USD business account in Ethiopia
An Ethiopian business can hold US dollars in a foreign currency account at an Ethiopian bank if it falls in a category the National Bank of Ethiopia (NBE) allows: an exporter's retention account, a foreign-owned company's account, or an account funded from abroad. Since the float of 29 July 2024 those rules come from Directive FXD/01/2024, eased again by Directive FXD/04/2026 in February 2026. This guide compares the options, the rules, documents and the 2026 NBE notices that prohibit peer-to-peer crypto trading against the birr.
- NBE Directive FXD/01/2024 took effect on 29 July 2024, moved Ethiopia to a market-based exchange rate and ended surrender of foreign currency to the NBE.
- Exporters of goods convert 50% of export proceeds into birr at a freely negotiated rate and may keep the other 50% in a foreign exchange retention account.
- Directive FXD/04/2026 of 12 February 2026 lets service exporters keep 100% of their proceeds in a retention account for an indefinite period.
- Foreign direct investment companies may now open a foreign currency account with an application letter, their investment license and TIN certificate, without an NBE approval letter.
- The NBE's notice of 27 February 2026 prohibits birr-paired peer-to-peer crypto trading, and its notice of 23 July 2026 prohibits virtual asset activity unless the NBE expressly authorizes it.
- Wise and Airwallex do not list Ethiopia among their supported countries, so most Ethiopian companies hold dollars at an Ethiopian bank.
USD business account options in Ethiopia: the short answer
An Ethiopian business can hold and receive US dollars in three main ways: a foreign currency account at an Ethiopian bank, in one of the categories the NBE allows; a USD account outside Ethiopia, which for a resident company needs NBE approval; or a separate US company with its own US account. The first is the route nearly every Ethiopian company uses, because Ethiopia still controls capital outflows and limits who may hold foreign currency.
The rules changed sharply on 29 July 2024, when the NBE issued Foreign Exchange Directive No. FXD/01/2024. The directive let banks trade foreign currency at freely negotiated rates, ended the requirement to surrender export earnings to the NBE, raised the share of export proceeds an exporter may retain from 40% to 50%, and lifted import restrictions on 38 product categories. On 12 February 2026 the NBE amended it with Directive No. FXD/04/2026, which relaxed the rules again.
This guide sets out who may hold a dollar account under those directives, which foreign providers accept Ethiopian businesses, the US company route, documents, the NBE's 2026 notices on crypto and stablecoins, and where a Helm account can and cannot fit.
The options compared
The table compares the option types. It is not a ranking: which one a company can use depends first on the account category it falls into.
| Option | Who can use it | How US payers pay it | Main rules and limits |
|---|---|---|---|
| Exporter's foreign exchange retention account | Exporters of goods and services, at an Ethiopian bank | International wire (SWIFT) through the bank's correspondent | Goods exporters convert 50% into birr; service exporters may keep 100% |
| Foreign currency account of a foreign entity | FDI companies, embassies, international organizations, foreign NGOs | SWIFT wire | Since February 2026, no NBE approval letter needed for FDI companies |
| Foreign currency account funded from abroad | Profit-making institutions receiving grants, gifts or other eligible foreign currency, excluding export proceeds | SWIFT wire | Funds must originate abroad |
| USD account outside Ethiopia | Residents only with NBE approval | ACH, Fedwire or SWIFT, depending on the provider | Offshore accounts are allowed for strategic FDI projects with NBE approval |
| US company with a US account | A new US company | ACH and Fedwire as a US business | Separate company; outward investment needs NBE approval |
Sources: NBE press release on Directive FXD/01/2024 (29 July 2024); EY tax alert (15 August 2024); Dablo Law Firm (5 August 2024); Afriwise and Mondaq summaries of Directive FXD/04/2026 (February and March 2026). As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system, and Fedwire is the Federal Reserve's same-day system for large US dollar payments.
How to choose: an exporter of coffee, oilseeds, flowers or textiles uses its retention account, because that is where the directive sends export proceeds; see also how Helm works for exporters. A software, tourism or consulting firm selling abroad counts as a service exporter and, since February 2026, may keep all its dollar earnings. A foreign-owned company uses its FDI foreign currency account. A domestic company that neither exports nor receives funds from abroad usually buys dollars from its bank against import documents when it needs to pay a supplier.
