National Bank of Ethiopia to issue digital IDs for financial institutions

The National Bank of Ethiopia (NBE) has announced its readiness to introduce digital identifications (IDs), named Fyda, for all financial institutions as part of efforts to modernise the country’s financial services.

With support from the World Bank, the government aims to implement a nationwide biometric digital ID system, intending to register all eligible Ethiopians by the end of 2025. The NBE’s initial focus is to onboard all financial sector customers to the digital ID platform during the 2023/24 Ethiopian fiscal year. This move is part of the NBE’s broader efforts to modernise the financial sector and increase financial inclusion by reducing entry barriers.