NIMC Accuses Fintech Companies of Illegally Acquiring NINs from Fraudsters for N5,000
The National Identity Management Commission (NIMC) has issued a serious accusation against a segment of the financial technology sector in Nigeria, alleging that fintech companies are engaging in the illicit purchase of Nigerians’ personal details, including their National Identification Numbers (NINs), from fraudsters. This revelation, communicated through a press release signed by Kayode Adegoke, NIMC’s Head of Corporate Communications, sheds light on a disturbing data privacy breach that could have far-reaching implications for digital security in the country’s rapidly evolving tech landscape.
The Disturbing Network of Data Trafficking
According to the NIMC’s statement, a sophisticated fraud scheme is at play, exploiting vulnerable young individuals for their identity information. Fraudsters reportedly entice these young Nigerians to surrender copies of their personal details and NINs for a paltry sum ranging between N1,500 and N2,000. Subsequently, these fraudsters then sell the compromised identity information to various fintech institutions for a significantly higher price of approximately N5,000. The NIMC’s claims are further corroborated by a statement from the Economic and Financial Crimes Commission (EFCC), which highlighted that this fraudulent scheme is “largely driven by an army of young Nigerians.” This illicit trade underscores a severe breach of data security and raises significant concerns about how personal identity information is being handled within the financial technology ecosystem.
In light of these findings, NIMC is urgently cautioning all Nigerians against selling or otherwise compromising their personal information and National Identification Numbers. The commission emphasized that this warning has become critically necessary to protect citizens from potential identity theft, financial fraud, and other malicious activities that could arise from the unauthorized access and use of their sensitive data. As Nigeria continues to drive digital inclusion and identity integration, safeguarding personal information remains paramount to ensure trust and security in the nation’s digital economy.
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