Over the weekend, Ethiopia’s biggest commercial bank witnessed a “systems glitch” which allowed customers to withdraw millions. The bank has since released a statement saying that there was no cyber attack and its security has not been compromised as it scrambles to recoup the large sums of money withdrawn.
What happened?
On Saturday (Mar 16) morning, customers of the state-owned Commercial Bank of Ethiopia (CBE) discovered that they were able to withdraw more cash than what was in their account.
This, as expected, led to a frenzy. According to reports, most of the money that was withdrawn during the glitch was by university students as news spread quickly via phone calls and text messages.
A student in western Ethiopia told the BBC that long lines formed outside campus ATMs and people kept withdrawing money till police officers arrived and stopped them.
The “systems glitch” lasted for hours and more than $100 million was withdrawn or transferred to other banks, according to local media reports.
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