Ethiopia: Bank Recovers Over $10m Lost During Glitch. - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (A.M)
March 28, 2024
Ethiopia’s largest commercial bank has said it recouped more than three-quarters of money it had lost after a technical glitch allowed clients to withdraw or transfer more money than they had in their accounts.
In a press statement on Tuesday the head of Commercial Bank of Ethiopia Abe Sano said more than $14 million dollars was withdrawn from cash machines or transferred to other accounts during the incident that took place on 16 March.
More than $10 million dollars has already been recovered, Abe said.
Initial reports by local media said the amount of money transacted during the glitch could be as high as 40 million dollars.
According to the bank’s chief, thousands of clients returned the money voluntarily.