Mr. Baheru Zeyenu Highlights the Journey to build Fayda based Economy in Ethiopia at NBE Workshop

In a move to revolutionize access to finance for individuals and micro, small, and medium enterprises (MSMEs), the National Bank of Ethiopia (NBE) has chosen the Ethiopian Digital ID system, Fayda, to modernize the national credit registry.

NBE hosted a joint planning workshop on March 19, 2024, for the National ID Enrollment Campaign for Microfinance Borrowers. The workshop featured a presentation by Baheru Zeyenu, CEO of AFRICOM Technologies & BPO Services, highlighting the multifaceted benefits of Fayda for the Ethiopian economy. The focus was on the positive impact for financial institutions, particularly to microfinance. Mr. Baheru elaborated on how the national ID implementation, utilizing Fayda, will empower individuals, institutions, and the nation as a whole. The discussion also explored the role of Fayda in propelling Ethiopia's digital transformation journey.

Furthermore, Mr. Subhendu Mohapatra from CSM Technologies shared valuable insights from India's Adhaar program. He further elaborated on how open platforms like Modular Open Source Identity Platform (MOSIP) can assist in enhancing the bank's services to meet EKYC requirements. By drawing parallels between Aadhaar and Fayda, the discussion shed light on the potential impact of the Ethiopian digital ID system on the lives of citizens.

Emphasizing the importance of collaboration, Mr. Eskinder Abraham from NBE, underscored the need for a unified approach to develop an efficient campaign and a comprehensive joint plan. Representatives from Microfinance Institution and transformed bank, including Siket Bank, Lefayda Microfinance, Liyu Microfinance, Nesir, Vision Fund, Sinqee Bank, Meklit Microfinance Institution S.C., and Tsedey Bank S.Cicipated in the workshop. This collaborative effort aims to ensure effective timeline management, resource allocation, and a streamlined project execution process during the pilot and scale-up phase.