Commercial Bank of Ethiopia (CBE) The Commercial Bank of Ethiopia (CBE) has been begging its customer base to return about N54 billion naira dispensed to them in error from the bank's faulty Automated Teller Machine System Software.
The president of the CBE stated that all its ATMs across the country failed to regulate the financial transactions of their customers, creating an avenue for the customers to withdraw more than their balance. The system failure lasted for hours and led the bank to lose about N54 billion to its customers.
It was further revealed that the majority of those who withdraw the money are university students.
A source revealed that long queues were seen for several hours in all the university communities in Ethiopia where the bank operates, withdrawing large amounts of money, in millions, from the ATM. They took the excess withdrawal operation in turn and were later dispersed by the police.
In an attempt to retrieve part of the money illegally withdrawn by its clients, CBE had set up retrieval points on several University campuses with mixed reports that some students are turning up to return part of their excess withdrawal while many students have been snubbing the call.
President Abie Sano of the bank had, however, promised never to institutionalize a case against anyone who refused to return the excess withdrawal.
Commercial Bank of Ethiopia was established in Ethiopia about 84 years ago and has close to 38 million customer base. It is the biggest commercial bank in Ethiopia and is owned by the government.
Category: World-News
Tag: Bank Begs Customer To Return N54 Billion Mistakenly Dispensed To Them From Faulty ATM
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Published 3/20/2024 4:53:56 PM