In a remarkable display of integrity, 15,000 Ethiopian citizens, predominantly young people, have voluntarily returned funds they erroneously received due to a technical malfunction at the Commercial Bank of Ethiopia (CBE), the nation’s largest bank.
This glitch had mistakenly permitted withdrawals exceeding account balances.
The CBE has successfully recovered over 80% of the erroneously disbursed funds, as reported by AP news. Abe Sano, the bank’s president, informed the media that the glitch led to approximately $14 million being withdrawn or transferred, which is significantly less than the initially estimated $40 million.
The transactions during the glitch varied from as little as 9 cents to as much as $5,350, with over 15,000 individuals capitalizing on the bank’s system error during a routine maintenance check.
While the majority have returned the funds, 567 individuals have yet to do so. The CBE has resorted to publicizing their names and account details, hoping to encourage the return of the remaining money.
Despite the outstanding 20% of the funds, President Sano considers the amount to be minor compared to the bank’s total assets.
However, he emphasized the importance of full recovery, stating, “The total amount remaining is not significant for the bank, but if this money is not fully recouped, it sends the wrong message.”
The glitch, which occurred on March 16, primarily affected university students, with the news spreading rapidly across campuses.
Educational institutions have since urged students to restore the funds, reinforcing the call for ethical conduct.
