Computer problem at Commercial Bank of Ethiopia

A “systems glitch” in the Commercial Bank of Ethiopia computer system let customers withdraw more money than they had in their accounts. Oops.

From the link:
More than $40m (£31m) was withdrawn or transferred to other banks, local media reported.

It took several hours for the institution to freeze transactions.

Much of the money was withdrawn from state-owned CBE by students, bank president Abe Sano told journalists on Monday.

News of the glitch spread across universities largely via messaging apps and phone calls.

Long lines formed at campus ATMs, with a student in western Ethiopia telling BBC Amharic people were withdrawing money until police officers arrived on campus to stop them.

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That kind of news travels fast, especially at a university.

  • Pete
1 Like

The bank has records of who got what amount. So the real problem will be getting the money back if it has already been spent. People will be “on the hook” for the money overdrawn, no matter what they try to do to get out of paying.