82-Year-Old Ethiopian Commercial Bank Names and Shames Customers over Bank Glitch Money

Addis Ababa, Ethiopia – The Commercial Bank of Ethiopia (CBE), the nation's largest commercial bank, has taken an unprecedented step by publicly shaming customers who have not returned funds acquired during a technical glitch last month. Posters with names and photos of these customers were displayed outside various bank branches on Friday, signaling a new aggressive phase in the bank's efforts to recover the lost $14 million (£12 million).

During an hours-long system failure, customers, primarily university students, were able to withdraw or transfer more than their account balances. According to the bank, nearly three-quarters of the misappropriated funds have been recovered, but some have spent the money on items like smartphones, laptops, and even pre-paid internet packages, with no funds left to return.

CBE's head, Abe Sano, in a statement broadcasted last week, warned that those retaining money erroneously received would face legal prosecution. The bank has listed the identities of alleged retainers on its website, complete with their bank account numbers, in a bid to enforce accountability. These lists are categorized by the amount of money each individual allegedly took, with the first list including amounts ranging from $1,890 (£1,500) to $5,300 (£4,200).

Sano emphasized the seriousness of the situation in an interview with the BBC's Newsday program, stating that the transactions were digital and traceable, making the individuals legally accountable. "There is no way that they can escape," he asserted. The bank has begun the process of reporting the implicated customers to the police.

Despite the dramatic nature of the public postings, CBE assures its customers that their personal account information remains secure and that the glitch was not the result of a cyber-attack. The bank, which boasts over 38 million account holders and was established 82 years ago, has yet to fully explain the cause of the glitch but is determined to safeguard its assets and maintain customer trust.