03 August 2025 | Addis Ababa, Ethiopia
The National Bank of Ethiopia (NBE) has issued a public notice urging Ethiopian diaspora communities to refrain from using certain unauthorized money transfer services operating primarily in the United States. The warning comes amid an ongoing investigation into alleged money laundering and illicit financing activities linked to these providers.
According to the NBE, the following money transfer service providers have been identified as operating outside the formal financial system, thereby violating Ethiopian financial regulations and international anti-money laundering standards:
- 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 NBE stated that these entities are “engaged in money laundering activities and financing illegal operations using funds collected from the Ethiopian community abroad,” and accused them of “undermining the integrity of the Ethiopian financial system and distorting market prices.”
Authorities in the respective U.S. jurisdictions have been notified, and the NBE is seeking their cooperation to further investigate and take necessary legal actions.
The central bank warned that continuing to use these services could result in confiscation of funds, adding that there is no guarantee that money sent through these channels will reach its intended recipients.
“It is imperative that cross-border fund transfers be conducted through the formal and regulated financial system,” the NBE emphasized, “to ensure proper oversight and reduce risks of money laundering and terrorist financing.”
As a precautionary measure, the NBE is urging all members of the Ethiopian public and diaspora to immediately cease transactions with these unlicensed operators.
A complete and updated list of authorized money transfer service providers licensed under Ethiopian law is available on the NBE’s official website via this link: https://nbe.gov.et/mta/
The NBE reaffirmed its commitment to protecting the financial integrity of the country and promised continued vigilance against illegal financial flows.
