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Technical ‘Glitches’ Facilitate Withdrawal of Millions in Ethiopia’s Central Bank

Kehinde Giwa by Kehinde Giwa
March 18, 2024
in Business
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Technical ‘Glitches’ Facilitate Withdrawal of Millions in Ethiopia’s Central Bank
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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Reports indicate that over $40 million (£31 million) was either withdrawn from the state-affiliated Commercial Bank of Ethiopia or transferred to alternate banking entities, as customers realized they could access funds surpassing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.

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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.

Tags: Ethiopia's Central BankGlitches
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