According to information provided by a commercial bank in Ethiopia (Commercial Bank of Ethiopia – CBE), a serious system failure occurred on March 16. Problems in the operation of banking systems allegedly occurred after “maintenance and inspection activities” were carried out.
Bank failure in Ethiopia. Customers withdrew more money than they had in their accounts
CBE Bank is trying to recover millions that were withdrawn by customers on March 16 after they learned about the failure of banking systems. According to the bank’s president, Abe Sano, the glitch resulted in 490,000 transfers. According to the findings, the bank lost over 40 million US dollars (almost PLN 159 million – ed.).
Much of the money was withdrawn or transferred to other bank accounts by students as news of the glitch quickly spread to local universities. Long queues formed at ATMs located on campuses.
One student in western Ethiopia told the BBC that students withdrew money until police patrols arrived. Bank employees also intervened and appeared in this case, including: at Dill University. At least three universities issued statements ordering refunds.
More than $40 million disappeared. The bank asked for the money to be returned
After freezing all transactions carried out during the failure, the bank ordered a break in the provision of services. However, according to Sano, the losses were small compared to the bank’s total assets. During the conference, it was also reported that the bank’s customer accounts had not been affected. Sano said that anyone who donated the funds himself would not be punished in any way. Currently, over 38 million people have accounts with CBE Bank.
Source: Gazeta
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