NBE rules after the 2024 float
Directive FXD/01/2024 repealed the earlier foreign exchange directives and consolidated the rules in one text, with immediate effect from 29 July 2024. The NBE compiles an indicative daily exchange rate from banks' reported trades, but banks are free to negotiate the rate with customers.
| Topic | Rule under FXD/01/2024 |
|---|---|
| Exchange rate | Banks trade with clients and each other at freely negotiated rates; the NBE intervenes only in limited cases |
| Surrender to the NBE | Ended for banks and exporters |
| Export proceeds | 50% converted into birr immediately at a negotiated rate; 50% kept in a foreign exchange retention account |
| Special Economic Zone companies | May retain 100% of foreign currency proceeds |
| Foreign currency accounts | Three categories: foreign entities, including FDI companies; resident and non-resident Ethiopians; exporters' retention accounts |
| Imports | Banks allow imports of goods of any value once documents are submitted; the waiting list and restrictions on 38 product categories were removed |
| Franco valuta imports | Imports paid without bank foreign currency are permitted, subject to customs, tax and other rules |
| Capital account | Outflows remain restricted |
Sources: National Bank of Ethiopia press release on Directive FXD/01/2024 (29 July 2024); EY tax alert (15 August 2024). As published on 29 October 2026.
A retention account is a foreign currency account at an Ethiopian bank that holds the share of export proceeds the exporter is allowed to keep for its own use. The conversion requirement does not apply to foreign direct investment, foreign grants, other foreign currency accounts, external loans or portfolio inflows, according to EY. The Dablo Law Firm summary adds that banks and other licensed entities face a penalty of USD 2,500 per violation of the directive.
What changed with Directive FXD/04/2026
The NBE issued Foreign Exchange Amendment Directive No. FXD/04/2026 on 12 February 2026. The law firms 5A Law Firm and Mekdes & Associates summarize the changes most relevant to dollar accounts as follows.
| Area | Change in February 2026 |
|---|---|
| Service exporters | May hold 100% of export proceeds in a retention account for an indefinite period; goods exporters still convert 50% |
| FDI companies | May open a foreign currency account with an application letter, Foreign Investment License and TIN certificate, without an NBE approval letter |
| Other profit-making institutions | May open current, savings and time deposit accounts for foreign currency received from abroad as grants, gifts or other eligible sources, excluding export proceeds |
| Minimum balance | The USD 100 minimum to open a foreign currency account was removed |
| Payment cards | Banks may issue international payment cards to all foreign currency account holders |
| Advance payments to exporters | May come from any party abroad under a written agreement presented to the bank |
| Import applications | Valid for 120 calendar days; banks may extend for good cause |
| Profit and dividend remittances | Approved by commercial banks, without NBE approval, with monthly reporting |
| External loans and supplier credit | Approved by banks, subject to a 60:40 debt to equity ratio |
| Cash declarations | Customs declarations for deposits of foreign currency above USD 10,000 were removed |
| Outward investment | Allowed case by case with prior NBE approval |
Sources: Mondaq, 5A Law Firm (23 March 2026); Afriwise, Mekdes & Associates (19 February 2026). As published on 29 October 2026. Confirm current rules with your bank.
A TIN is the taxpayer identification number issued by the Ethiopian tax authorities. For a business paid by foreign clients, the most important change is the service exporter rule: an Ethiopian software or outsourcing company can now keep its dollar earnings in dollars rather than converting half on arrival.
Foreign USD account providers and Ethiopia
Many Ethiopian businesses look for US account details so that US clients can pay by ACH. Eligibility is set by each provider, and Ethiopia is missing from the lists of several well-known names. The table records what each provider states on its own pages.
| Provider | What its own pages state |
|---|---|
| Wise | Ethiopia is not on its list of countries where customers can hold money |
| Airwallex | Ethiopia is not on its list of supported registration locations; unlisted locations cannot be processed |
| WorldFirst | Its Africa offering is available across Nigeria, Ghana, Kenya and Morocco; Ethiopia is not named |
| Mercury | Accepts only companies formed and registered in the United States or a US territory |
Sources: the providers' own pages, linked below. As published on 29 October 2026.
