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Commercial Bank of Ethiopia glitch lets customers withdraw millions

Ethiopia's biggest commercial bank is scrambling to recoup large sums of money withdrawn by customers after a systems glitch.
 
The customers discovered early on Saturday that they could take out more cash than they had in their accounts at the Commercial Bank of Ethiopia.
 
More than £31 million was withdrawn or transferred to other banks.
 
It took several hours for the institution to freeze transactions.
 
Much of the money was withdrawn from state-owned CBE by university students.
 
More than 38 million people hold accounts at CBE.
 
Ethiopia's central bank on Sunday said the glitch had occurred during maintenance and inspection activities.
 
At least three universities have advised students to return any money not belonging to them.
 
The bank says anyone returning money will not be charged with a criminal offence.
 
But it's not clear how successful the bank's attempts to recoup their money has been so far.


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