The National Bank of Ethiopia (NBE) has issued a stern warning to the Ethiopian diaspora regarding the use of unlicensed money transfer service providers operating outside the country, particularly in the United States. In a press release published today, the central bank urged all members of the Ethiopian community abroad to send funds only through officially licensed and regulated channels.
According to the NBE, several money transfer companies based in U.S. cities—including Silver Spring, Falls Church, and Minneapolis—have been identified as operating illegally and engaging in activities linked to money laundering and the financing of illicit operations. The entities named include:
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- Shgey Money Transfer – Silver Spring, MD & Falls Church, VA
- Adulis Money Transfer – Falls Church, VA & Silver Spring, MD
- Ramada Pay (Kaah) – Falls Church, VA
- TAAJ Money Transfer – Minneapolis, MN
The central bank claims these providers have been involved in collecting funds from the diaspora and using them for unauthorized transactions that compromise the integrity of Ethiopia’s financial system and distort currency markets.
“We have formally requested the cooperation of relevant authorities in the United States to investigate these cases,” the NBE stated. “The public is strongly advised to avoid these agencies to ensure that remittances reach their intended recipients safely and legally.”
The NBE also warned that funds sent through these unauthorized channels are at risk of confiscation under anti-money laundering provisions and may never reach their designated beneficiaries.
To guide the public, the National Bank has provided a full list of licensed and legally operating money transfer agents, accessible at https://nbe.gov.et/mta/.
The bank emphasized its continued commitment to safeguarding the Ethiopian financial system and ensuring that remittance flows remain transparent, secure, and in compliance with international standards.
