The national bank of Ethiopia has ordered all banks to harmonize new and existing customer accounts with the Fayda digital ID. This initiative advances digital transformation in the financial sector. Banks must migrate from the old VeriFayda 1 system to the upgraded VeriFayda 2.
The National Bank of Ethiopia (NBE) and the National ID Program have directed all banks to integrate customer account numbers with the Fayda digital identity system. This integration marks a key step in the financial sector's digital transformation journey.
Banks are required to fully transition from the previous VeriFayda 1 (old eKYC) system to the modernized VeriFayda 2, provided by EthSwitch. This new system supports opening new accounts and harmonizing existing ones with Fayda IDs. It enables banks to access accurate and timely customer information, while serving as a critical tool to combat money laundering through robust digital identity verification.
Yodahe Zemichael, Executive Director of the National ID Program, confirmed the directive's focus on aligning all customer records with Fayda to enhance verification and efficiency. NBE Vice Governor Solomon Desta noted that the process will encompass over 300 million accounts nationwide, including bank accounts and mobile wallets. Banks must complete migration to VeriFayda 2 by Hidar 25, 2018 E.C. (approximately November 4, 2025 G.C.).
Customers are urged to harmonize their accounts by Miazia 30, 2018 E.C. (around April 9, 2026 G.C.), either by visiting bank branches in person or online using their Fayda FAN number. Those not yet registered for Fayda should do so at their nearest registration center. The program and EthSwitch will provide technical support and monitoring to ensure successful implementation.