The head of Ethiopia’s largest commercial bank, the Commercial Bank of Ethiopia (CBE), has issued a warning that customers who withdrew more money than they had in their accounts due to a glitch will face legal consequences if they do not return the funds. CBE President Abe Sano stated in an interview with the BBC that the bank would pursue legal action against those who fail to return the excess funds by the end of the week, emphasizing that digital transactions make it easy to trace and hold individuals accountable. Despite reports suggesting a $40 million discrepancy, Mr. Abe clarified that the actual amount taken was smaller and would be determined accurately after an ongoing audit. He mentioned that most of the customers who withdrew excess funds were students, with reports of individuals vowing not to return the money circulating on social media platforms like TikTok. While some students have returned the excess money, others have chosen to keep it. The glitch affected a significant number of transactions, with CBE assuring customers that those who did not withdraw extra funds need not worry as their accounts remain unaffected.

Read more: https://www.bbc.com/news/world-africa-68615717