The National Bank of Ethiopia (NBE) has officially launched the integration of the country’s new digital identity system, Fayda, with all financial institutions—marking a major milestone in Ethiopia’s push toward a fully digitized financial ecosystem.
The initiative aligns with the Digital Ethiopia 2030 Strategy, which positions the Faida Digital Identity as a foundational digital public infrastructure designed to modernize service delivery, enhance financial access, and strengthen national security systems.
According to NBE, the harmonization of customer bank account information with Fayda Digital ID has formally begun across all banks. The integration will allow customers to link all their bank accounts under a single Fayda ID, enabling secure money transfers, fraud prevention, streamlined credit access, and protection against unauthorized account movements using fake documents.
How the System Works
Banks will now utilize the upgraded VeriFayda 2 system—an enhanced electronic Know Your Customer (eKYC) platform operated through EthSwitch. The older VeriFayda 1 system will be fully phased out once migration is completed.
Customers can link their accounts by:
- Visiting their bank branches in person, or
- Using online channels where available
To link accounts, customers must provide their Fayda Alternative Number (FAN)—a unique 16-digit identifier.
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