Why Thousands of Nigerian Youths Are Selling Their NINs and BVNs

A recent Economic and Financial Crimes Commission (EFCC) report found that about 12,000 young Nigerians are trading their most private ID details, National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) to fintech companies. 

For each NIN and BVN they collect, these youths earn between ₦1,500 and ₦2,000, then sell the full set of data to digital lenders for about ₦5,000. 

Here’s a simple look at why this is happening and what it means.

Quick Cash in Hard Times

High youth unemployment, around 40%, and rising living costs push many young people to look for fast money. Selling NINs and BVNs can pay more in a single day than odd jobs like washing cars or street vending. Faced with bills and no steady income, some see it as an easy way to survive.

Who Are the “Account Suppliers”?

EFCC calls them the “Account Suppliers” or “KYC Group.” They work in small teams: one person finds donors willing to hand over their IDs, another collects the documents, and a third negotiates with fintech buyers. They advertise on WhatsApp and Telegram, setting up “kiosks” near markets and universities to recruit more donors.

Why Fintech Companies Buy the Data

Fintech firms need to verify customer identities before opening accounts (that’s called KYC, or Know‑Your‑Customer). Some startups, eager to grow rapidly, skip careful checks and simply buy bulk data. They pay for ready‑made NINs, BVNs, photos and slips to meet their signup targets faster.

Dangers for the Victims

When donors give up their NIN and BVN, they lose control of their bank accounts and personal identity. Fraudsters can use these accounts for scams, money laundering or other crimes. Victims may find their credit ruined, their savings stolen, or even face legal trouble for actions they did not commit.

What the NIMC Says

The National Identity Management Commission (NIMC) has warned Nigerians not to share their NIN with anyone. It refuses to take responsibility for fraud carried out with stolen IDs. NIMC urges everyone to download the NINAuth app, which lets users control and verify who uses their NIN.

EFCC Cracks Down

The EFCC has begun arresting key suspects and recovering stolen funds. The Commission warns that anyone caught selling or buying NINs and BVNs will face serious charges for identity fraud and money laundering.

How to Stop the Fraud

1. Stronger Verification: Fintechs should use live‑video checks and biometrics instead of buying data.
   
2. More Jobs for Youths: Government and businesses must offer training and small grants so young people can earn an honest income.
   
3. Public Education: Schools and community groups should teach everyone the risks of sharing IDs.
   
4. Tougher Laws: Harsher penalties and faster courts will scare off would‑be fraudsters.