Ethiopia’s largest commercial bank, the Commercial Bank of Ethiopia (CBE), faced a major dilemma when a systems glitch allowed customers to withdraw more money than was in their accounts. This glitch resulted in over $40 million being withdrawn or transferred to other banks, causing chaos among students and prompting long lines at campus ATMs. The incident, which the central bank attributed to a maintenance error, has raised concerns about the security of customer accounts and the bank’s ability to recover the lost funds. Despite assurances from CBE’s president that customer accounts were not compromised, the incident has left many questioning the reliability of the banking system in Ethiopia. With conflicting reports of students returning the excess money voluntarily and questions about the bank’s recovery efforts, the aftermath of this glitch remains uncertain. In light of this incident, customers are advised to be cautious about their transactions and monitor their accounts closely to ensure the security of their funds.
How the Cash Machine Glitch at Ethiopia’s Biggest Bank Will Impact Customers and the Financial Sector
