ADDIS ABABA (SLpost)- The National Bank of Ethiopia (NBE) has warned the public against using unlicensed money-transfer agents and unauthorized Hawala operators, with several companies associated with the Somali remittance market appearing on a list of entities the central bank says are not authorized to provide remittance services in Ethiopia.
In a public awareness notice issued on August 28, 2026, the NBE reiterated previous warnings about unauthorized money-transfer activities, saying such transactions are prohibited under Ethiopian law and could expose both senders and recipients to financial and regulatory risks.
The warning comes as remittance transactions increase, prompting the central bank to urge customers, members of the Ethiopian diaspora and the wider public to use only officially licensed remittance channels.
Somali-Linked Firms Included on the List
Among the entities identified by the NBE are several companies widely associated with Somali communities and the broader Horn of Africa remittance network.
The list includes Amal Express, Bakaal Money Transfer, Jubba Express, Ramad Pay/Ramada Pay (Kaah), Tawakal Money Services and Taaj Financial Service, alongside other operators.
The NBE did not characterize the companies as unauthorized in all countries where they may operate. Rather, its notice specifically states that the listed entities are not authorized by the National Bank of Ethiopia to provide remittance services in Ethiopia.
This distinction is significant for customers and businesses operating across borders, as authorization in one jurisdiction does not necessarily establish authorization in another.
Central Bank Warns of Financial and Legal Risks
The NBE said using unauthorized money-transfer agents and illegal Hawala operators could result in financial losses, delays in receiving payments and account restrictions.
It also warned that both senders and recipients, including family members receiving funds, could potentially face legal or regulatory action if transactions violate Ethiopian laws and regulations.
The central bank therefore urged customers to exercise caution when selecting a remittance provider and to verify its licensing status before sending money.
Public Urged to Check NBE’s Licensed Operators
The NBE advised customers to confirm that their chosen provider appears on its official list of licensed Money Transfer Agents (MTAs) before conducting a transaction.
The warning is particularly relevant to Ethiopia’s large diaspora and the extensive remittance flows connecting Ethiopia with neighboring countries and international markets.
By directing customers toward licensed operators, the central bank said it aims to safeguard funds and ensure that remittances are delivered securely and efficiently.
The NBE’s latest notice underscores Ethiopia’s continued efforts to strengthen oversight of the country’s remittance sector and curb money-transfer activities conducted outside the formal regulatory system.
Reporting by Somalilandpost News
