Ethiopia’s CBE in quest to retrieve $40 mln withdrawn during glitch

The Commercial Bank of Ethiopia (CBE), the biggest lender in the country, issued a deadline, asking people who have withdrawn or transferred money from the bank during the technical glitch to return the funds or face prosecution.

Up to 40 million dollars have been withdrawn during the technical failure that took several hours to repair a week ago.

The Bank believes most of the unauthorized withdrawals were carried out by university students, after the news about the glitch went viral on social media.

In a statement, the bank will resort to naming and shaming those who took money unlawfully from ATMs, as a way to force them to return the funds.

Bank president Abe Sano said anyone returning money will not be charged with a criminal offence.