The President of the Commercial Bank of Ethiopia (CBE), Abe Sano, has given a stern warning to customers who took more money than was available in their account balance due to a technical glitch, stating that they would not escape legal repercussions.
On getting wind of the glitch, CBE customers hastened to withdraw funds or transfer them to their other accounts. It took the state-owned bank many hours to stop transactions.
The President of Ethiopia’s biggest bank, had during an interview with BBC on Wednesday, stressed the legal consequences for those who failed to return the excess funds.
Sano had said:
“There is no way that they can escape because they are digital [transactions] and the individuals who stole are our customers. We know them. They are traceable and they are legally accountable for what they did.”
According to Mr. Sano, the bank will initiate legal proceedings against individuals who failed to return the funds by the end of the week. Presently, an audit is underway to precisely determine the extent of the excess withdrawals.
Although initial reports suggested that a withdrawal of $40 million had been made, Mr. Sano clarified that the actual amount was smaller and will be confirmed after the audit.
It is being said that the majority of those who withdrew excess funds were reportedly students. The news of the bank glitch had spread rapidly across university campuses, leading to long queues at ATMs.
While the bank CRO has made assurances that individuals returning the excess funds would not face criminal charges, several students have expressed their reluctance to comply.
Reports have shown that some students had vowed not to return the money, regardless of the warnings of legal consequences.
With over 38 million account holders, CBE holds a top position in Ethiopia’s financial landscape.
The bank, founded 82 years ago, keeps on navigating challenges, including technological glitches impacting its operations.
