Ethiopia’s Commercial Bank Recovers 80% of Funds Lost in System Glitch: Urges Return of Unclaimed Millions

Ethiopia’s Commercial Bank of Ethiopia has recovered nearly 80% of the cash it lost due to a system glitch that allowed customers to withdraw more than they had in their accounts.

The bank reported that around $14 million was withdrawn or digitally transferred during the error, with the value of transactions ranging from 9 cents to $5,350.

The bank has urged 567 individuals to return unclaimed funds, but the total amount remaining is not significant for the bank.

The problem was caused by a routine system update and inspection, not a cyberattack, according to Ethiopia’s central bank. Established in 1963, the bank has 40 million customers.