Somalia: Ethiopia Targets Somali-Owned Money Transfer Companies in U.S., Calls for Investigation Into Alleged Financial Sabotage

Somalia: Ethiopia Targets Somali-Owned Money Transfer Companies in U.S., Calls for Investigation Into Alleged Financial Sabotage

Addis Ababa / Washington D.C. / Minneapolis - In a move that has sent shockwaves through East African diaspora communities in the U.S., the National Bank of Ethiopia (NBE) has publicly called for an investigation into four U.S.-based money transfer companies, many of which are Somali-owned or serve Somali and Ethiopian diaspora clients.

Ethiopia’s Central Bank bans four U.S.-based money transfer companies over illegal operations - Innovation Village | Technology, Product Reviews, Business

The National Bank of Ethiopia (NBE) has officially banned four U.S.-based money transfer companies, Shgey Money Transfer, Adulis Money Transfer, Ramada Pay (Kaah), and TAAJ Money Transfer, for allegedly operating without proper licenses and facilitating unauthorized cross-border transactions. These companies, widely used by the Ethiopian diaspora in states like Maryland, Virginia, and Minnesota, are accused of engaging in suspicious financial ac…

Ethiopia bans four US-based remittance firms over licence violations

Ethiopia has banned four US-based remittance firms for operating without licences and facilitating unauthorised cross-border transactions.

NBE bans 4 U.S. remittance firms over illegal transfers

The National Bank of Ethiopia (NBE) has banned four U.S.-based money transfer companies—Shgey Money Transfer, Adulis Money Transfer, Ramada Pay (Kaah), and TAAJ Money Transfer—for allegedly operating without licenses and facilitating illegal cross-border transactions. These firms, popular among the Ethiopian diaspora in U.S. states like Maryland, Virginia, and Minnesota, were accused of suspicious activity, including money laundering. One of the…