The state-owned Commercial Bank of Ethiopia has recovered more than three-quarters of the $14 million [Ksh1.4 billion] it lost in system glitch on March 15, 2024 the BBC has reported.

This is after the bank of Ethiopia noted in a statement on March 26, 2024 that nearly 15,000 people have voluntarily returned funds that were withdrawn illegally.

Initially, Abe Sano, president of the Commercial Bank of Ethiopia, had told reporters that around $14 million was withdrawn or digitally transferred during the technical error.

“Around 78% of the 801 million birr withdrawn from cash machines or transferred during the night of March 15, or 622.9 million birr ($11 million), has been returned,” the president of the bank Abie Sano said on Tuesday March 26, 2024.

The value of the illegal transactions ranged from 9 cents to $5,350, he said. The amount lost initially was reported as $40 million

According to the Ethiopia’s central bank, the problem was caused by a routine system update and inspection but it was not a cyberattack.

After news of the technical glitch spread, there was a long queue at the campus ATMs, as students rushed to withdraw cash. Around 490,000 transactions had already been completed hours before the bank noticed there was a problem.

Meanwhile, three universities reportedly advised their students to return any excess cash withdrawn from the bank.

The bank has published names of the more than 500 people who are yet to return the extra cash withdrawn.

“The total amount remaining is not significant for the bank, but if this money is not fully recouped, it sends the wrong message,” Abe said.