Commercial Bank of Ethiopia takes unique approach to retrieve accidentally dispensed funds due to technical glitch

The Commercial Bank of Ethiopia (CBE) has taken an unorthodox approach towards its customers who supposedly did not return extra money credited to their accounts due to a technical glitch. The bank has gone as far as displaying posters featuring images of these alleged culprits outside its branch locations.

The incident originated about a month ago when a system error accidentally allowed CBE customers to withdraw or transfer more money than they had in their accounts. Rumors have it that most of this extra money was primarily pocketed by university students. Alarmingly, around 490,000 transactions took place before the bank became aware of the glitch.

The Commercial Bank of Ethiopia has reported that it has succeeded in recovering nearly three-quarters of the approximately $14 million that was incorrectly dispensed due to the system malfunction. Currently, the bank is taking a tougher stance, issuing threats of legal action against anyone still retaining cash that does not rightfully belong to them. This strategy appears to be effective, as thousands have already returned the surplus funds.

In an intriguing move, the bank has amplified its efforts by revealing alleged offenders’ identities through posters outside its branches in Addis Ababa. Additionally, it has taken to its website to name and shame these individuals, even going as far as to disclose their account numbers. This response, effectively using digital means, suggests a unique approach to handling such banking issues.

Despite the initial shock of the massive glitch, CBE seems to be unfazed. The bank is confident in its ability to trace all individuals who unjustly exploited the situation. Given that CBE caters to more than 38 million account holders, it commands a vast audience, thereby ensuring considerable oversight and scrutiny. The bank undoubtedly believes in its capacity to rectify the situation, especially with so many vigilant eyes observing the entire process.