Ethiopian ATM Loophole Scandal: Thousands Benefit from Banking Error

2024-03-20 12:26:00

Thousands of Ethiopians mightn’t believe their eyes on Saturday when they noticed they might withdraw more money from ATMs than they had in their accounts. A banking loophole from which they profited abundantly if the figures put forward are to be believed by BBC. The Commercial Bank of Ethiopia, the country’s largest commercial bank, reportedly lost $40 million. It took several hours for the bank to stop all the withdrawals.

According to the bank’s president, Abe Sano, it was mainly students who benefited from the loophole. The news spread like wildfire across campuses.

“I mightn’t believe it was true,” summed up one student who still can’t believe it.

A loophole exploited by criminals made it possible to steal more than 5 billion euros. An incredible blow but which ends in blood

The problem is believed to be due to a maintenance operation that went wrong.

While waiting to know how the bank will recover the stolen money, students are invited to return it voluntarily to avoid prosecution. The police also patrol several campuses. However, so far, very few have returned the money.

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