By Lucy Adautin
The largest bank in Ethiopia is working to retrieve millions of dollars following a technical malfunction that enabled customers to withdraw funds exceeding their account balances.
Reports from local media indicate that the Commercial Bank of Ethiopia incurred a loss of over 2.4 billion Ethiopian birr (approximately £32m) due to the glitch.
The bank has not said how much was withdrawn, but its CEO, Abe Sano, told reporters half a million transactions were made during the glitch.
News of the technical issue was spread on social media by university students, who withdrew much of the money, he said.
The bank will not press charges against students who took out cash that did not belong to them, according to the bank boss.
It is working with the police to recoup the lost cash, he added.
READ ALSO: Ex-International To Coach Nigeria’s Super Eagles Against Mali, Ghana, Osimhen Out
The problem was caused by a “routine system update and inspection” rather than a cyber attack, Ethiopia’s central bank said in a statement.
Long queues formed at cash machines across the country after the problem was discovered. The country’s banking system was shut down for several hours while the issue was fixed, with customers unable to withdraw cash.
The Commercial Bank of Ethiopia was established in 1963 and has around 40 million customers.
