Ethiopia’s Central Bank launches crackdown on illegal money transfers
- The National Bank of Ethiopia has launched a crackdown on unlicensed money transfer operators.
- Governor Eyob Tekalign emphasizes the need to stabilize the currency and curb underground money movement.
- The NBE is pursuing legal cases against dealers and fund providers operating without approval.
The crackdown on unlicensed money transfer operators by the National Bank of Ethiopia is a necessary step towards enhancing the integrity of the financial system. However, the success of this initiative will depend on the ability of formal operators to offer competitive services compared to informal networks. Ongoing monitoring and support for licensed operators will be crucial to ensure the effectiveness of this policy.
