CBE recovers $10 million from system glitch $14 million loss
Commercial Bank of Ethiopia (CBE) has reportedly recovered around $10 million from customers who withdrew funds they did not own, due to a system glitch on March 16.
Though the bank was thought to have lost $40 million initially, Abe Sano, the CBE head, disputed that, saying the amount taken was smaller and would be accurately determined.
According to the BBC, the bank lost $14 million, not $40 million, meaning that they have gotten back just over 70% of the lost funds.
Per reports, university students withdrew most of the money after the news went viral via messaging apps and phone calls, with three universities reportedly advising their students to return any excess cash withdrawn from the bank.
Sano warned that the bank is currently reporting defaulting customers to law enforcement. Nevertheless, several customers have voluntarily returned the funds.
“There is no way that they can escape because they are digital, and they are our customers. We know them. They are traceable, and they are legally accountable for what they did,” Sano added
While it has not yet disclosed the cause of the issue, the bank has insisted the issue was a result of a system glitch rather than a cyberattack, assuring customers that their accounts are therefore secure.
