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Ethiopia’s Largest Bank Recovers 80% Of Lost Funds After System Glitch

THE Commercial Bank of Ethiopia has successfully reclaimed nearly 80 percent of the cash lost due to a system glitch, recouping $14 million out of the initially reported $40 million.

Abe Sano, the bank’s president, disclosed that the glitch allowed customers to withdraw more than their account balances. He emphasised, ‘The total amount remaining is not significant for the bank, but if this money is not fully recouped, it sends the wrong message.’

Despite voluntary returns from 15,000 individuals, 567 haven’t refunded the money. In an attempt to prompt returns, the bank publicly listed their details. The incident, attributed to a routine system update, stirred social media buzz, especially as university students were major beneficiaries. Sano clarified, ‘This was a result of a routine system update and inspection,’ dismissing notions of a cyberattack.

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