Ethiopia’s Commercial Bank recovers most accidental funds

The Commercial Bank of Ethiopia (CBE) has recovered nearly 80% of the 14 million dollars mistakenly accessible during a recent system error. About 2.8 million dollars remain, having been transferred or withdrawn during the glitch. As the country’s leading financial institution, the CBE has taken steps to prevent future similar events.

Initially, it was feared that around $40 million was at stake. Thankfully, 15,000 conscientious individuals returned the extra funds they had accrued due to the malfunction, aiding the bank significantly in recouping its losses.

However, around 567 people have yet to return the funds. In response, CBE has opted for the unusual step of revealing these individuals’ names and account details to encourage the funds’ return.

Ethiopia’s bank rebounds from system error

This move drew varied reactions, sparking debates among ethics committees worldwide.

CBE President, Abe Sano, stated even though the remaining amount might appear insignificant from a bank’s viewpoint, not reclaiming it totally may suggest a lack of diligence and responsibility. He highlighted the need to protect the bank’s integrity and implied the bank would take all necessary steps to reclaim the outstanding amount.

The news of this banking anomaly spread from March 16, with many university students benefiting from the malfunction. The incident led to widespread public demands for the return of the funds.

CBE has confirmed that a cyberattack did not cause the glitch; rather it was an unintended outcome of a routine system update and inspection. Despite this mishap, the Commercial Bank of Ethiopia maintains its commitment to its sizable customer base and stringent security measures. The bank reassures its 40 million account holders that it will prevent such issues from reoccurring, securing its position in Ethiopia’s economy.