Ethiopia’s Startup-Backed Fayda Wallet to Boost Digital ID and Financial Inclusion

Ethiopia has introduced the Fayda Wallet, a new digital identity and financial inclusion platform aimed at simplifying electronic Know Your Customer (eKYC) processes and expanding access to formal financial services. The wallet was co-developed by Swiss-based biometrics firm TECH5 and global payments provider Visa.

The National ID Program (NIDP) is rolling out the Fayda Wallet as part of its efforts to offer a verifiable digital credential to Ethiopian citizens. The app allows users to download a secure version of their national digital ID, generated through the government-backed Fayda ID system, directly to their phones.

“This is an exciting new way of delivering value to citizens and extending the functionality of the Fayda Digital ID,” said NIDP Executive Director Yodahe Zemichael. “A credential wallet will serve as a container for government and private sector-issued, standardized, verifiable credentials.”

Built on self-sovereign identity (SSI) principles, the wallet supports both online and offline verification for a range of services, including banking and digital government platforms. Once users activate their credentials, they can open an account with Coopbank and receive a virtual Visa card to make payments.

“As a bank committed to digitization and financial inclusion, this platform allows us to reach communities that have long been excluded from the formal financial system,” said Coopbank CEO Deribie Asfaw. “This initiative supports our mission of empowering communities and transforming lives.”

The wallet’s ecosystem includes TECH5’s biometric authentication tools—T5-AirSnap for contactless capture and T5-OmniMatch for identity verification—and Visa’s digital payments infrastructure. It also offers offline access through government-appointed agents using biometric verification.