Ethiopia to Enforce Strong Measures Against Illegal Money Transfer Operations – Central Bank Governor

Addis Ababa, October 21, 2025 (FMC) – The Governor of the National Bank of Ethiopia (NBE), Eyob Tekalign, has announced that the government will take decisive action against entities engaged in illegal money transfer activities operating outside the country’s formal financial system.

Speaking during a meeting with international money transfer agents and representatives of commercial banks held in Washington, D.C., on the sidelines of the 2025 IMF–World Bank Annual Meetings, Governor Eyob emphasized the government’s firm resolve to strengthen oversight and collaboration within Ethiopia’s remittance ecosystem.

He explained that the Ethiopian government has continuously engaged with licensed money transfer companies to ensure their operations align with the country’s financial regulations, while also encouraging new entrants to operate through legal channels. However, he noted that certain entities have repeatedly ignored official calls to regularize their status.

“The National Bank will take strong enforcement measures against those who continue to conduct money transfer activities illegally,” Eyob stated, underscoring that such actions undermine the integrity of the financial system and the country’s broader economic stability.

He added that the NBE, through its monitoring and investigation mechanisms, is already identifying unlicensed operators and will pursue appropriate legal and regulatory actions to safeguard Ethiopia’s financial interests.

The Governor further highlighted that Ethiopia continues to maintain its foreign exchange reserves in a prudent and secure manner, reaffirming the Central Bank’s commitment to macroeconomic stability and confidence in the financial system.

Participants from international money transfer firms and commercial banks commended the government’s reform efforts and presented detailed recommendations to enhance operational efficiency, compliance, and accessibility within Ethiopia’s formal remittance market.