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Commercial Bank of Ethiopia Warns That Clients Who Benefited From Glitch Are Legally Accountable
Commercial Bank of Ethiopia Warns That Clients Who Benefited From Glitch Are Legally Accountable
Sputnik Africa
The Commercial Bank of Ethiopia (CBE) experienced a system malfunction in the early morning hours of last Saturday. The glitch, which lasted through the... 21.03.2024, Sputnik Africa
2024-03-21T12:14+0100
2024-03-21T12:14+0100
2024-03-21T12:30+0100
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Customers who withdrew funds in excess of their account balance due to a technical glitch will not "escape" legal consequences, Abe Sano, the CEO of Ethiopia's largest commercial bank, said.According to Abe Sano, the bank has already started reporting customers to the police.Furthermore, he contested the allegations claiming that consumers had withdrawn $40 million that did not belong to them and asserting that the actual amount taken was significantly less.During the press conference on Monday, Abe reportedly stated that a total of 490,000 transactions were made before the problems were detected, noting that the majority of those who withdrew more money than intended were students. The bank's head added that the glitch was not a result of a cyberattack.Abe Sano also said that the audit was being conducted, and some of the 10,000 customers who withdrew money during the malfunction carried out valid transactions.Lastly, the CBE's head said that there's time till the end of this week to return the illegally acquired money. However, the bank said on Thursday that it can be done by next Saturday.The Commercial Bank of Ethiopia is the largest bank in Ethiopia, with 40 million customers. It was established in 1963 and has been in operation ever since.Recently, Abe Sano said that the bank provides digital banking services to 32 million clients, and 4 million customers receive such services on a daily basis. A robust cybersecurity system has been implemented to protect the digital services of the bank, the CEO noted.
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Commercial Bank of Ethiopia Warns That Clients Who Benefited From Glitch Are Legally Accountable
12:14 21.03.2024 (Updated: 12:30 21.03.2024) The Commercial Bank of Ethiopia (CBE) experienced a system malfunction in the early morning hours of last Saturday. The glitch, which lasted through the weekend, resulted in the bank's clients withdrawing an unlimited amount of money.
Customers who withdrew funds in excess of their account balance due to a technical glitch will not "escape" legal consequences, Abe Sano, the CEO of
Ethiopia's largest commercial bank, 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," Abe stated in an interview to the Western media.
According to Abe Sano, the bank has already started reporting customers to the
police.
Furthermore, he contested the allegations claiming that consumers had withdrawn $40 million that did not belong to them and asserting that the actual amount taken was significantly less.
During the press conference on Monday, Abe reportedly stated that a total of 490,000 transactions were made before the problems were detected, noting that the majority of those who withdrew more money than intended were students. The
bank's head added that the glitch was not a result of a cyberattack.
Abe Sano also said that the audit was being conducted, and some of the 10,000 customers who withdrew money during the
malfunction carried out valid transactions.
Lastly, the CBE's head said that there's time till the end of this week to return the illegally acquired money. However, the bank
said on Thursday that it can be done by next Saturday.
The Commercial Bank of Ethiopia is the largest bank in Ethiopia, with 40 million customers. It was established in 1963 and has been in operation ever since.
Recently, Abe Sano
said that the bank provides digital banking services to 32 million clients, and 4 million customers receive such services on a daily basis. A robust cybersecurity system has been implemented to protect the digital services of the bank, the CEO noted.
