Ethiopia has recently introduced Fayda Wallet, a digital wallet that is linked to the national biometric ID system to simplify access to financial and administrative services. The launch of Fayda Wallet was showcased during the ID4Africa 2025 conference held in Addis Ababa and was developed in collaboration with the National ID Program (NIDP), TECH5, and Visa.
Visa’s General Manager for East Africa, Yared Endale, expressed excitement about the launch of Fayda Wallet, highlighting the positive impact it will have on financial inclusion and digital transactions in Ethiopia. The collaboration between the partners underscores Visa’s commitment to empowering communities through innovative digital payment solutions.
Fayda Wallet is a key component of Ethiopia’s Digital Strategy 2025, which aims to provide a digital identity to 70 million people by 2028. Users can create a secure digital identity certificate (VC) through the Fayda ID system, following Self-Sovereign Identity (SSI) principles. This certificate allows for secure verification, both online and offline, to access various services including payments, public services, and account opening.
The wallet leverages advanced technologies such as TECH5’s T5-AirSnap and T5-OmniMatch for contactless biometric capture and matching, as well as KeyShare Wallet for secure digital identity management. Users can also access instant banking services like account opening through biometric eKYC and the issuance of a virtual Visa card. The Cooperative Bank of Oromia (Coopbank) is the first to integrate this solution.
To promote broader digital inclusion, Fayda Wallet offers agent-based access points, enabling citizens without smartphones to access digital services using their biometric data while adhering to W3C standards and the European Union’s eIDAS frameworks.
With less than 47% of adults in Ethiopia having a bank account in 2022, according to the World Bank, the introduction of Fayda Wallet has the potential to revolutionize access to essential services and enhance trust in digital interactions. This digital wallet is poised to make a significant impact on financial inclusion and digital empowerment in Ethiopia.
Source: Tech In Africa
