Ethiopia has officially transitioned its National ID Program into a State-Owned Enterprise (SOE) named Faydaverse. The newly established entity has been integrated into the portfolio of the Ethiopian Investment Holdings (EIH), the nation’s sovereign wealth fund, marking a significant evolution from a government project into a commercially sustainable, institutionalized body.
Announced during an inauguration event on August 4, 2026, this advancement represents a critical step in ensuring the long-term viability and expansion of the Fayda Digital ID ecosystem, which is rapidly becoming the backbone of the country’s digital economy.
Originally launched in 2021, the Fayda Digital ID project was designed to provide every legal resident and citizen with a unique 12-digit identification number utilizing biometric technology. This initiative served as a core pillar of the “Digital Ethiopia 2025 Strategy,” aimed at resolving the inefficiencies of fragmented identification systems.
Prior to Fayda, citizens largely relied on inconsistent, paper-based Kebele identification cards that lacked centralized databases, creating major hurdles in accessing services ranging from banking to government programs.
Operating as a Digital Public Infrastructure (DPI) enterprise, Faydaverse will anchor several advanced solutions, including biometric platforms, electronic Know Your Customer (eKYC) services, and trusted digital credential wallets.
Established in December 2021, the Ethiopian Investment Holdings was formed to manage, optimize, and grow the nation’s primary asset portfolios. It currently manages assets valued at approximately $45 billion, making it one of Africa’s largest sovereign wealth funds.
EIH oversees a broad portfolio of around 40 companies, including corporate giants such as Ethiopian Airlines Group and Ethio Telecom. By incorporating Faydaverse, EIH provides the governance framework and commercial discipline critical for scaling a data-driven enterprise.
Brook Taye CEO of EIH, noted that this integration will position Faydaverse to “scale sustainably, attract partnerships, and create long-term value for Ethiopia.”
To date, the Fayda ecosystem has registered over 46 million residents, enabled more than 150 enterprise integrations, and facilitated over 190 million secure authentication processes. The program ultimately aims to reach 90 million registrations to substantially drive economic inclusion.