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155:(CBE) encounter systemic glitch that occurred between 12 a.m. and 3 a.m in local time. CBE released five notes within less than 24 hours, describing the bank failure as a systemic problem in its branch level. CBE President Abe Sano said that much of the money was withdrawn by students. News of the glitch spread across the local university via messaging apps and phone calls. According to
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student said a number of his peers withdrew money from CBE between midnight and 02:00 local time. CBE stated that the glitch was caused by economic and political issues, believing the withdrawal of large amounts of money from ATM machines was a systemic problem. About 490,000 transactions (both
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journalist, acknowledged those who committed the financial breach by saying: "Many people, especially university students have taken money from the commercial bank of
Ethiopia ATP or have transferred money online." On 26 March, the bank said it had recovered about three-quarter of $ 14 million.
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Banks regularly carry out security checks and make updates on their systems to deliver speedy and secure services. The changes that result from these updates and inspection works may cause interruption on banking
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CBE President Abe Sano warned customers to return money saying "those who do not return money that is not theirs will be prosecuted". On 26 March, CBE announced that about $ 14 million recovered.
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programme on 20 March, President Abe warned customers to return the money that they had withdrawn, saying "those who do not return money that is not theirs will be prosecuted".
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between 12 a.m. and 3 a.m. Customers were able to withdraw large amounts of cash (more than 40 million dollars) not deposited in their accounts, and were able to make unlimited
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withdrawals. After circulated in social media, CBE released five notes within less than 24 hours, explaining the systematic failure in its branch services.
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Amharic, students who withdrew money in western
Ethiopia queued to access ATM machines after which police officers approached the campus. A
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legal and illegal) were completed from around midnight to dawn. Freezing transactions took hours. During an interview with BBC's
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388:"Central Bank Says Disruption Of CBE Digital Banking Service Occurred Due To System Update, Inspection Works"
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NBE claimed that the interruption of service was largely due to maintenance work. Elias
Meseret, an
364:"CBE reports massive cyber-attack attempts amid internal "glitch" causing loss of millions of birr"
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268:"Commercial Bank of Ethiopia head warns 'no escape' for clients who profited from glitch"
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293:"Ethiopia's state bank system compromised for hours ; loss undisclosed"
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CBE announced about three-quarter of $ 14 million recovered as of 26 March
342:"Commercial Bank of Ethiopia glitch lets customers withdraw millions"
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214:"Customers asked to return $ 40M after chaotic bank glitch: report"
244:"Ethiopia's CBE bank recovers $ 10m taken during technical glitch"
317:"They're in the money! Ethiopian bank glitch pays out millions"
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182:(NBE) issued a statement on the incident that reads:
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38:2024 Commercial Bank of Ethiopia glitch incident
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52:(on the left of image) in 2022.
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274:2024-03-22
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200:References
65:2024-03-15
187:services.
174:Reactions
29:is being
321:euronews
225:20 March
147:Incident
73:Duration
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110:Outcome
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