NIMC Accuses Fintech Companies of Allegedly Buying NIN from Fraudsters

The National Identity Management Commission (NIMC) has accused fintech companies of allegedly purchasing the details as well as the National Identification Numbers (NIN) of Nigerians from fraudsters. The statement of the commission, signed by Kayode Adegoke, Head of Corporate Communications, said that the fraudsters entrapped young Nigerians in handing over their NIN for shoddy payments that average N1,500 to N2,000 to sell this NIN data for about N5,000 to the fintech companies. The income from its illegal activity has brought serious security issues and poses mighty hazards to the holders of those NINs.

NIMC accuses fintech companies of buying alleged NINs from fraudsters, who in turn use young people. According to a release quoting the Economic and Financial Crimes Commission (EFCC), an estimated 12,000 young Nigerians are part of this fraud syndication that works all over the country. These young people are paid meager amounts for giving personal data, which is then sold to fintech firms for profits. Victims of this fraudulent activity have been linked to various scams, such as investment fraud, laundering cash generated through cryptocurrency, and even unauthorized access to the financial accounts of victims.

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The NIMC does not encourage any Nigerian to sell their personal data or NIN in exchange for any amount of money, which the commission has cautioned time and again. It has said that disclosing NIN to unverified people or organizations opens up one to identity theft and other criminal activities. It clarified that the commission shall not be liable to any information that individuals or proxies share for financial incentives. NIMC has insisted that any NIN presented to access financial or government services must be verified to avoid misuse.

To protect citizens’ data, NIMC introduced NINAuth in May 2025. This platform has web, API, and mobile verification services enabling the public to own and control access to their personal data. NINAuth is today used across different ministries, departments, and agencies of the government for authentication processes, thereby improving data security and privacy. It also enables Nigerians to check their NIN status and avoid falling victim to fraud.

In addition, NIMC announced to the public a fake NIN site called NINcard.com, which fraudsters are using to dupe Nigerians. The body clarified that it is a website not linked with NIMC and urged Nigerians to be observant and use the official NIMC channels alone for NIN services. The commission also warned against unauthorized third parties printing and distributing fake NIN cards. Only the official NIMC General Multi-Purpose Card and slip are legally recognized for identification.

This encompasses illegal NIN enrolments and changes promoted by cybercriminals. The commission reminded Nigerians not to patronize illegal NIN services, but to report suspicious activities regarding their data. The risk of exposure of NIN data arises from increased digitization of government and financial systems, and victims may face severe risks of identity theft and financial fraud.

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Currently, NIMC has registered 120 million Nigerians and, by December 2025, aspires to register up to 200 million citizens, making it the most diverse representation of its eligible citizens within the National Identity System. The commission has reiterated that the integrity of the NIN system must be maintained for national security and access to all identity protection for Nigerians.

Fintech companies are accused of buying NINs from fraudulent dealers who would take advantage of these young Nigerians through little amounts of money paid to them in exchange for their personal details. Such illegal practices endanger not only individuals but also a wider segment of the national financial system. Nigerians are cautioned strongly against selling their NIN, to use authorized NIMC services like NINAuth for verification, and to avoid unauthorized websites or third parties dealing with NINs. The commission will continue to fight these fraudulent schemes-to safeguard the identities of Nigerian citizens and national security.

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