Ethiopia’s biggest bank is trying to recover millions after a technical glitch allowed customers to withdraw more money than they had in their accounts.

The Commercial Bank of Ethiopia lost more than 2.4 billion Ethiopian birr (approximately £32m), local media reports suggested.

The bank has not said how much was withdrawn but its CEO, Abe Sano, told reporters half a million transactions were made during the glitch.

News of the technical issue was spread on social media by university students, who withdrew much of the money, he said.

The bank will not press charges against students who took out cash that did not belong to them, according to the bank boss.

It is working with the police to recoup the lost cash, he added.

The problem was caused by a “routine system update and inspection” rather than a cyber attack, Ethiopia’s central bank said in a statement.

Read more from Sky News:
Tennis star’s boyfriend dies aged 42
Bear goes on rampage injuring five

Be the first to get Breaking News

Install the Sky News app for free

Long queues formed at cash machines across the country after the problem was discovered.

The country’s banking system was shut down for several hours while the issue was fixed, with customers unable to withdraw cash.

The Commercial Bank of Ethiopia was established in 1963 and has around 40 million customers.

Related posts:

Putin ‘felt slight pain’ after getting COVID jab Russian gay family in controversial supermarket advert flees to Spain after threats Firefighter killed and thousands evacuated as wildfires rage in Greece Paris attacks survivors hope for justice as France’s biggest criminal trial in history begins How the world is celebrating New Year’s Eve with widespread COVID restrictions MP dies in stand-off with angry protesters as homes of Sri Lankan politicians set on fire in escalating violence Defying the Russian missile bombardment to care for 600 dogs and 100 cats ‘Don’t use restrictions on girls’ education against us’, says senior Taliban leader Earth risks losing 40% of glacial mass if it doesn’t give up fossil fuels Ex-Brazil president’s home searched by police probing ‘fake COVID vaccine cards’ At least 129 dead due to torrential rainfall in Rwanda Ukrainian tennis player investigated for shaking hands with Russian opponent