National Bank of Ethiopia Warns Diaspora Against Illegal Money Transfers, Flags Four U.S.-Based Providers
BaseLine Team
02 Aug, 2025
The National Bank of Ethiopia (NBE) has issued a strong warning to members of the Ethiopian diaspora, urging them to stop using unlicensed money transfer providers amid an ongoing investigation into illicit cross-border financial flows.
The central bank named four U.S.-based money transfer service providers — Shgey Money Transfer, Adulis Money Transfer, Ramada Pay (Kaah), and TAAJ Money Transfer — accusing them of participating in money laundering and financing illegal activities using funds sent by the Ethiopian community abroad. These entities operate primarily in Silver Spring, MD; Falls Church, VA; and Minneapolis, MN.
“It is imperative that cross-border fund transfers be conducted through the formal and regulated financial system,” the statement read, “ensuring proper oversight to mitigate risks of money laundering and terrorist financing.”
The central bank emphasized that these services are not licensed under Ethiopian law, and warned that any funds sent through them are at risk of being confiscated. There is also no guarantee that the money will reach its intended recipients.
NBE has also confirmed that it has reached out to relevant authorities in the U.S. to investigate these cases further and may take additional regulatory measures in the future.
In a separate legal reminder, the central bank reiterated that offering or using unlicensed money remittance services is illegal and punishable. This includes both receiving funds and delivering them within Ethiopia or abroad. Individuals and businesses involved in unauthorized transfers risk exposure to fraud, legal prosecution, and being unknowingly complicit in illicit financial activities.
“Only financial institutions licensed by the NBE are authorized to provide money remittance services,” the regulator stressed, encouraging senders to verify services before initiating any transfers.
To assist the public, the National Bank of Ethiopia has published a full list of licensed remittance providers authorized to operate under Ethiopian law as of April 1, 2025.
