Ethiopia’s Commercial Bank Glitch: What Happened and Bank’s Response
On a Saturday morning, customers of the state-owned Commercial Bank of Ethiopia (CBE) found they could withdraw more cash than their account balance.
Systems Glitch and Withdrawal Frenzy
Over the weekend, CBE experienced a “systems glitch” allowing customers to withdraw millions. The bank clarified there was no cyber attack, ensuring its security was intact. The incident led to a frenzy, with university students reportedly making most of the withdrawals after news spread rapidly.
- Long lines formed at campus ATMs in western Ethiopia.
- People kept withdrawing until police intervention.
Bank’s Response and Investigation
CBE President Abe Sano revealed over 490,000 “unhealthy and illegal” transactions occurred. While the exact amount withdrawn remains undisclosed, reports suggest a significant sum was involved.
- Approximately 66,000 transactions took place during the glitch.
- The bank’s cyber security remained uncompromised.
An ongoing investigation aims to identify those responsible for high transactions, with universities urging students to return the excess money without facing criminal charges.
