The National ID Project Program (NIDP) is collaborating with global fintech giant VISA to integrate its digital identification systems with payments, streamlining the automatic creation of bank accounts when a digital ID is issued.
Currently in the design stage, the initiative aims to establish a system where bank accounts, referred to as social accounts, are generated for customers acquiring digital IDs.
“Attaching a bank account to the rollout of Ethiopia’s digital ID can help Ethiopia significantly improve its financial inclusion,” Yared Endale, VISA Country Lead for Ethiopia, told Shega.
“We are initially working with the Cooperative Bank of Oromia but will soon collaborate with other banks. Users will have the flexibility to select their preferred bank for the account,” added Yared.
Mina Awol, Stakeholder Engagement Manager at NIDP, stated that VISA is one of the biggest supporters of Ethiopia’s national digital ID program, and the global fintech firm wants to be part…
