April 16, 2024

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Ethiopian Commercial Bank President Abe Sano

Ethiopian Commercial Bank President Threatens Customers

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Ethiopian Commercial Bank President today warned bank customers, threatening legal action against them. On Saturday, thousands of illegal money transfers were made by bank account holders. CBE’s system suffered a technical glitch which enabled customers to make transactions exceeding their account balance.

Though CBE and National Bank of Ethiopia NBE denied any security breach or technical glitch on Sunday but later CBE officials admitted that a technical glitch had hit the bank system.

CBE chief Abe Sano warned today that customers who made illegal transactions cannot escape law. He threatened prosecution against the account holders saying that the bank had all the required information available about the identity of the account holders who made the transactions.

According to a conservative estimate, bank customers withdrew around $40 million during the glitch. While CBE to CBE money transfers can easily be undone by the bank, CBE to other banks transfers could be hard to be undone.

The Ethiopian Commercial Bank President further announced today that a task force with members from CBE, NBE and Ethiopian security agencies is already working on recovering money.

The CBE President did not comment on complaints by bank customers who did not make any transactions but their accounts have been blocked.

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