MEGA BANK LOSS: Customers Withdraw More Than They Had On Their Accounts After Technical Glitch, Over Ugx150Billion Lost - SWIFT DAILY NEWS
SWIFT DAILY NEWS
a client using atm to withdraw his money in kigali

MEGA BANK LOSS: Customers Withdraw More Than They Had On Their Accounts After Technical Glitch, Over Ugx150Billion Lost

By Frank Kamuntu

Ethiopia’s biggest bank is reportedly attempting to recover more than $40 million after a technical glitch allowed customers to withdraw more than they had in their accounts.

Long lines formed at cash machines across Ethiopia after the problem was discovered at the Commercial Bank of Ethiopia, local media reported.

News of the glitch Saturday was spread on social media by university students, who withdrew much of the money, said the bank’s CEO, Abe Sano.

The bank has not said how much was withdrawn, but Abe told reporters that half a million transactions were made during the glitch. A local newspaper reported that 2.4 billion Ethiopian birr ($42 million) was lost.

The problem was caused by a “routine system update and inspection” rather than a cyberattack, Ethiopia’s central bank said in a statement.

Ethiopia’s banking system was shut down for several hours while the problem was fixed, with customers unable to withdraw cash.

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

Abe said the bank is working with the police to recoup the lost money. The bank will not press charges against students who took out cash that did not belong to them, Abe said.

Have An Advert Or Article You Want Us To Publish? WhatsApp: +256760530830. 

Related posts

Sad: 10 Children Drown After Their Boat Sank In A River

Swift Daily News

Must Read: 6 Ways To Become Rich While Earning Minimum Wage

Swift Daily News

Revealed: Here Are Countries Where Police Don’t Carry Guns 2024, See Why!

Swift Daily News

“Stop Wasting Your Time, I Won’t Contest In 2026”- Gen Muhoozi Kicks PLU Supporters Into Tears As He Endorses Museveni For 7th Term

Swift Daily News

”Our Teachers Lack Spiritual Power, We’ve Introduced ‘God Fearing’ Trainings To Help Them Know God!”-C/person Education Service Commission

Swift Daily News

Shock! Arsenal Fan Hangs Self After Losing Premier League Title To Man City

Swift Daily News

Leave a Comment