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Bank Lets Customers Withdraw More Than Available Balance, Triggering $14,000,000 Exodus in Matter of Hours: Report – The Daily Hodl

A state-owned bank is recovering millions of dollars from customers after “regular system updates” allowed people to withdraw more money than they had in their accounts.

Commercial Bank of Ethiopia (CBE) announced that $14 million was lost in a matter of hours after news of the bank’s system failure spread rapidly among customers through messaging apps and phone calls. report Associated Press.

The bank said about 15,000 people withdrew funds that did not belong to them, the majority of them being university students.

The school is now asking students to contact their banks to return the funds.

So far, the CBE has said that around 80% of people who briefly received the money have since returned it, and banks are now disclosing the remainder who did not return it by posting their names and account details online. It says it is trying to publicly shame 567 people.

CBE president Abe Sano said the losses were “not material for the bank, but it will send the wrong message if this money is not fully recovered.”

Ethiopian Commercial Bank is one of the largest banks in Africa. $23 billion More than total assets 40 million customers At over 1,940 branches.

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