The President of the Commercial Bank of Ethiopia (CBE), Abe Sano, has issued a stern warning to customers who withdrew more money than their account balance due to a technical glitch, stating that they cannot evade legal repercussions.
Following the glitch, CBE customers hurried to withdraw funds or transfer them to other accounts. It took several hours for the state-owned bank to halt transactions.
The President of Ethiopia’s largest bank, during an interview with BBC on Wednesday, emphasized the legal consequences for those who fail to return the excess funds.
He said, “There is no way that they can escape because they are digital [transactions] and they are our customers. We know them. They are traceable and they are legally accountable for what they did.”
According to Mr. Abe, the bank will initiate legal proceedings against individuals who do not return the funds by the end of the week. An audit is underway to accurately determine the extent of the excess withdrawals.
Despite initial reports suggesting a withdrawal of $40 million that was not theirs, Mr. Abe clarified that the actual amount is smaller and will be confirmed after the audit.
Notably, the majority of those who withdrew excess funds were reportedly students. The news spread rapidly across university campuses, leading to long queues at ATMs.
While Mr. Abe assured that individuals returning the excess funds would not face criminal charges, some students have expressed reluctance to comply. Reports indicate that some students have vowed not to return the money, despite warnings of legal consequences.
Despite the glitch affecting a significant number of transactions, Mr. Abe assured customers that those who did not withdraw extra funds need not worry, as their accounts remain intact.
With over 38 million account holders, CBE holds a prominent position in Ethiopia’s financial landscape. The bank, established 82 years ago, continues to navigate challenges, including technological glitches impacting its operations.
Ozioma Samuel-Ugwuezi
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