Even where a provider accepts an Ethiopian company, the NBE rules decide whether the company may hold the account. A resident company holding funds abroad needs NBE approval, and export proceeds belong in the retention account at an Ethiopian bank. Check both points before applying.
Provider pages used: Wise country list, Airwallex eligible countries, WorldFirst Africa and Mercury eligibility.
The US company route
Some Ethiopian founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, with existing or planned US operations, and states that founders do not need to be US citizens or residents. It also publishes a list of countries where founders cannot be supported, so check it before forming the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence, principal place of business or principal office in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
For an Ethiopian company or resident, the constraint is on the Ethiopian side. Capital outflows remain restricted, and under Directive FXD/04/2026 outward investment by Ethiopian entities needs prior NBE approval, granted case by case. Founding and funding a US company from Ethiopia is therefore an NBE question before it is a US one. Take Ethiopian legal advice first.
Documents you need
Ethiopian banks open foreign currency accounts by category, so the file depends on which category applies. The table is a typical checklist; each bank sets its own.
| Document | Retention account (exporter) | FDI company account |
|---|---|---|
| Commercial registration certificate and business license | Yes, including the export license | Yes |
| TIN certificate | Yes | Yes |
| Memorandum and articles of association | Yes | Yes |
| Application letter to the bank | Yes | Yes |
| Foreign Investment License | No | Yes |
| Resolution naming signatories, with their identity documents | Yes | Yes |
| Sales contract or advance payment agreement | Yes, for each export receipt | For specific transactions |
| Evidence that funds originate abroad | Export documents | Capital transfer records, registered with the NBE |
Typical requirements compiled by the Helm Editorial Team from the directive summaries cited above; requirements vary by bank. As published on 29 October 2026.
The Foreign Investment License is the license a foreign investor obtains to operate in Ethiopia, and Afriwise notes that foreign currency capital investments must still be registered with the NBE at the time of investment. Keep the company name identical on every document, because mismatches between the commercial registration and the license are a common cause of delay.
Stablecoins in Ethiopia: the 2026 NBE notices
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the most widely used. In Ethiopia they are now squarely restricted, by two NBE notices in 2026.
- Birr-paired P2P notice, 27 February 2026. The NBE's Notice on Illegal Birr-Paired Peer-to-Peer (P2P) Transactions via Trading Platforms states that birr-paired P2P arrangements on trading platforms are not permitted unless explicitly authorized by the NBE, as summarized by 5A Law Firm. Peer-to-peer, or P2P, trading is where individuals buy and sell crypto directly with each other on a platform, paying in birr by bank or mobile money transfer. The firm notes that USDT traded this way can work as a shadow foreign exchange market outside authorized channels.
- Public Notice on Virtual Assets, 23 July 2026. As summarized by Dablo Law Firm for LEX Africa, the notice prohibits the use, purchase, sale, exchange, transfer, trading, settlement and facilitation of virtual assets unless expressly authorized by the NBE. It covers wallets, exchanges, brokers, custodians, OTC desks, token issuers and payment facilitators, and a stablecoin does not become authorized e-money because it is price-stable.
| Question | What the sources say |
|---|---|
| Can a business buy USDT with birr on a P2P platform? | No, birr-paired P2P trading is prohibited unless the NBE explicitly authorizes it |
| Can a business pay or be paid in stablecoins? | Virtual asset use, transfer and settlement are prohibited unless the NBE expressly authorizes them |
| Is licensed birr e-money affected? | No, licensed birr e-money is not a virtual asset |
| Does a capital markets license cover crypto? | No, it does not substitute for NBE authorization |
Sources: Mondaq, 5A Law Firm (11 March 2026); LEX Africa, Dablo Law Firm (12 August 2026). As published on 29 October 2026.
For an Ethiopian company, the practical position is simple: receive foreign payments by bank transfer into a retention or foreign currency account, and do not accept or convert stablecoins unless the NBE has authorized the activity.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
For a company resident in Ethiopia, a Helm account is an account outside Ethiopia, so it fits only where the NBE rules allow it:
- With NBE approval. A resident company that holds NBE approval for an account abroad, for example for a strategic FDI project, can use US details to collect from US clients by ACH and to send international payments to suppliers with the rate, fee and expected arrival shown before sending.
