POSB Agent Faces Charges for Misusing Glitch-Granted Funds

HARARE — In a case highlighting the pitfalls of digital banking, a former POSB agent, Gift Damisi, stands accused of exploiting a system error for personal gain.

The incident unfolded during the transition from Real Time Gross Settlement to the new Zimbabwe Gold (ZiG) currency, where a technical glitch led to an overpayment.

Damisi, entrusted with selling ZETDC tokens on behalf of POSB, found his account credited with an erroneous sum of ZiG775,644.85 instead of the intended ZiG405.23 commission.

Despite clear instructions from POSB not to touch the excess funds, Damisi allegedly spent ZiG50,110.35, prompting a swift response from the bank.

POSB, through its investigations officer Morgen Manyuke, became the complainant in the case, leading to Damisi’s appearance before Harare magistrate Letwin Rwodzi.

The court was informed by state prosecutor Lovet Muringwa that the bank attempted to rectify the situation by debiting ZiG716,672.62 from Damisi’s account.

However, the damage was already done, with POSB reporting a financial loss of ZiG50,110.35 after only managing to recover ZiG24,833.20.

The incident came to light when POSB, on November 1, reported the misuse to the police, initiating an investigation that led to Damisi’s arrest.

This case underscores the vulnerabilities within banking systems during transitions, especially with the introduction of new currency systems like ZiG.

Damisi’s actions have not only led to legal repercussions but also highlighted the importance of immediate action and compliance in banking procedures.

As the trial progresses, it will likely serve as a cautionary tale for both banks and their agents regarding the handling of financial irregularities.

The matter has drawn attention to the need for robust checks and balances in the era of digital transactions and currency shifts.

It also raises questions about accountability and the rapid response required when such errors occur within financial institutions.

This case continues to unfold, offering both a legal and ethical discourse on the responsibilities of those handling public funds, even if momentarily misallocated.