Ethiopia's biggest bank says it has recouped most of the cash lost during a system glitch

Ethiopias biggest bank says it has recouped nearly 80 per cent of the cash it lost during what it says was a glitch in its system that allowed customers to take out more money than they had in their accounts.Abe Sano, president of the Commercial Bank of Ethiopia, told reporters on Tuesday that around USD 14 million was withdrawn or digitally transferred during the error.

Ethiopia's biggest bank says it has recouped nearly 80 per cent of the cash it lost during what it says was a glitch in its system that allowed customers to take out more money than they had in their accounts.

Abe Sano, president of the Commercial Bank of Ethiopia, told reporters on Tuesday that around USD 14 million was withdrawn or digitally transferred during the error. The value of the transactions ranged from 9 cents to USD 5,350, he said. The amount lost initially was reported as USD 40 million.

Nearly 15,000 people have voluntarily returned funds that were “taken illegally”, the bank said in a statement. But 567 individuals haven't yet returned money that is not theirs. On Tuesday, the bank posted their names and account details online, in an apparent attempt to shame them into giving it back.

“The total amount remaining is not significant for the bank, but if this money is not fully recouped, it sends the wrong message,” Abe said.

News of the glitch spread on social media on March 16. Much of the money was withdrawn by university students. Several universities have publicly urged their students to return the cash.

The problem was caused by a “routine system update and inspection” rather than a cyberattack, according to Ethiopia's central bank.

Established in 1963, the Commercial Bank of Ethiopia is the country's largest bank with 40 million customers.

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