Mekelle፡Telaviv, Nairobi, Pretoria, London, (Tigray Herald).
Ethiopia’s Central Bank Issues Warning to Diaspora Over Suspicious Money Transfer Agencies
By Staff Writer
The National Bank of Ethiopia (NBE) has issued a strong warning to members of the Ethiopian diaspora, urging them to avoid using four specific U.S.-based money transfer agencies, citing concerns over money laundering and connections to criminal activities.
In an official statement released on August 2, the NBE named Shgey Money Transfer, Adulis Money Transfer, Ramada Pay, and Taaj Money Transfer as being under investigation. The central bank alleged that these agencies are suspected of facilitating illicit financial flows and supporting activities that threaten Ethiopia’s economic and national security.
“The National Bank of Ethiopia has identified these entities as high risk, and we strongly advise all citizens and residents abroad to refrain from using their services,” the statement read. “Funds transferred through these channels may be subject to confiscation under anti-money laundering regulations.”
The warning comes amid rising concern over the use of informal and unregulated financial networks, which the NBE says bypass official systems and contribute to currency manipulation, tax evasion, and financing of illegal groups.
In recent months, the Ethiopian government has intensified efforts to tighten financial controls, especially on cross-border remittances a vital lifeline for many families across the country. Diaspora remittances are one of Ethiopia’s main sources of foreign currency, and authorities say strengthening oversight is critical to maintaining economic stability and ensuring legitimate flows of capital.
The NBE said it has formally requested international financial regulators and U.S. authorities to investigate the named agencies, and reaffirmed its commitment to upholding the integrity of Ethiopia’s financial system.
Meanwhile, the central bank encouraged diaspora Ethiopians to use officially licensed money transfer services and banks to ensure their transactions are secure and compliant with international financial laws.
As of now, no official charges have been filed, but the agencies in question may face further sanctions depending on the outcome of the investigations.
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For updates on this developing story, follow [Tigray Herald].
