Ethiopia’s central bank governor, Eyob Tekalign warned that the government will take stringent measures against illegal money transfer operators.
Speaking during a meeting with international money transfer agents and representatives of commercial banks held in Washington, D.C., on the sidelines of the 2025 IMF–World Bank Annual Meetings on Tuesday, the Governor highlighted that the government is ready to support operators who transition to lawful operations.
The Ethiopian authorities had once again urged all hawala operators to operate within the legal framework. Majority of them, however, have failed to respond, prompting closer scrutiny.
“The National Bank will take strong enforcement measures against those who continue to conduct money transfer activities illegally,” Tekalegn stated, underscoring that such actions undermine the integrity of the financial system and the country’s broader economic stability.
He added that the NBE, through its monitoring and investigation mechanisms, is already identifying unlicensed operators and will pursue appropriate legal and regulatory actions to safeguard Ethiopia’s financial interests.
The Governor further highlighted that Ethiopia continues to maintain its foreign exchange reserves in a prudent and secure manner, reaffirming the Central Bank’s commitment to macroeconomic stability and confidence in the financial system.
Participants from international money transfer firms and commercial banks commended the government’s reform efforts and presented detailed recommendations to enhance operational efficiency, compliance, and accessibility within Ethiopia’s formal remittance market.
MG/as/APA