The National Bank of Ethiopia (NBE) has requested an investigation into four U.S.-based money transfer companies, mainly serving Somali and Ethiopian diaspora clients. The firms—Shgey, Adulis, Ramada Pay (Kaah Express), and TAAJ—are accused of undermining Ethiopia’s financial system, laundering illicit funds, and funding illegal activities abroad.
The NBE claims these operators bypassed the formal banking system by sending funds from the Ethiopian diaspora in the U.S. to Ethiopia and other countries without following legal channels.
This move could impact African money transfer systems, especially those used by immigrant and low-income communities.