Ethiopia's biggest bank says it has recouped most of the cash lost during a system glitch
Ethiopia’s biggest bank says it has recouped nearly 80% of the cash it lost during a system glitch that allowed customers to take out more money than they had in their accounts
ADDIS ABABA, Ethiopia (AP) — Ethiopia’s biggest bank says it has recouped nearly 80% 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Abe Sano, president of the Commercial Bank of Ethiopia, told reporters Tuesday that around $14 million was withdrawn or digitally transferred during the error. The value of the transactions ranged from 9 cents to $5,350, he said. The amount lost initially was reported as $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.
