Ethiopia’s Commercial Bank of Ethiopia (CBE) has faced a technical glitch that allowed its customers to withdraw unlimited cash for a brief period. Over $40 million was either withdrawn or transferred from the bank during this time, according to local media reports. The cause of the incident is not yet confirmed, but it is believed that maintenance and inspection activities may have caused it.
On Saturday morning, news spread quickly among CBE customers that unlimited withdrawals were possible from their accounts. Long queues formed at ATMs as people rushed to take advantage of the opportunity. It took several hours before the bank stopped transactions and dispersed the crowds around the ATMs. Many of the customers who withdrew money were university students, according to CBE president Abie Sano. Universities have been urging students to return any money that did not belong to them, with Sano stating that those who returned the money would not face prosecution.
The incident occurred during maintenance and inspection activities at CBE, which may have caused a technical glitch that allowed customers to take out or transfer more money from their accounts than they had available. Reports noted that police were collecting money from students who voluntarily returned it to authorities. However, there were also reports of students at Jimma University who had not returned any money. Although the cause of the glitch has not been confirmed by CBE, the bank stated that it was not due to a cyberattack.
A similar incident occurred at Ireland’s Bank of Ireland last August when customers were able to withdraw cash beyond their account balances due to a technical issue. The bank warned customers that any transfers or withdrawals made during this time would still be applied to their accounts. As of yet, CBE has not responded to requests for comment from Business Insider.
