@DigitalEthiopia – Ethiopian Business Review

Fayda Wallet has officially launched in Ethiopia—marking a critical step toward nationwide adoption of biometric-based digital ID and financial access.

Co-developed with technology support from TECH5 and Visa, the Fayda Wallet allows citizens to download the official app and instantly request a digital version of their Fayda ID credential. The system is designed to eliminate paperwork and streamline access to both public and private digital services.

The Cooperative Bank of Oromia (Coopbank) has become the first bank to adopt the Fayda Wallet, enabling customers to open new accounts seamlessly using biometric eKYC verification, without the need for physical documents.

The initiative aligns with Ethiopia’s Digital 2025 Strategy and the Homegrown Economic Reform Agenda, both of which emphasize digital identity as a foundational enabler for financial inclusion and public service access.

With secure biometric verification at its core, the platform strengthens trust while simplifying processes for underserved and unbanked populations.

SantimPay has officially launched FrankRemit—a zero-fee remittance platform developed in partnership with Bank of Abyssinia. The platform stands out as the first in Ethiopia to integrate all commercial banks and major mobile money services, including Telebirr, M-Pesa, and CBE Birr.

FrankRemit is a homegrown fintech innovation, built in-house and tested rigorously over the past two weeks with successful transfers from multiple countries. This rollout ensures users experience fast, reliable, and secure money transfers right from the start.

The official launch event attracted high-level stakeholders from the public and private sectors, signaling the platform’s significance to Ethiopia’s economic ambitions. Among the attendees were Tinsae Desalegn, CEO of SantimPay; Fitsum Abegaz, Ambassador at the Ethiopian Embassy in Washington, D.C. and Director General of Diaspora Services at Foreign Ministry; Teferi Mekonnen, CEO of Oromia Bank; and Desalegn Yizengaw, Chief Customer Acquisition and Support at BoA.

“FrankRemit is the first platform to offer full integration across Ethiopia’s banking and mobile money landscape,” said Tinsae Desalegn. “We built this platform to address the frustrations of the diaspora and make sending money home effortless.”

The launch comes as Ethiopia nears one year since adopting a market-based exchange rate regime—a reform introduced in July 2024 to align the country’s forex operations with market realities. While sectors such as gold and coffee exports have flourished under this policy shift, remittance inflows still lag behind, according to Ambassador Fitsum Abegaz.

“FrankRemit is built to international standards and will help Ethiopia unlock greater remittance flows,” he said, emphasizing the platform’s strategic role in strengthening the country’s foreign currency position.

As part of its broader offerings, FrankRemit also introduces the FrankCard—a diaspora-focused gift card service developed in collaboration with Oromia Bank and Shoa Supermarket. This new feature allows members of the Ethiopian diaspora to send prepaid cards that can be redeemed locally, enabling direct support to families beyond traditional cash transfers.

Oromia Bank, in collaboration with the Ministry of Transport and Logistics, has implemented a technology that allows easy payment of fuel bills through the Milki digital financing application.

Following the implementation of the new Milki digital financing application by Oromia Bank, a grand launch event was held in the presence of senior officials of the Ministry of Transport and Logistics and relevant stakeholders.

In his message at the launch event, the CEO, Teferi Mekonnen, said Our bank is implementing a wide range of activities to support the digital payment strategic plan of our country Ethiopia, especially those that reduce cash circulation and promote digital payment services and transactions; Obo Teferi, who said that large-scale works supported by technology are being carried out, said that the work of digitizing fuel transactions through the Milki app that we are announcing today is a significant example.

The Director of the Fuel Subsidy Project Office of the Ministry of Transport and Logistics, Selman Mohammed, said; The steps taken by Oromia Bank to modernize the fuel transaction system by understanding the comprehensive digitalization plan of the government is commendable. He further called on the bank to continue its digitalization work in other sectors.

Among the partners of Oromia Bank who attended the program; Dr. Yusuf Elmali, General Manager of Oil Libya Ethiopia, said that the application developed by Oromia Bank is convenient for fuel transactions, and that the technology will modernize fuel transactions.

In a message sent by the Chairman of the Board of Directors of Oromia Bank, Dr. Assefa Sime, he said that Oromia Bank is working on a multi-faceted digitalization project, which is bearing fruit. He urged that this comprehensive digitalization work continue to be strengthened.

According to the Bank, Oromia Bank is the first bank to implement a system that allows customers to obtain loans even if they do not have money in their account, including making fuel payments, by launching the Milky Digital Financing application on the application developed by the Ministry of Transport and Logistics to modernize fuel transactions.

The Ministry of Transport and Logistics has announced that the Ethio-Djibouti Railway has steadily increased its transportation capacity, with plans to handle 50% of Ethiopia’s export cargo in the near future. The railway has consistently boosted its cargo capacity by 14.2% annually, solidifying its critical role in Ethiopia’s trade infrastructure.

Currently, the railway plays a pivotal part in the export of Ethiopian coffee, transporting 98% of the country’s coffee exports. It also handles a diverse range of goods, from fertilizers and livestock to heavy machinery, buses, and new trucks, showcasing its capacity to manage both multimodal and unimodal container loads.

In addition, the railway is instrumental in transporting perishable goods in containerized form, maintaining quality, and ensuring that products reach foreign markets in optimal condition—vital for safeguarding Ethiopia’s expected income from foreign trade.

Looking ahead, the Ethio-Djibouti Railway Corporation has set ambitious targets. It aims to cover 50% of Ethiopia’s freight transport needs, increase train frequency to 14 trains per day, and enhance the speed of freight trains to 58 km/h. Furthermore, the corporation is moving toward a fully digitalized rail service, focusing on improving operational efficiency and customer satisfaction.

Recent strides include obtaining multimodal operating and freight forwarding licenses, expanding its service offerings, and positioning itself as a key player in Ethiopia’s freight and logistics sector. The railway’s growth reflects not only its expanding capabilities but also Ethiopia’s ongoing efforts to improve trade efficiency and strengthen its position in the global market.

Fayda Wallet Launches in Ethiopia, Ushering in a New Era of Biometric Banking

SantimPay Launches FrankRemit, Ethiopia’s First Fully Integrated Zero-Fee Digital Remittance Platform

Oromia Bank and Ministry Partner to Digitise Fuel Payments

Ethio-Djibouti Railway Aims to Dominate 50% of Ethiopia’s Export Cargo