Commercial Bank of Ethiopia Releases Names of Customers Associated with Glitch Money
An Ethiopian bank has taken a bold step by publicly shaming customers who allegedly failed to return money obtained during a technical malfunction. Posters displaying the names and photos of these individuals have been prominently displayed outside branches of the Commercial Bank of Ethiopia (CBE).
According to the bank’s management, they have successfully recovered nearly three-quarters of the $14 million lost during the glitch. The head of CBE issued a stern warning, stating that individuals retaining funds unlawfully will face legal repercussions.
The incident occurred last month when a technical glitch at CBE, the largest commercial bank in Ethiopia, allowed customers to withdraw or transfer amounts exceeding their account balances. Reports indicate that a significant portion of the money withdrawn was by university students, with approximately 490,000 transactions processed before the bank detected the issue.
One student from Jimma University shared with the BBC’s Amharic service accounts of individuals who used the excess funds to purchase items like smartphones and laptops, leaving them unable to repay the money.
Following the bank’s demand for repayment and threats of legal action, thousands of individuals have voluntarily returned the surplus funds.
The public shaming campaign includes posters outside branches and the publication of individuals’ identities and bank account numbers on the bank’s website, categorized by the amount of money allegedly taken. The CBE emphasized that these measures were taken only after repeated warnings and extensions for repayment deadlines.
In an interview with the BBC, CBE’s CEO emphasized the bank’s commitment to holding accountable those responsible for the unauthorized transactions. He assured customers that their personal accounts were secure and that the glitch was not the result of a cyber-attack.
Despite challenges in tracing funds transferred to other banks, the CBE remains determined to pursue legal action against those involved. With millions of account holders, the CBE plays a vital role in Ethiopia’s financial landscape, with this incident serving as a reminder of the importance of accountability and integrity in banking operations.
