Addis Ababa, August 2, 2025 —
In a stern public advisory issued today, the National Bank of Ethiopia (NBE) has warned the Ethiopian diaspora community against using unauthorized money transfer services, following the identification of several operators allegedly involved in illicit activities.
The central bank emphasized that all cross-border fund transfers must be conducted through formal, licensed financial channels to ensure compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. “It is imperative that cross-border fund transfers be conducted through the formal and regulated financial system, ensuring proper oversight to mitigate risks,” the NBE stated in its press release.
According to the notice, the NBE has identified four U.S.-based money transfer service providers allegedly engaged in suspicious financial activities, including money laundering and financing of illegal operations using funds collected from the Ethiopian diaspora. The named entities include:
- Shgey Money Transfer — Silver Spring, MD, and Falls Church, VA
- Adulis Money Transfer — Falls Church, VA, and Silver Spring, MD
- Ramada Pay (Kaah) — Falls Church, VA
- TAAJ Money Transfer — Minneapolis, MN
“These providers are operating with the clear intention of undermining the integrity of the Ethiopian financial system,” the NBE warned, noting that relevant authorities in the United States have been requested to investigate their operations.
The central bank strongly advised members of the Ethiopian diaspora to refrain from using these unlicensed services to avoid potential loss of funds. “There is no guarantee that funds sent will be delivered to intended beneficiaries,” the statement cautioned.
The NBE has made available the full list of licensed and authorized money transfer providers through its dedicated online portal at https://nbe.gov.et/mta/, urging citizens to verify service legitimacy before transferring money.
This move comes amid Ethiopia’s broader efforts to curb illicit financial flows, boost foreign exchange reserves through formal remittance channels, and protect consumers from fraud and regulatory non-compliance. The bank affirmed it will continue to monitor and take further enforcement action against any entity found violating national and international financial regulations.
For more updates and access to the list of licensed providers, visit: https://nbe.gov.et/mta/
Source: National Bank of Ethiopia
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