Customers cash in on Commercial Bank of Ethiopia’s ‘systems glitch’, withdraw, transfer over $40 million

Customers of Commercial Bank of Ethiopia have capitalised on a “system glitch” to withdraw amounts that were more than what is actually in their bank accounts.
According to the BBC, over $40 million (£31m) had already been either withdrawn or transferred to other banks before the bank could freeze further transactions hours later.
Speaking at a press conference on Monday in Addis Ababa, the bank’s president, Abe Sano, alleged that most of the money was withdrawn by university students after reports of the glitch spread on Saturday through messaging apps and phone calls.
Failing to confirm the amount of money withdrawn, Mr Sano revealed that over 490,000 “unhealthy and illegal” banking transactions were made and processed but said the loss recorded was small compared to the bank’s total assets.
He assured customers of the safety of their monies, confirming that “there have been attempted cyber attacks, but the bank’s cyber security was not compromised.”
He said the glitch happened during their “maintenance and inspection activities” to improve their banking system and was caused by a “missing code,” prompting them to suspend their service to prevent more losses.
The bank’s president, however, stated that an investigation had been launched because they had reported to the authorities customers who had made high transactions.
He also called on customers to return monies that did not belong to them, promising they would not be charged with a criminal offence.
Ethiopia’s biggest commercial bank is now trying to recover the huge amount of money customers withdrew after the glitch.
A student in Western Ethiopia told the BBC that people had formed long queues at campus ATMs and were withdrawing money before police officers arrived to stop them.
The bank holds the accounts of over 38 million people.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
Reps task Nigerian military to probe killing of soldiers in Delta
Before adopting the motion, the House observed a minute silence for the souls of the late military personnel.

NationWide
Nasarawa speaker urges Nigerians to pray for success of Tinubu’s government
The speaker said every leader needed prayers and the support of his people to succeed, hence the need for his call in that direction.

World
Trump’s ex-aide Navarro arrives at federal prison to begin four-month sentence
The White House advisor was instructed to report to Federal Correctional Institution Miami on or before 2:00 p.m. EDT (18:00 GMT) on March 19.

Anti-Corruption
Reps summon health minister Pate over misappropriation of $300 million antimalarial funds
The House of Representatives summoned Health Minister Mohammed Pate over the alleged misappropriation of $300 million antimalarial funds.

Anti-Corruption
EFCC chairman blames neglect of cultural values for rise in corruption
Mr Olukeyede said EFCC was doing its best to curb the menace of corruption to a reasonable level.

Sport
Nigeria’s Olayinka Olajide secures bronze in athletics triumph at ongoing African Games
Nigerian sprinter Olayinka Olajide has clinched the country’s first medal in athletics at the African Games in Accra.