Ethiopia’s largest commercial bank has announced the successful recovery of more than three-quarters of the funds lost following a technical glitch that allowed clients to withdraw or transfer more money than they had in their accounts.
In a press statement issued on Tuesday, Abe Sano, the head of the Commercial Bank of Ethiopia, revealed that over $14 million had been withdrawn from cash machines or transferred to other accounts during the incident that occurred on March 16th. However, more than $10 million has already been recovered, Mr. Abe stated.
Initial reports from local media suggested that the total amount transacted during the glitch could reach as high as $40 million. Many of these transactions were carried out by university students.
According to the bank’s chief, thousands of clients voluntarily returned the money they had received improperly. He warned that individuals who have not returned the funds could potentially face criminal charges.