April 2, 2026
Borkena
Toronto – The National Bank of Ethiopia on Thursday announced an updated list of authorized money transfer and remittance services.
It has listed up to 62 service providers including renowned global business in the industry like Money Gram, Paypal and Western Union – among other providers.
The full list of authorized agents is available here
The latest news release from the National Bank of Ethiopia provides specifications as to what the service constitutes.
It said “Money remittance and transfer services include receiving funds and delivering them to recipients in Ethiopia or abroad. Engaging in these activities without an NBE license puts individuals and businesses at risk of fraud, financial loss, and potential involvement in money laundering or other unlawful activities.”
The bank also advised the public to make money transfers or remittance through authorized agencies.
“The public is strongly urged to remit funds exclusively through these licensed institutions to ensure security, compliance, and protection from legal consequences,” the bank warned.
It has urged citizens to report, electronically, all suspicious remittance activities in the country via complaintoffice@nbe.gov.et or call 6230.
The national bank of Ethiopia has been threatening to confiscate funds and take further “legal action” against those involved in illegal money transfer services.
The bank has been making repeated claims that the macro-economic reform introduced in July 2024 – including the introduction of market based forex regime – yielded intended results. Currency reserves have seen a significant growth, according to the officials but numbers are unspecified.
On the other hand, economists argue that the financial stability that the government has been reporting is rather illusive and unreliable.
The exchange rate of Ethiopian Birr against major currencies plummeted within months after the introduction of the market based exchange rate. In July 2024, US$1 was selling for 57 or 58 Ethiopian birr at the banks. It is now about 155 birr.
__
Support Borkena : https://borkena.com/subscribe-borkena/
Join our Telegram Channel : t.me/borkena
Like borkena on Facebook
Borkena Ethiopian News Youtube Channel
To submit Press Release, send submission to info@borkena.com