Digital ID
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.
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The Ethiopian Bankers Association has handed over 2,000 biometric registration kits to 31 commercial banks to support the Fayda National Digital ID program. Commercial banks contributed 17 million dollars for a total of 6,000 kits, aimed at registering 40 million citizens. The initiative, in collaboration with the Ethiopian National ID Program, seeks to accelerate the government's digital identification drive.