Ethiopia's financial landscape was rocked over the weekend as the nation's largest bank, the state-owned Commercial Bank of Ethiopia (CBE), grappled with an unforeseen technical hiccup, allowing customers to withdraw unlimited funds.

Reports indicate that over $40 million was siphoned from the bank or transferred elsewhere before the irregularity was rectified, leaving officials scrambling to recoup the losses.

Following the discovery of the glitch, long queues snaked around ATMs nationwide as customers seized the opportunity to withdraw sums surpassing their account balances.

The widespread frenzy was largely propelled by social media, notably by university students who reportedly withdrew substantial sums.

CBE's CEO, Abe Sano, acknowledged the scale of the issue, revealing that approximately half a million transactions occurred during the period of disruption.

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Despite attempts to mitigate the fallout, a local newspaper estimated losses at a staggering $42 million (approximately Sh5.6 billion).

Addressing the press, President Abie Sano appealed for cooperation, particularly from students, emphasizing the need to return misappropriated funds.

In a bid to quell potential legal ramifications, Sano assured that individuals returning the money would not face criminal charges.

While the CBE refuted assertions of a cyber attack, attributing the incident to system security checks, Ethiopia's central bank issued a statement affirming the stability of the financial system despite the disruption.

In an interview, CBE President Abe Sano underscored the institution's determination to pursue legal recourse against those withholding funds beyond the stipulated timeframe.

He asserted, "There is no way that they can escape because they are digital [transactions] and they are our customers. We know them. They are traceable and they are legally accountable for what they did."

Established over eight decades ago, CBE serves as a cornerstone of Ethiopia's financial infrastructure, catering to over 38 million account holders.

As authorities navigate the aftermath of this unprecedented event, the incident serves as a stark reminder of the evolving challenges facing the banking sector in an increasingly digital age.