‘Glitch’ at Ethiopia’s largest bank sees customers withdraw millions that isn’t theirs

Ethiopia’s biggest bank is battling to retrieve millions of dollars after a problem over the weekend permitted customers to withdraw limitless funds, according to local media reports.

More than $40 million was allegedly withdrawn from the state-owned Commercial Bank of Ethiopia or transferred to other banks, as customers learned they could withdraw beyond their total balance. Transactions were stopped a number of hours later.

The bank’s President Abie Sano spoke to a press conference on Monday that a large segment of the cash was withdrawn by students, with the BBC describing those long lines formed at campus ATMs.