Ethiopia’s largest commercial bank, the state-owned Commercial Bank of Ethiopia (CBE), has issued a deadline until the end of the week for customers who withdrew more money than they had in their accounts during a recent system glitch to return the excess funds, or face legal consequences.
Reports from local media suggest that over $40 million was withdrawn or transferred to other banks on Saturday due to the glitch, which lasted several hours.
CBE President Abe Sano, speaking to BBC Newsday, stated that the bank has tracked most of the transactions made during the glitch. He warned that those who fail to return the money will face arrest and prosecution, as the bank is already taking action against them.
“There is no way that they can escape because they are digital [transactors] and they are our customers. We know them. They are traceable and they are legally accountable for what they did,” Mr Abe told Newsday.
While acknowledging that some customers have already returned the excess funds, Mr. Abe disputed the reported amount withdrawn, indicating that a comprehensive audit is underway to accurately determine the extent of the losses.
He clarified that the audit aims to distinguish legitimate transactions from the erroneous ones, as some of the customers involved may have conducted valid transactions during the glitch.
