The state-owned Commercial Bank of Ethiopia has disclosed that it has recovered over three-quarters of the $14 million it lost due to a software malfunction earlier this month, which enabled customers to withdraw more funds than their account balances.
According to Abie Sano, the bank’s president, approximately 78 percent of the 801 million birr withdrawn from ATMs or transferred during the night of March 15, totaling 622.9 million birr ($11 million), has been returned.
Abie stated on Tuesday that the names of over 500 individuals who still owe balances have been made public by the lender. Previously, he attributed university students as the primary culprits behind the “theft,” alleging their involvement in disseminating information about the glitch through social media channels.
The glitch transpired during a system update, as per Ethiopia’s central bank earlier this month, assuring that there was no jeopardy posed to customers or the broader financial system.
