Home News Finance Ethiopian bank publishes 567 names left, after 78% recovery of funds lost to technical glitch
FinanceNews

Ethiopian bank publishes 567 names left, after 78% recovery of funds lost to technical glitch

463
Ethiopian bank publishes 567 names left, after 78% recovery of funds lost to technical glitch

The largest commercial bank of Ethiopia has recovered nearly 80% of its funds lost to the recent technical glitch on March 16, the bank’s president, Abe Sano told reporters on Tuesday.

The March 16 glitch exposed 801.4 million Ethiopian birr, about $14 million to theft as it led to approximately 25,761 unauthorised transactions (withdrawal).

Out of the total amount at risk, the bank has retrieved W662.9 million birr, $12 million.

The bank is actively pursuing the remaining 178 million birr, or about $3 million, and has put in place procedures to freeze these funds held in other banks, Sano said.

Following initial recovery operations, 10,727 customers with sufficient funds had 44.6 million birr (about $79,000) reclaimed. Of those with insufficient balances, 15,008 customers had 205.8 million birr (about $7 million) partially recovered.

5,160 people returned partial amounts and nearly 9,300 voluntarily returned the full amount. The president informed reporters that the bank is considering taking legal action because 567 clients have not yet returned the money.

Also, the bank has published the names of the 567 clients that are yet to return the money.

Preliminary results of the ongoing investigations into the system glitch points to  a recent system upgrade as the cause of the problem.

Read: LP Convention Endorses Peter Obi for 2027 Presidential Ticket, Alex Otti for Abia Gubernatorial Race

About The Author

Written by
Mayowa Durosinmi

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

Related Articles

NewsPolitics

CSS States Considers UEMOA Boycott Over Alleged President Ouattara’s Power Rotation Block

Tensions are rising within the West African Economic and Monetary Union (UEMOA)...

FinanceNews

Cedi@60: Bank of Ghana Vows to Keep Currency Stable, Sustain Economic Stability

The Bank of Ghana (BoG) has reaffirmed its commitment to protecting the...

FinanceNews

Malian Court Jails Former Minister Cissoko Over Presidential Jet Scandal; Others Sentenced in Absentia

The Special Assize Court in Bamako has delivered its long-awaited verdict on...

FinanceNews

Ghana Sets Up Anti-Gold Smuggling Task Force to Recover Billions in Lost Revenue

Ghana has launched a national task force to combat gold smuggling and...