Glitch In Ethiopian Bank System Results In Millions Withdrawn
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Individuals across Ethiopia have successfully withdrawn huge amounts of cash from their bank accounts following a system glitch. Over £31million was taken out mostly by students from the Commercial Bank of Ethiopia (CBE). As soon as the students discovered that they could withdraw more than the available funds in their account, they immediately swung into action to take out a lot of money.
Students Were Reported To Still Be Withdrawing Cash Even After The Police Arrived
The news went viral through messaging applications and massive lines could be observed outside campus ATMs last week. It was reported that students were still taking out cash even after the arrival of the police.
A student of the Jimma University Institute of Technology stated that when the news surfaced, he did not believe it was true.
Another student of Dilla University mentioned that some of his friends could take out money from the bank from midnight to 2 a.m. local time
Police vans were seen outside Jimma University, however, the student cited that he doesn’t know anyone who has returned the money.
In the meantime, at Dilla University, bank staff were gathering some cash that students willingly returned. About three Educational institutions have issued statements urging students to give back the money. It remains unclear if the efforts of the bank to retrieve the money have been successful.
CBE Seeks To Promote Cybersecurity And Financial Stability Across Baking Sector
Abe Sano, president of the bank said in a press statement that although there have been attempted cyber attacks, the bank’s cyber security remains uncompromised. He further highlighted that the issues were encountered during work to enhance the banking system and assure individuals that their accounts are secured.
Mr Sano believes that the loss caused by the glitch was small in contrast to the bank’s overall assets. He stated that individuals returning money will not face any criminal charges.
In the previous year, the Bank of Ireland permitted customers to withdraw up to €1,000 due to a glitch. These issues led to huge queues at ATMs across Ireland, with individuals mistakenly believing they were receiving free cash.
The Commercial Bank of Ethiopia (CBE) is known to be the largest commercial bank in Ethiopia. It acquired assets worth 1.1 trillion birr and held about 67% of deposits and approximately 53% of loans among all banks in the country as of June 2021. The bank employed over 35,000 workers as of June, who work across its headquarters and branches over 1000, which are situated in the major cities and regional areas.
