The National Bank of Ethiopia (NBE) has released a list of 17 remittance operators currently operating without a license to transfer funds into Ethiopia. In a statement issued on August 28, 2026, the central bank warned the public and the Ethiopian diaspora that utilizing these unauthorized money transfer agents and informal hawala networks carries significant risks.
According to the NBE, customers using unlicensed services face potential payment delays, account restrictions, and the risk of total financial loss. The regulator further cautioned that recipients of these funds within Ethiopia could also face legal and regulatory consequences under existing national laws.
The entities named by the NBE as unauthorized include:
- Adulis Money Transfer
- Amal Express
- Amal USA
- Amana Express
- Avanti
- Awash Direct
- Bakaal Money Transfer
- Jubba Express
- Rasmy Pay
- Ramad Pay/Ramada Pay (operating as Kaah)
- Shgey Money Transfer
- Taaj Financial Service
- Tasa Pay
- Tawakal Money Services
- USwyre
- World Direct Link
- Zola
The central bank emphasized that this list is partial and that other unlicensed operators may also be active. The warning comes as remittance volumes traditionally rise due to seasonal cycles and upcoming holidays, periods when many diaspora members seek to send funds home.
Why it matters for Ethiopia
Remittances serve as a vital source of foreign exchange for the Ethiopian economy. For the formal banking sector, the integrity of these inflows is essential to maintaining liquidity and ensuring compliance with international financial regulations. The NBE has urged users to verify that their chosen service provider appears on the official list of licensed Money Transfer Agents available on the bank's website before initiating any transactions.
As the regulator continues to monitor the financial landscape, individuals and businesses are advised to rely strictly on authorized channels to ensure the security of their capital and avoid potential legal complications.
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