Following this announcement, the initiative will support the country’s transformation objectives, which were outlined in the Ethiopian Digital 2025 strategy, as well as the Homegrown Economic Reform Agenda.
The National ID Program (NIDP) has introduced the FaydaPass wallet, a solution that was designed for its first service of improving financial inclusion and streamlining digital transactions. This wallet, co-developed through the process of leveraging expertise and product support from TECH5 and Visa, is expected to meet the needs of the diverse and inclusive user base, as well as to address the critical need for verified eKYC (electronic Know Your Customer) services in both the private and public sectors.
According to the official press release, the Fayda Digital ID wallet is set to optimise the manner in which residents access digital services. At the same time, it will streamline the process of obtaining a digital copy of the Fayda credential by allowing users to simply download the official app and request their digital ID credential through the wallet. This secure credential will be generated using data from the robust Fayda ID system, and it will then be delivered directly to the user's phone as a verifiable credential (VC).
In addition, the Verifiable Credential, which was developed in order to adhere to self-sovereign identity (SSI) principles, is set to enable secure online and offline verification for various use cases. These will include payments and access to e-government services. Once activated, users and customers will have the possibility to open a bank account with Coopbank and receive a virtual Visa card for instant payments. Furthermore, the Fayda ecosystem utilises several technologies, including KeyShare Digital Wallet (representing a secure platform for managing digital identities), TECH5's T5-AirSnap (a contactless multi-biometric capture technology), and TECH5's T5-OmniMatch (a liveness and matching technology for eKYC and digital onboarding).
Alongside smartphone users, the Fayda solution also includes virtual or `custodian` wallets accessible through government-appointed agents, a feature which will ensure inclusivity for those without smartphones. These agents can also securely manage accounts using citizens' biometric data in order to maintain compliance with W3C standards and EU eIDAS frameworks.
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