publicly urged their students to return the cash.”

According to Ethiopia’s central bank, the issue was caused by a “routine system update and inspection” rather than a cyberattack.

On March 16, local media reported the hitch, which led to the temporary freeze of digital financial services across the industry.