Regulatory Alerts2023-04-25
Added · Updated
International Remittance Service (as Amended) Directive No. FXD/74/2021
The National Bank of Ethiopia repeals Directive No. FXD/58/2018 and establishes rules for inward international remittance services applicable to banks, the Ethiopian Postal Service, and payment instrument issuers acting as Representatives. Representatives must obtain prior National Bank approval for agreements with International Remittance Service Providers (IRSPs), which are capped at four years and prohibited from including exclusivity conditions. Settlement with IRSPs operating in fewer than 50 countries requires advance foreign currency credit, while those in 50 or more countries may settle within one business day upon providing valid evidence. The Directive mandates that Representatives disclose fees, maintain records, submit monthly reports within five working days, and ensure payments to beneficiaries are made in Birr at the prevailing exchange rate.