The National Bank of Ethiopia (NBE) has issued a strong public notice to the Ethiopian diaspora and general public, warning against the use of unlicensed money transfer services.
The central bank revealed that several agencies operating in the United States have been implicated 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.
Four money transfer agencies based in the United States have been identified as operating without authorization and engaging in activities that pose serious risks. These are:
1. Shgey Money Transfer – Silver Spring, MD and Falls Church, VA
2. Adulis Money Transfer – Falls Church, VA and Silver Spring, MD
3. Ramada Pay (Kaah) – Falls Church, VA
4. TAAJ Money Transfer – Minneapolis, MN
According to the NBE, 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. The list is available at: [https://nbe.gov.et/mta/](https://nbe.gov.et/mta/)
The Bank reiterated that only licensed financial institutions are permitted to provide money transfer services, and that using formal channels is essential for personal protection and compliance with national and international regulations.
For inquiries or to report suspicious remittance activity, the public may contact the NBE by email at [complaintoffice@nbe.gov.et](mailto:complaintoffice@nbe.gov.et) or via phone at 6230.
The National Bank of Ethiopia affirmed its ongoing commitment to strengthening regulatory enforcement and protecting the financial interests of citizens at home and abroad.
