The National Bank of Ethiopia (NBE) has directed all commercial banks to compile and submit information on customers who use personal bank accounts for business or illicit purposes.

In a statement issued this week, the central bank expressed concern over a growing number of businesses and individual traders conducting commercial transactions through personal or third-party accounts instead of officially registered business accounts.

According to the NBE, this practice, observed among both organizations and individuals, violates regulatory requirements and undermines oversight by tax authorities. The bank warned that such activities may also be linked to the financing of criminal enterprises or terrorism.

Citing its mandate under Proclamation No. 1359/2025, the NBE emphasized that coordinated action is needed to safeguard the integrity of the financial system and protect the country’s economic stability.

The directive instructs all banks to identify and report customers engaging in such activities and to submit the compiled data to the central bank for further review.

“The measure aims to preserve the soundness of Ethiopia’s financial system and strengthen efforts against money laundering, tax evasion, and other unlawful financial activities,” the statement added.

The National Bank reaffirmed its commitment to enforcing financial discipline and ensuring compliance across the banking sector.

Source: NBE