Commercial Bank of Ethiopia retrieves $11m lost in software bug

The state-owned Commercial Bank of Ethiopia has reclaimed more than three-quarters of the $14 million it lost when a software problem prior this month permitted customers to withdraw additional funds than they had in their bank accounts, the officials revealed.

More than 75 percent of the $14,064,950 million withdrawn from ATMs or transferred throughout the night of March 15, or $11 million, has been returned, the president of the bank Abie Sano revealed on Tuesday.

The money lender has printed the names of the more than 500 people who are still to return the remainder, Abie stated.

He earlier hold accountable college students for being mostly accountable for the “stealing”, blaming them of revealing information about the malfunction via social media.

The problem happened during an update to the bank’s software, Ethiopia’s central bank said prior this month, adding that there was no danger to customers or the general financial system.