The National Bank of Ethiopia (NBE) has warned the Ethiopian diaspora against using unlicensed money transfer services following its identification of several operators allegedly involved in illicit activities.
In a statement issued over the weekend, the central bank revealed that several agencies operating in the United States have been engaged in illegal financial practices, including money laundering and the financing of unlawful activities.
The NBE emphasized that all cross-border remittance transactions must be conducted through licensed and regulated financial institutions to ensure oversight, protect customers, and uphold the integrity of Ethiopia’s financial system.
It said four money transfer agencies based in the United States have been identified as operating without authorization and engaging in activities that pose serious risks.
The central bank identified Shgey Money Transfer, Adulis Money Transfer, Ramada Pay (Kaah) and TAAJ Money Transfer as some of the operators engaged in the transfer of money to Ethiopia through illegal ways.
NBE said these entities have been collecting funds from members of the Ethiopian community abroad while using those funds in unlawful financial networks. The Bank has requested the cooperation of relevant U.S. authorities to investigate the activities of these agencies.
The public is strongly urged to refrain from using these services, as funds transferred through unauthorized channels are at risk of confiscation and may not reach intended recipients.
The NBE stressed that sending or receiving money through unlicensed providers is illegal under Ethiopian law and exposes individuals to criminal liability and financial harm.
To promote secure and legal transactions, the NBE has published an updated list of all licensed money transfer service providers authorized to operate under Ethiopian law
MG/APA