The National Bank of Ethiopia has announced a joint initiative with the National ID Program to leverage the country’s digital ID system Fayda. Through the initiative, Fayda will be the primary identification for all financial institution transactions, according to Biometric Update. The ambitious plan aims to enroll all bank customers on the digital ID platform by 2024, as part of the government’s push for greater financial inclusion.
Fayda, which means “value” in both Swahili and Arabic, may be a game changer. The implementation of Fayda as a digital ID is expected to streamline identity verification for bank users, ensuring a more efficient system that guarantees data privacy and security.
The Fayda program is supported by the World Bank and will be implemented using a Modular Open-Source Identity Platform (MOSIP), an open-source software that serves as a common framework for building national ID systems. Originating in India at the International Institute of Information Technology-Bangalore, MOSIP has gained international recognition and support from organizations including the Bill & Melinda Gates Foundation, Omidyar Network, and Tata Trusts.
h/t Craft