GlobalA “catastrophic” flaw in a commercial bank allowed customers to withdraw millions...

A “catastrophic” flaw in a commercial bank allowed customers to withdraw millions of dollars by mistake – . .

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The majority of the money was withdrawn by university students after news of the bank holiday spread through messaging applications

  • Author, Kalkidan yibtal
  • Role, . – Addis Ababa

Ethiopia’s largest commercial bank is scrambling to recover millions of dollars that were mistakenly withdrawn by the bank’s customers after a “glitch in the bank’s systems”.

Commercial Bank of Ethiopia (CBE) customers were surprised, in the early hours of Saturday morning, that they could withdraw any amount of cash they wanted even if it exceeded the value of their savings in their bank accounts.

Local media reported that more than $40 million was withdrawn or transferred to other banks.

The bank dealt with the error several hours later and froze all financial transactions and bank transfers.

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