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NBE Warns Public Against Using Unlicensed Remittance Services
Addis Ababa — The National Bank of Ethiopia has issued a public warning against the use and provision of remittance services through unlicensed operators, citing legal and financial risks.
In a statement, the central bank said all money transfer activities, including the receipt and delivery of funds within Ethiopia or from abroad, must be carried out exclusively through institutions licensed by the bank. It noted that individuals who receive remitted funds through unauthorized channels could face legal consequences under existing financial laws.
The NBE said the measure is intended to protect the public from fraud, financial losses, and exposure to illicit activities such as money laundering and terrorist financing. Licensed remittance service providers, it added, are subject to regulatory oversight, compliance requirements, and consumer protection standards.
The bank urged the public to verify the licensing status of remittance service providers before using their services and to report illegal money transfer activities to the relevant authorities.
Ethiopia relies heavily on remittance inflows, particularly from its diaspora, making regulatory oversight a key priority for financial stability and the integrity of the country’s financial system.
