How to Close, Delete or Deactivate your Fairmoney Account Easily

Closing Fairmoney account is relatively simple and straightforward. Have you decided that you don’t longer want to use the platform for borrowing money again?

If so, don’t worry, I will walk you through the process from A-z. Make sure you read this article to the very end. 

What is Fairmoney?

Fairmoney is a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN). The company offers a variety of financial services to individuals, including loans, savings, and payments. Fairmoney’s mobile app is available for download on Android and iOS devices.

Reasons to Close, Delete, or Deactivate Your Fairmoney Account

There are several reasons why you might want to close, delete, or deactivate your Fairmoney account. Some of the most common reasons include;

  • You are no longer using the Fairmoney app
  • You are concerned about the security of your data
  • You want to consolidate your finances with another bank
  • You are moving to a new country and will no longer need Fairmoney’s services

Requirements for Account Closure

Before initiating the account closure process, it’s essential to ensure that you meet certain prerequisites:

  • Confirm that you have no outstanding loan balance. If any outstanding loans exist, you must repay them in full before proceeding with account closure.
  • Ensure that your account has sufficient funds to cover any remaining charges, such as account closure fees or penalties. Failure to do so may lead to delays in the closure process.
  • You must have access to your registered Fairmoney account. This means you should have your login credentials readily available.
  • Ensure that a valid email address is linked to your Fairmoney account. This email address will be used for communication throughout the process.

Steps to Close, Delete, or Deactivate Your FairMoney Account

Contact FairMoney Customer Support: The first step towards account closure is to contact FairMoney’s customer support team. You can reach them via phone, email, or through the in-app chat feature. 

Inform the customer service representative of your intention to close, delete, or deactivate your FairMoney account. They will guide you through the process and provide any necessary assistance.

Methods for Closing, Deleting, or Deactivating Your Fairmoney Account

Today I have 3 different methods of closing, deactivating and deleting your Fairmoney loan app. Let’s get started. 

Step 1: Repay Any Outstanding Loans

Before closing your Fairmoney account, it is crucial to ensure you have repaid any outstanding loans. This includes personal loans, business loans, and any other forms of credit you may have obtained through Fairmoney.

  • Log in to your Fairmoney app and navigate to the “Loans” section.
  • Review your loan history and identify any outstanding loan balances.
  • Repay all outstanding loans in full before proceeding with account closure if you have not done that before. 
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Step 2: Contact Fairmoney Customer Support

 Once your loan obligations have been met, it’s time to initiate the account closure process. This requires contacting Fairmoney customer support.

  • Launch the Fairmoney app and click on the “Help” icon.
  • Select the most convenient contact method for you, such as phone, email, or chat.
  • Clearly communicate your intention to close your Fairmoney account.
  • Verify your account ownership by providing your registered email address and phone number.
  • Request confirmation of account closure and ensure you receive a notification or email acknowledging the action.

Let’s move to the second method. 

How to Deleting Your Fairmoney Account

In other to delete your fair money account, you can follow these steps

Step 1: Secure Your Account Data

Before deleting your Fairmoney account, it is essential to secure your account data. This involves downloading and saving any important information associated with your account.

  • Download your Fairmoney account transaction history for your personal records.
  • Save any essential documents or files related to your Fairmoney account, such as loan agreements or transaction receipts.

Step 2: Contact Fairmoney Customer Support

Once your account data has been secured, proceed to contact Fairmoney customer support to initiate the account deletion process.

  • Follow the same steps as Method 1 (Step 2) to contact customer support.
  • Clearly express your desire to delete your Fairmoney account.
  • Verify your account ownership by providing your registered email address and phone number.
  • Request account deletion and ensure you receive a confirmation email or notification acknowledging the action.

Lastly, let’s discuss how you can deactivate your Fairmoney Account. 

How to Deactivating Your Fairmoney Account

 If you wish to temporarily suspend your Fairmoney account instead of closing or deleting it, you can follow this alternative method.

Step 1: Temporarily Suspend Your Account

Log in to your Fairmoney app and click on the “Settings” icon.

  • Navigate to the “Account Security” section.
  • Select the option to “Temporarily Suspend Account.”
  • Provide a reason for suspending your account.
  • Enter your password to confirm the temporary account suspension.

 Step 2: Contact Fairmoney Customer Support

After suspending your account, inform Fairmoney customer support to ensure they are aware of your action.

  • Follow the same steps as Method 1 (Step 2) to contact customer support.
  • Inform the customer support representative of your decision to deactivate your Fairmoney account.
  • Verify your account ownership by providing your registered email address and phone number.
  • Request account deactivation and confirm the process with the customer support representative.
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Conclusion

In conclusion, closing your Faormoney account is simple and I am assured that if you follow the outline procedures, you will be able to deactivate, delete or close your Fairmoney account easily. 

FAQS

How do I remove my information from loan app?

The process of removing your information from a loan app may vary depending on the specific app you are using. However, the general steps is as follows; 

  • The first step is to uninstall the loan app from your device. This will prevent the app from collecting any more of your data.
  • Go to your device’s settings and find the “Apps” or “Applications” section. Look for the loan app and tap on it. Then, tap on “Permissions” and revoke all of the permissions that you have granted to the app.
  • If you want to make sure that your data has been completely deleted from the app’s servers, you can contact the app developer and ask them to delete your data. You can usually find the contact information for the app developer in the app’s privacy policy or on the app’s website.
  • If you have used multiple loan apps and are concerned about your data being shared with third-party data brokers, you can consider using a data broker removal service. These services can help you identify which data brokers have your information and can then help you remove your information from their databases.

What happens when you owe FairMoney?

When you owe money to FairMoney or any lending platform, it’s crucial to adhere to the agreed-upon repayment terms. Failure to repay on time may result in late fees, increased interest rates, and a negative impact on your credit score.

Also, FairMoney may contact you for repayment reminders or take legal action if the debt remains unpaid for an extended period.

What is the highest amount you can borrow from FairMoney?

The highest amount you can borrow from FairMoney is N3,000,000. This is for a personal loan with a repayment period of up to 24 months. The specific amount you are eligible to borrow will depend on your creditworthiness, which is assessed based on factors such as your income, employment history, and credit score.

 FairMoney also offers SME loans of up to N5,000,000. These loans are designed to help small and medium-sized businesses grow and expand. The eligibility criteria for SME loans are more stringent than for personal loans, and businesses will need to provide documentation of their financial history and business plan.

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