Last weekend, Ethiopia’s largest bank, the Commercial Bank of Ethiopia, faced a major glitch that allowed customers to withdraw unlimited funds. According to reports, over $40 million was withdrawn or transferred before transactions were halted.
The bank’s President, Abie Sano, addressed the issue at a press conference and revealed that a large portion of the withdrawn cash was taken by students. Many universities have since urged students to return any money that isn’t theirs, with Sano assuring that they will not face criminal prosecution if they do so.
Despite rumors of a cyber attack, the CBE confirmed on Twitter that the service interruption was not due to hacking. The bank assured customers that their ATM services were now fully operational.
Ethiopia’s central bank also released a statement, explaining that the interruption was the result of system security checks and did not pose a threat to the bank or its customers.
CNBC has reached out to the CBE for further comment on the situation. Stay tuned for updates as this story develops.
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