WHEREAS, it is necessary to improve the operations of the formal remittance transfer system in Ethiopia by reducing remittance costs and increasing access to cost-effective, reliable, fast, and safe services that benefit migrants;

WHEREAS, it is deemed necessary to establish a conducive and transparent legal framework to facilitate the inflow of remittances;

NOW, THEREFORE, pursuant to the authority vested in it by Article 23(3) and Article 27(2) of the National Bank of Ethiopia Establishment Proclamation No. 591/2008, the National Bank of Ethiopia (hereinafter the “NBE”) has issued this directive.