EFCC Reveals 12,000 Youths Selling BVN, NIN Data to Fintechs in Nigeria
The Economic and Financial Crimes Commission (EFCC) has uncovered a disturbing cyber-fraud operation involving approximately 12,000 young Nigerians across the country. These youths—self-described as “Account Suppliers” or part of “KYC Groups”, collect sensitive personal data from unsuspecting individuals and sell it to fintech firms for around ₦5,000 per user.
How the Scam Works
According to the EFCC, these individuals lure victims with small upfront payments of ₦1,500 to ₦2,000, in exchange for personal documents such as NIN slips, BVNs, passport photos, and other identifying credentials. These stolen details are then packaged and sold to fintech platforms for a profit of about ₦5,000 per person.
"This fraud scheme is largely driven by an army of young Nigerians… seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee."
The EFCC’s statement reads.
Exploiting Fintech Onboarding for Fraud
The EFCC highlighted that this harvested data is used to create accounts with fintech firms, which subsequently serve as conduits for investment scams and illicit schemes involving cryptocurrency laundering:
"This information is then used to open accounts with fintech companies for investment scam and sundry fraudulent schemes."
The commission noted.
Emerging Scam Techniques: “Promo” and “Investment Window”
The Commission also warned Nigerians about a rising fraud tactic called the “Promo Scam”. Fraudsters entice victims with fake discounts—like a 50% ticket deal from a foreign airline, requiring a nominal ₦500 “charity” payment and urging them to download a malicious app. Through this, attackers gain unauthorized access to banking credentials.
"Teasers like ‘Investment Windows’ are usually employed to make their victims volunteer their account information… Fraudsters then execute transactions on their behalf by sending their funds to accounts mainly in fintech institutions… They control and launder the funds through purchase of cryptocurrencies."
Arrests and Public Advisory
The EFCC confirmed arrests are underway, and efforts to recover defrauded funds are in progress. The agency issued a stern warning:
Do not serve as an “Account Donor” under any pretext.
Avoid sharing personal identity documents for any form of remuneration.
Be vigilant about suspicious online promotions and phishing tactics
"The EFCC views the development as a threat to national security… The Commission is committed to safeguarding the financial space of the nation in the overall interests of all Nigerians."
Why This Matters
This large-scale fraud exposes a critical vulnerability in Nigeria’s digital finance ecosystem, especially how fraud rings exploit onboarding practices in fintech. The prevalence of such schemes underscores the urgent need for:
Stronger BIometric ID protections
Secure onboarding and KYC monitoring
Heightened public awareness and financial literacy campaigns
By naming and prosecuting the perpetrators, the EFCC hopes to deter further involvement of young Nigerians in such criminal networks while safeguarding the integrity of financial services across the country.
