Ethiopia unveils FaydaPass digital wallet to boost financial inclusion

Ethiopia has launched what it calls the FaydaPass wallet, the latest move in its digital public infrastructure (DPI) program aimed at speeding up financial inclusion as well as verification for access to a number of other government services.

Tech5 and payments giant Visa supported the country in the development of the wallet, the former providing its T5-Airsnap and T5-OmniMatch systems, according to a joint announcement shared on May 21.

The launch of the wallet came on the day representatives of these two firms shared thoughts about leveraging the use of digital identity in the financial sector on the second day of ID4Africa 2025 which Ethiopia is hosting.

According to the developers and owners of the FaydaPass wallet, the platform has been built to serve “a diverse and inclusive user base” and to address critical digital Know Your Customer (KYC) verification needs.

To them, the move will dramatically change how users access especially financial services in the vast East African country.

Obtaining a digital ID using the wallet will be easy and streamlined, which means that users can simply download the official app and request their digital ID credential through it.

Ethiopia’s Coopbank is mentioned as the first to integrate the FaydaPass, with the bank’s CEO, Deribie Asfaw, describing their collaboration as one that “enables us to reach financially marginalized communities who have long been excluded from the formal financial system due to the absence of such robust infrastructures.”

With the FaydaPass wallet, users will be able to create a bank account with Coopbank and can also request a virtual Visa card for payments, the announcement explains.

“This brings us one step closer to the community and reinforces our commitment to leaving a meaningful mark on the country’s digital transformation journey. As it allows us to live our purpose of Empowering Communities and Transforming Lives, we are truly delighted to take part in this impactful initiative,” Asfaw added.

Also commenting on the launch of the wallet, the Executive Director of Ethiopia’s National ID program, Yodahe Zemichael, said: “A credential wallet would be a container for government and private sector issued-standardized verifiable credentials. It’s an exciting new way of delivering value to citizens and extending the functionality of Fayda Digital ID.”

Tech5 Co-founder, Chairman, and CTO, Rahul Parthe, praised the move as one that will unluck numerous use cases for Ethiopians, and that the ecosystem is “a vital step in the country’s digital transformation.”

The company’s Cluster Head for Eastern Africa and Ethiopia Country Manager, Yared Endale, called it “a groundbreaking initiative that will significantly enhance financial inclusion and streamline digital transactions.”

“By leveraging advanced biometric eKYC verification, we are paving the way for secure and seamless financial services that will benefit millions of Ethiopians.”

NIDP launched a Fayda app in February to streamline access to digital ID, in line with Ethiopia’s ambitious target of enrolling every citizen by 2027.

Article Topics

biometrics  |  digital public infrastructure  |  digital wallets  |  Ethiopia National ID Program (NIDP)  |  Fayda  |  FaydaPass  |  financial inclusion  |  ID4Africa 2025  |  T5-AirSnap  |  TECH5  |  Visa