Banking Crisis: Millions of Dollars Withdrawn in System Failure
Millions of dollars were withdrawn from the Ethiopian Commercial Bank due to a system failure.
IT TOOK HOURS FOR THE BANK TO FREEZE TRANSACTIONS
After a system failure, it took several hours for the Ethiopian Commercial Bank to freeze transactions, causing chaos and panic among customers.
”THE STUDENTS WITHDRAWED THE MOST PART OF THE MONEY”
According to Abe Sano, President of the Bank of Commerce, most of the money withdrawn during the system failure was by students. This led to a significant impact on the bank’s operations and customer accounts.
LONG QUEUE HAS BEEN FORMED AT ATMS
With the sudden surge in withdrawals, long queues formed at ATMs on the university campus as students rushed to access their funds.
THE 82-YEAR-OLD BANK HAS MORE THAN 38 MILLION CUSTOMERS
The Ethiopian Commercial Bank, which has been in operation for 82 years, serves over 38 million customers. The recent system failure and subsequent rush to withdraw funds have highlighted the importance of robust banking systems and security measures in today’s digital age.
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