Commercial Bank of Ethiopia CEO Issues Stark Warning: No Way Out for Clients Who Exploited Glitch
The head of Ethiopia’s largest commercial bank, the Commercial Bank of Ethiopia (CBE), has issued a stern warning to customers who withdrew more money than was available in their accounts due to a system glitch. CBE President Abe Sano emphasized that these customers cannot evade legal consequences for their actions.
Following the glitch, which prompted a rush of customers to withdraw or transfer funds, it took several hours for CBE to freeze transactions. Abe Sano stated in an interview with the BBC’s Newsday program that the bank would pursue legal action against individuals who fail to return the excess funds by the end of the week. He emphasized that these digital transactions are traceable, and customers are legally accountable for their actions.
Contrary to reports suggesting a $40 million discrepancy, Abe Sano clarified that the actual amount withdrawn was smaller, though an audit is underway to determine the exact figures. He mentioned that some of the customers who withdrew funds during the glitch were engaged in legitimate transactions, complicating the assessment process.
Notably, the majority of those who withdrew excess funds were reportedly students. Reports of the glitch spread rapidly across university campuses, leading to long queues at campus ATMs. Abe Sano acknowledged that some of the excess funds had already been returned, but expressed concern over students who were reluctant to return the money, despite warnings of legal consequences.
Students from various universities shared their experiences, with some admitting to keeping the cash despite warnings. There were reports of social media posts urging others not to return the money. The ease of access to large sums of money during the glitch surprised many students, prompting disbelief and skepticism.
The Commercial Bank of Ethiopia, established 82 years ago, serves more than 38 million account holders. Abe Sano reassured customers whose accounts were unaffected by the glitch, stating that their personal accounts remained intact. The incident underscores the challenges posed by system glitches and the importance of swift action to address such issues in the banking sector.
