Ethiopia's largest bank, CBE, struggles to recover $40m lost due to a systems glitch, exploited by students.
Ethiopia's largest commercial bank, Commercial Bank of Ethiopia (CBE), is struggling to recover over $40m withdrawn by customers due to a systems glitch. The issue allowed customers to withdraw more cash than their accounts held, with students exploiting the glitch via messaging apps and phone calls. The bank is yet to confirm the success of its attempts to recoup the lost funds, and the cause of the glitch remains unclear.
March 18, 2024
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