Ethiopia officially launched the Fayda Wallet on May 21, during the ID4Africa 2025 conference in Addis Ababa. Developed by the National ID Program (NIDP) in partnership with TECH5 and Visa, the digital wallet aims to simplify access to financial and public services by linking them to the country’s biometric digital ID system.
This launch marks a major milestone under the Digital Ethiopia 2025 Strategy, which targets digital identity enrollment for 70 million people by 2028. Fayda, which means “value” in several local languages, now serves as a digital credential that empowers Ethiopians to verify their identity securely both online and offline.
Digital ID Wallet enables seamless access to services
The Fayda Wallet, also known as FaydaPass, serves as a verifiable digital credential. Using the Fayda ID system, individuals can generate a secure digital certificate (VC) through a mobile app to authenticate themselves for services such as bank account opening, government portals, and digital payments.
According to Yodahe Zemichael, Executive Director of NIDP, “A credential wallet would be a container for government and private sector issued standardised verifiable credentials. It’s an exciting new way of delivering value to citizens and extending the functionality of Fayda Digital ID.”
The wallet is built with cutting-edge technology from TECH5, including T5-AirSnap for contactless biometric capture and T5-OmniMatch for matching and liveness detection. It also integrates KeyShare, a secure platform for managing users’ digital identities.
Coopbank first to adopt wallet, boosting inclusion
Cooperative Bank of Oromia (Coopbank) is the first financial institution to roll out the Fayda Wallet. With this integration, users can open accounts using biometric eKYC and instantly receive a virtual Visa card, even without a physical ID.
Deribie Asfaw, CEO of Coopbank, emphasised the impact of the partnership: “As a bank committed to digitisation and financial inclusion—the two core passions of our bank—our collaboration on this remarkable platform enables us to reach financially marginalised communities.”
This makes Fayda Wallet a game-changer in a country where only 47% of adults had bank accounts in 2022, according to the World Bank. Coopbank’s integration helps remove access barriers for millions of unbanked Ethiopians.
Fayda Wallet expands financial inclusion offline
To bridge the digital divide, the system supports custodian wallets managed by authorised agents. These agents enable users without smartphones to access services using biometric identification, aligning with global standards such as the W3C and the EU’s eIDAS framework.
Rahul Parthe, Co-Founder and CTO of TECH5, said: “This ecosystem is a vital step in the country’s digital transformation.” Visa also plays a central role, delivering the payments infrastructure that powers the wallet.
Yared Endale, Visa’s Cluster Head for East Africa, added: “By leveraging advanced biometric eKYC verification, we are paving the way for secure and seamless financial services that will benefit millions of Ethiopians.”
As Ethiopia accelerates its digital public infrastructure (DPI), the Fayda Wallet is positioned to serve not just as a credential holder but also as a gateway for health, education, commerce, and welfare services. With over 15 million already enrolled and a broader rollout underway, Fayda Wallet is set to redefine how Ethiopians connect to the digital economy.