Ethiopian Bank Publicly Identifies Customers Involved In Glitch Money Issue

An Ethiopian bank has displayed posters publicly identifying customers accused of failing to return money they obtained during a technical glitch.

Notices containing their names and photographs were posted outside branches of the Commercial Bank of Ethiopia (CBE) on Friday.

According to the bank's head, it has recovered nearly three-quarters of the USD 14 million it lost during the incident.

The bank issued a warning that individuals withholding money that does not belong to them will face arrest.

Last month, a system malfunction at the CBE, Ethiopia's largest commercial bank, allowed customers to withdraw or transfer more funds than they had in their accounts.

Most of the excess money was reportedly withdrawn by university students, with a total of 490,000 transactions made before the bank became aware of the issue.

A student from Jimma University in western Ethiopia shared with the BBC's Amharic service that some people used the extra funds to purchase smartphones, laptops, internet packages, and pay off debts.

Following the bank's demand for the return of the funds and its threat of legal action against those who do not comply, thousands of customers voluntarily returned the excess money, according to the bank.

Outside one of the CBE branches in the capital, Addis Ababa, a poster displayed the photos of 28 individuals under the caption: "Those who did not return the money they inappropriately took from Commercial Bank of Ethiopia."

The identities of these individuals, along with their bank account numbers, were also published on the bank's website, categorised by the amount of money they allegedly took.

The CBE explained on its social media platforms that it was compelled to disclose the identities of these individuals after multiple warnings and deadline extensions for the return of the funds went unheeded.

In an interview with the BBC's Newsday program, CBE CEO Abe Sano stated that the bank was already in the process of reporting customers to the police.

He emphasized that the individuals involved are traceable and legally accountable for their actions, as they are the bank's customers and the transactions are digital.

While retrieving money transferred to other banks may be more challenging, tracking sums moved to another CBE account is relatively easier, according to a CBE employee.

The Commercial Bank of Ethiopia, established 82 years ago, serves more than 38 million account holders.