Ethiopia’s central bank has flagged 17 money transfer operators for illegally handling remittances to the country, as authorities step up efforts to curb informal money transfer networks and bring more diaspora flows into the regulated financial system.
The National Bank of Ethiopia (NBE) said the operators were not authorised to handle remittances to Ethiopia and warned customers against using their services.
The operators named by the central bank are Adulis Money Transfer, Amana Express, Bakaal Money Transfer, Ramada Pay (Kaah), Tasa Pay, World Direct Link, Amal Express, Avanti, Jubba Express, Shgey Money Transfer, Tawakal Money Services, Zola, Amal USA, Awash Direct, Rasmy Pay, Taaj Financial Service and USwyre.
The NBE said using unlicensed money transfer channels could expose senders and recipients to financial losses, delays in receiving funds, account restrictions and possible legal action. It urged members of the Ethiopian diaspora to verify whether money transfer operators are listed in its official registry before sending funds.
The warning is part of a broader campaign by the central bank against informal remittance channels, including hawala networks, which are widely used across the Horn of Africa and by diaspora communities.
The NBE has issued several similar warnings in recent years. In August 2025, it flagged four U.S.-based operators, including Shgey, over alleged money-laundering concerns. In December 2025, it named several other operators while saying about 100 money transfer companies were licensed to operate in Ethiopia. It issued another warning in April 2026.
Some of the companies named in previous notices, including Shgey, Adulis, Taaj and Zola, have appeared on multiple lists of unauthorised operators.
Ethiopia has been seeking to channel more remittances through formal financial institutions following foreign-exchange reforms introduced in 2024, which included allowing greater market determination of the birr exchange rate and measures aimed at increasing the supply of foreign currency through official channels.
Remittances are a major source of foreign currency for Ethiopia, with millions of Ethiopians living and working abroad sending money home to support households and businesses.
The reforms were intended in part to narrow the gap between official and parallel-market exchange rates and encourage diaspora Ethiopians to use formal channels rather than informal networks.
The central bank has increasingly tightened oversight of money transfer operators as it seeks to strengthen financial-sector controls, combat illicit financial flows and increase foreign-currency inflows through regulated institutions.
Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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