Home Finance How to deactivate, close or delete Renmoney Account

How to deactivate, close or delete Renmoney Account

 Do you want to deactivate or close your delete your renmoney account but don’t know how? 

Worry less. I will walk you through the step by step measure. Make sure you read to the very end. 

Before going into the specific steps and considerations for each option, it’s essential to understand the key differences between deactivation, closing, and deletion.

What is Deactivate 

Deactivating your Renmoney account is a temporary measure that allows you to limit your account activity without permanently terminating it. When you choose to deactivate your account, you will still have access to certain features and functionalities, but your account will be restricted in terms of loan applications and other activities.

What is Closing Renmoney account? 

Closing your Renmoney account is a more permanent action that involves terminating your account entirely. Once you close your account, you will no longer have access to your account dashboard or any associated data. It’s important to note that closing your account may have implications for future loan eligibility.

What is Deleting Renmoney 

Deleting your Renmoney data involves the removal of your personal information and associated data from Renmoney’s systems. However, it’s important to note that data deletion is subject to certain eligibility criteria and limited availability due to regulatory requirements.

Factors to Consider Before Taking Action

Before deciding whether to deactivate, close, or delete your Renmoney account, there are several factors you should consider:

  • Outstanding Loan Balances

If you have any outstanding loan balances, it’s crucial to address them before taking any action.

Deactivating, closing, or deleting your account does not absolve you of your financial obligations. Make sure to settle any outstanding loan balances to avoid any potential issues in the future.

  • Recurring Payments and Subscriptions

If you have any recurring payments or subscriptions linked to your Renmoney account, it’s important to assess how these will be affected by your chosen action. Consider canceling or transferring these payments to another account to ensure a smooth transition.

  • Future Financial Needs

Think about your future financial needs and how they may be impacted by your decision. If you anticipate needing access to loans or other financial services in the future, consider the potential implications of deactivating, closing, or deleting your account.

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 How to Deactivate Your Renmoney Account

If you decide that deactivating your Renmoney account is the right choice for you, follow these steps to complete the process

  • Visit the Renmoney website and log into your account dashboard using your credentials.
  • Once logged in, navigate to the account settings section of your dashboard. Look for the option that allows you to manage your account status.
  • Within the account settings, select the option to deactivate your account. This will initiate the deactivation process.
  • Follow the prompts and confirm your decision to deactivate your account. Take note of any additional information or requirements provided during the process.

What are the effects of Deactivation

When you choose to deactivate your Renmoney account, there are several effects to be aware of

  • Limited Account Access: While your account is deactivated, you will have limited access to certain features and functionalities.
  • No Automatic Loan Applications: Deactivating your account means that you will no longer be eligible for automatic loan applications. If you need a loan in the future, you will need to reactivate your account or explore alternative options.
  • Ability to Reactivate Account: One advantage of deactivating your account is the ability to reactivate it at a later time. If you decide that you need to access your Renmoney account again, you can follow the reactivation process outlined by Renmoney.

How to Close Your Renmoney Account

If you have decided that permanently terminating your Renmoney account is the best course of action, follow these steps to close your account:

  • Make sure that all outstanding loan balances are settled before closing your account.
  • Cancel any recurring payments or subscriptions linked to your Renmoney account to avoid any potential issues during the closure process.

Steps to Close Your Account Renmoney Account

  1. Reach out to Renmoney’s customer support team via phone, email, or their online contact form. Inform them of your intention to closeyour account and request guidance on the closure process.
  2. Renmoney may provide you with a closure request form to fill out. Complete the form with accurate and up-to-date information.
  3. Renmoney may require you to verify your account information as part of the closure process. Follow their instructions and provide any necessary documentation or identification.
  4. Once you have submitted your closure request, Renmoney will process it accordingly. The time it takes to close your account may vary, so be patient. You should receive confirmation of the account closure once it is completed.
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How to Delete Your Renmoney Data

If you meet the eligibility criteria and wish to have your personal data removed from Renmoney’s systems, you can request data deletion. Please note that data deletion is subject to limited availability due to regulatory requirements.

To request data deletion, follow these steps:

1. Contacting Renmoney Data Protection Officer: Reach out to Renmoney’s Data Protection Officer through their designated contact channels. Request guidance on the data deletion process and express your intention to have your data removed.

2. Providing Data Deletion Request: Follow the instructions provided by Renmoney’s Data Protection Officer and submit a formal request for data deletion. Provide any necessary information or documentation as requested.

3. Processing Time and Confirmation: Renmoney will process your data deletion request according to their internal procedures. The time it takes to complete the process may vary. You should receive confirmation once your data has been deleted.

Renmoney Contact Information

For any further questions or assistance, you can reach out to Renmoney using the following contact information:

customersupport@renmoney.com or through Website: www.renmoney.com

Frequently Asked Questions

What is the email address for Renmoney?

The email address for Renmoney is Hello@renmoney.com. You can send an email to this address to debit your savings account and credit your loan, or for any other inquiries or assistance related to their services. 

Who is the owner of Renmoney?

The owner of Renmoney is Stephen Jennings, who is the Founder and Chairman of the company.

Is Renmoney genuine?

Yes, Renmoney is a genuine digital bank operating in Lagos, Nigeria, offering personal and business loans, savings, and deposit services to individuals and small businesses.


Deactivating, closing, or deleting your Renmoney account is a decision that should be made carefully and with consideration of your financial needs. By understanding the differences between these options and following the appropriate steps, you can take control of your account status. Thanks for reading.

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