Ethiopia’s premier commercial bank is currently grappling with the retrieval of millions of dollars following an unexpected occurrence characterised as a system malfunction.
Reports indicate that over $40 million (£31 million) was either withdrawn from the state-affiliated Commercial Bank of Ethiopia or transferred to alternate banking entities, as customers realized they could access funds surpassing their account balances.
The institution’s response time to freeze all transactions extended over several hours, exacerbating the situation’s impact. Despite initial concerns, investigations have ruled out a cyber attack as the root cause behind the glitch.
Eyewitnesses have disclosed that a significant portion of the withdrawals occurred within university campuses, implicating certain students.
Subsequently, authorities have reportedly detained individuals believed to be involved in these transactions.
