Ethiopia’s national digital ID and financial transactions

The use of Ethiopia’s national digital ID, Fayda, for all transactions with financial institutions will soon be mandatory.

According to the plans, the bank customers will then use Fayda as their bank ID to carry out KYC checks and complete remote onboarding.

Using the Fayda will ease identity verification for bank users in a system which according to the announcement guarantees data privacy and security.

Source: https://lnkd.in/ddtGA44i