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
12 thoughts on “BusinessMarket National Bank of Ethiopia Warns Diaspora Against Using Unlicensed Money Transfer Operators”
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