This change is part of a broader strategy for Ethiopia’s national digital ID, Fayda, to soon become mandatory for all transactions with financial institutions. According to a recent joint announcement by the NBE and the National ID Program, the plan is to enroll all bank customers for the digital ID during the 2023/2024 financial year. Once fully implemented, Fayda will serve as the primary ID for Know Your Customer (KYC) checks and remote onboarding, guaranteeing data privacy and security.