Commercial Bank of Ethiopia ‘glitch’ sees customers withdraw millions

From CNBC:

A glitch at the Commercial Bank of Ethiopia allowed customers to withdraw over $40 million, causing chaos over the weekend. Students were among those withdrawing cash, prompting the bank to urge them to return any excess. The bank denies a cyber attack and states that ATM services are now fully operational.

Ethiopia’s largest bank is facing a financial crisis after a glitch allowed customers to withdraw unlimited funds. Students were among the biggest beneficiaries, with more than $40 million reportedly withdrawn. The bank urges customers to return excess funds and assures no criminal prosecution for those who comply. ATM services are now restored after temporary interruptions.



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