More than 75% of the Ksh. 1.4 billion ($14 million) that the state-owned Commercial Bank of Ethiopia lost earlier this month when a software bug allowed users to withdraw more money than was actually in their accounts has been recouped, the bank reported.
According to Abie Sano, the bank's president, about 78% of the 801 million birr that were taken out of cash machines or transferred during the night of March 15—622.9 million birr, or $11 million, have been returned.
Abie has taken a firm stance on those who have not yet paid their outstanding amounts. The bank has made public the identities of over 500 borrowers, a clear message that they are not willing to let this issue slide.
In the past, he held college students primarily accountable for the "theft," saying that they spread the word of the bug on social media.
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The Ethiopian Central Bank stated earlier this month that the issue arose during a system update and that there was no risk to clients or the financial system as a whole.
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