National Bank of Ethiopia Flags 23 Unauthorized Money Transfer Providers
The National Bank of Ethiopia (NBE) has identified 23 unauthorized money transfer service providers and issued a public warning against engaging with them.
The central bank announced that it has updated and published a revised list of duly licensed money transfer agents authorized to operate in Ethiopia and urged the public to verify service providers through its official website before conducting any transactions.
In its statement, the NBE said the listed entities are either operating without proper authorization or were previously licensed but later found to have engaged in illegal activities. The bank cautioned that dealing with such providers could expose users to financial loss, fraud, and legal consequences. “The public is strongly advised to refrain from conducting transactions with these entities,” the NBE stated, noting that the move is part of broader efforts to safeguard remittance inflows and strengthen regulatory oversight.
The unauthorized providers include Adulis Money Transfer, Amal Express, Bakaal Money Transfer, Jubba Express, Quick Pay, Redsea (USA), Tasa Pay, Wise Trading Money Transfer, Amal USA, Avanti, Bananapay, Moneytos, Ramad Pay (Kaah), Shgey, Tawakal Money Services, World Direct Link, Amana Express, Awash Direct, Holden Global, Olympic Financial Group (OFG), Rasmy Pay, TAAJ Money Transfer, and USWyre/Derro.
This follows earlier action by the central bank in December 2025, when it published a list of more than 100 licensed money transfer agents and warned against the use of unlicensed remittance services. The NBE reiterated that providing or using unauthorized money transfer services is illegal under Ethiopian law and emphasized that such activities, whether domestic or international, could pose serious risks, including exposure to fraud, financial loss, and potential links to money laundering or other illicit practices.
The bank stressed that only financial institutions licensed by the NBE are permitted to offer remittance services and encouraged the public to rely exclusively on these providers for secure and lawful transactions.
“The focus of the talks was how to operate legally,” Eyob said, noting that remittance institutions must align their systems with banks and strengthen operational capacity.
In a related update issued on November 12, 2025, the NBE reaffirmed its commitment to strengthening formal remittance channels. As part of that effort, Ramada Pay (Kaah), previously under suspension, was reinstated after meeting regulatory and compliance requirements.
“The NBE encourages all money transfer operators currently under suspension to take the necessary steps to meet the nation’s legal and regulatory requirements,” the statement said.
Earlier, on October 23, the central bank also issued a warning to remittance service providers suspected of unlawful activities and announced a coordinated crackdown targeting money laundering and terrorism financing. Speaking at the time, NBE Governor Eyob Tekalign Tolina emphasized the importance of legal compliance and institutional accountability warning that authorities have identified multiple operators suspected of breaching financial regulations, particularly in connection with money laundering and terrorism financing. “We intend to take well-coordinated, wide-ranging measures on this matter,” he said, adding that enforcement actions are already underway. “The National Bank will not hesitate to take any necessary action,” he stressed, underscoring the regulator’s commitment to protecting the integrity of Ethiopia’s financial system.