- Foreign parents and buyers. A foreign company that owns or trades with an Ethiopian business can use its own Helm account to fund the Ethiopian company's foreign currency account or pay Ethiopian suppliers by SWIFT.
- Not for export proceeds. Export proceeds belong in the exporter's retention account at an Ethiopian bank.
- Not for stablecoins. Helm's USDC and USDT features are available only where local law allows, and under the NBE's 2026 notices they are not available to companies based in Ethiopia.
Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. General rules are on the eligibility page.
Freelancers and sole traders
Ethiopian individuals may open foreign currency accounts funded by remittances, transfers from abroad, foreign currency salary or rental income, under the NBE's July 2024 measures, and the USD 100 minimum deposit was removed in February 2026. A freelancer paid by foreign clients should ask the bank which account type fits service income, and should not convert earnings through P2P crypto platforms, which the NBE prohibits.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can an Ethiopian company open a USD account?
Yes, if it falls in a category the NBE allows. Exporters hold foreign exchange retention accounts, FDI companies hold foreign currency accounts, and since February 2026 other profit-making institutions may hold accounts funded by grants, gifts or other foreign currency from abroad.
How much of their export proceeds can Ethiopian exporters keep in dollars?
Under Directive FXD/01/2024, exporters of goods convert 50% of proceeds into birr at a negotiated rate and keep 50% in a retention account. Since Directive FXD/04/2026, service exporters may keep 100% for an indefinite period, and Special Economic Zone companies may retain 100%.
What is Directive FXD/01/2024?
It is the NBE's Foreign Exchange Directive that took effect on 29 July 2024. It moved Ethiopia to a market-based exchange rate, ended surrender of export earnings to the NBE, raised exporters' retention from 40% to 50% and removed import restrictions on 38 product categories.
What did Directive FXD/04/2026 change?
Issued on 12 February 2026, it lets service exporters keep 100% of proceeds, lets FDI companies open foreign currency accounts without an NBE approval letter, removed the USD 100 minimum balance, and moved approval of dividend remittances and external loans to commercial banks.
Can an Ethiopian company hold a bank account abroad?
Only with NBE approval. Capital outflows remain restricted, the Dablo Law Firm summary of FXD/01/2024 records offshore accounts as allowed for strategic FDI projects with NBE approval, and outward investment needs prior NBE approval case by case.
Can an Ethiopian business open a Wise or Airwallex account?
Ethiopia is not on Wise's list of countries where customers can hold money, and Airwallex does not list Ethiopia as a supported registration location. Check both pages directly, because providers update their lists.
Is USDT legal in Ethiopia?
The NBE's notice of 27 February 2026 prohibits birr-paired peer-to-peer crypto trading unless the NBE explicitly authorizes it. Its Public Notice on Virtual Assets of 23 July 2026 prohibits the use, sale, exchange, transfer and settlement of virtual assets, including stablecoins, unless expressly authorized.
Does Helm offer stablecoin features to Ethiopian companies?
No. Helm's USDC and USDT features are available only where local law allows, and the NBE's 2026 notices prohibit virtual asset activity in Ethiopia unless the NBE expressly authorizes it.
How long is an Ethiopian import application valid?
Under Directive FXD/04/2026, an import application is valid for 120 calendar days, and banks may extend it for good cause without a fixed end date.
References
- National Bank of Ethiopia: Press release on Foreign Exchange Directive FXD/01/2024 (29 July 2024)
- EY: Ethiopia makes major changes to foreign exchange regime (15 August 2024)
- Dablo Law Firm: Legal update on Foreign Exchange Directive FXD/01/2024
- Afriwise: Update on the new forex amendment Directive No. FXD/04/2026 (19 February 2026)
- Mondaq, 5A Law Firm: NBE Directive FXD/04/2026, major relaxation of foreign exchange rules (23 March 2026)
- Mondaq, 5A Law Firm: NBE's birr-paired P2P crypto notice (11 March 2026)
- LEX Africa, Dablo Law Firm: Ethiopia's virtual asset ban explained (12 August 2026)
- Internal Revenue Service: Instructions for Form SS-4
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.