EFCC Reveals 12,000 Youths Trading BVNs and NINs to Fintechs for ₦5,000

The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem.

EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard and verify fictitious accounts or bypass regulatory Know‑Your‑Customer (KYC) requirements.

The Commission expressed concern that the widespread misuse of these critical identity records could facilitate illicit activities ranging from money laundering to identity theft and fraud. The fake or duplicated data, once linked to financial profiles, may also be used to access loans, trading platforms, and mobile money wallets under disguised identities, potentially undermining consumer protection and undermining verification norms.

EFCC officials have warned that both sellers and buyers are liable under Nigerian law. They noted that misuse of NINs and BVNs violates statutes such as the Cybercrimes Act and financial regulations governing identity protection. Offenders risk arrest, prosecution, fines, and custodial penalties if found culpable.

Civil society and data security experts echoed the Commission’s concerns. They highlighted not only the immediate fraud risk but also the longer-term threat of erosion of trust in biometric systems designed to secure transactions and public services. They called for concerted public awareness campaigns—especially targeting at-risk youth—and stronger collaboration between fintech platforms and regulatory bodies to validate identity data in real time.

The EFCC indicated that it has commenced operations to clamp down on the illegal trade. Investigations are underway to identify and prosecute networks involved in facilitating the exchange of BVNs and NINs. The Commission has also threatened to freeze accounts linked to suspicious transactions and demanded fintech operators conduct internal audits of their KYC processes.

Meanwhile, regulatory authorities like the National Identity Management Commission (NIMC) and the Central Bank of Nigeria (CBN) have been urged to tighten controls around identity verification and customer onboarding procedures. Observers recommended leveraging technology solutions—such as real-time biometric validation, international watch lists, and stronger due-diligence protocols—to curb future misuse of identity assets.

Affected youths were strongly advised to refrain from selling their personal identification credentials. The EFCC underlined that short-term gains from ₦5,000 endanger long-term reputations and expose participants to financial exclusion and legal jeopardy. The Commission offered amnesty for individuals willing to cooperate, incentivizing them to assist in tracking the networks behind the transactions.

Financial inclusion advocates expressed concern that the crisis may disproportionately hurt vulnerable groups. They emphasized the need to preserve both digital access and identity integrity—spotlighting potential solutions such as better awareness, youth employment programs, and safer channels for fintech firms to source valid identity verification.

As the investigation progresses, the EFCC pledged to hold to account all involved—from fintech executives purchasing data to brokers and youth recruiters facilitating the trade. Its statement signals an intensified focus on protecting the integrity of digital identity systems and reinforcing Nigeria’s financial security framework.

In summary, the revelation that thousands of Nigerian youths are monetizing their BVN and NIN details for fintech use has raised alarm at the intersection of unemployment, fraud risk, and systemic vulnerability. The EFCC’s ongoing crackdown, combined with enhanced enforcement and public education, aims to stop the illicit trade and safeguard trust in the country’s identity infrastructure.