The CEO of Commercial Bank of Ethiopia (CBE), Mr. Abe Sano, has warned customers who have overdrawn their accounts through a system error. He stated that those who fail to return the extra money face legal consequences.
During a press conference, Mr. Sano emphasized the customers’ responsibility to inform the bank of incorrect account balances. He added that exploiting the error could result in legal trouble. He indicated that the bank is fixing the glitch and urged clients to display honesty and integrity.
Mr. Sano also hinted at potential penalties for those who ignore these instructions, underlining the importance of obeying banking regulations.
The bank expects to hold guilty parties accountable with electronic transactions being traceable.
Mr. Sano assured that fraudsters won’t be able to avoid justice, as digital transactions leave behind a traceable path.
Following the unauthorized withdrawals, the bank paused transactions, resulting in rumors of losses of up to $40m. Mr. Sano denied these claims, asserting that the actual deficit is less and an audit is underway to determine exact figures.
Most of those who exploited the system malfunction were students who heard about the glitch through various platforms. Reports indicate that unprecedented queues formed near ATMs within their campuses.
Mr. Sano hopes to quicken the return of overdrawn money by promising those who do so promptly won’t face legal charges. Some students have already returned the extra money they withdrew, proving this measure effective.
However, some students have kept the extra money, despite the possible legal consequences. Despite this, Mr. Sano reassures customers who didn’t overdraw funds that their accounts remain unaffected. He confirmed the ongoing security of all CBE client accounts regardless of the incident.
