The National Bank of Ethiopia (NBE) has ordered all financial institutions in the country to harmonize customer accounts with the national digital identity system known as “Fayda.”
Yodahe Zemichael, Executive Director of the National ID Program, confirmed that the central bank’s directive requires banks and other financial institutions to align all customer records with the Fayda digital ID. The initiative aims to strengthen identity verification across the financial sector and enhance service efficiency.
NBE Vice Governor Solomon Desta highlighted the magnitude of the undertaking, noting that the harmonization process will cover more than 300 million accounts nationwide, including bank accounts and mobile wallets.
Officials said the implementation timeline for the account linkage will be announced soon, as the central bank and the National ID Program prepare to coordinate the massive integration effort.
