Bank Glitch Lets Customers Overdraw, Triggering $14 Million Exodus

A state-owned bank in Ethiopia is scrambling to recover millions of dollars after a system update allowed customers to withdraw more money than they had in their accounts.

Millions Drained in Hours

The Commercial Bank of Ethiopia (CBE) reports that $14 million was withdrawn within hours as news of the malfunctioning system spread quickly among customers.

Students Take Majority

Around 15,000 people took advantage of the glitch, with university students withdrawing a significant portion of the funds. Universities are now urging their students to return the money.

Bank Attempts to Recover Funds

So far, about 80% of the funds have been returned. The bank is publicly shaming the remaining 567 individuals who have not done so by listing their names and account details online.

Bank President: Message Matters

CBE president Abe Sano emphasized that the losses are not significant for the bank, but it’s important to recover the funds to avoid sending the wrong message.

Bank Details

The Commercial Bank of Ethiopia is one of the largest banks in Africa, with $23 billion in assets and over 40 million customers.