Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), is raising alarm over a growing underground fraud ring where young Nigerians earn as little as ₦1,500 to harvest personal identification details used to open fraudulent accounts across fintech platforms.
The EFCC says it is tracking more than 12,000 individuals nationwide involved in what it calls a dangerous surge in “account supplying” schemes that threaten the integrity of Nigeria’s digital financial ecosystem and national security.
“This fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between ₦1,500 and ₦2,000 to their victims to make them surrender a copy of their personal information,” the EFCC says in a public advisory.
The agency says these self-styled “KYC Group” operators target unsuspecting citizens across communities, offering token payments in exchange for critical identity documents including NIN slips, BVNs, passport photographs, and other personal data.
“This fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between ₦1,500 and ₦2,000 to their victims to make them surrender a copy of their personal information,” the EFCC says in a public advisory.
EFCC: Young Nigerians now selling identity documents between ₦1,500 and ₦2,000
That stolen data is then sold to fintech operators—often for as much as ₦5,000 per identity—to open accounts that bypass Know Your Customer (KYC) protocols, providing a cover for digital money laundering, investment scams and identity theft.
“They serve as the engine room for a range of illicit online activities,” the EFCC says, describing the practice as a serious national security threat.
The agency confirms that arrests are underway, and recovery efforts are ongoing, but urges Nigerians to never surrender their identity documents for any purpose, warning that such acts may implicate the victims in criminal activities.
“On no account should any Nigerian agree to be an account donor for any purpose,” EFCC warns.
The anti-graft agency is calling for stricter KYC enforcement by Nigeria’s fintech companies, alongside public vigilance, to curb the threat posed by identity fraud in the rapidly expanding digital finance space.
The development, analysts say, casts a shadow over Nigeria’s push for digital inclusion and cashless payments, reinforcing the need for tighter regulation and education around digital identity protection.
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