How to delete FairMoney account: what it is and how to navigate account closure

Learning how to delete FairMoney account ensures you can exit the platform securely. FairMoney requires that you attach a valid BVN, NIN, and a written account closure request. You should also clear your savings, investment balances, and repay any loans before initiating the account closure.

FairMoney allows Nigerians to get loans conveniently. Photo: @fairmoney_ng on Facebook (modified by author)
Source: UGC

TABLE OF CONTENTS

Key takeaways

• You can send an email to closeaccount.ng@fairmoney.io to request the deletion of your account.
• Before submitting a closure request, you should withdraw all funds and clear any outstanding loans.
• Account closure is permanent and cannot be reversed, and all personal data will be deleted.
• FairMoney loans require only a BVN and Android device, with no collateral or documents needed.

How to delete a FairMoney account

To close your account, send an email to closeaccount.ng@fairmoney.io using the format specified below:

Email Subject

• Request to close account associated with phone number: {Your number}

Email Body

Your email should contain the following:

• A copy of your Bank Verification Number document.
• A copy of your NIN document.
• A signed letter containing your account details requesting the closure of your FairMoney account.

Ensure you have withdrawn all funds from your account and that your balance reads ₦0.00. This includes all savings and investment balances.

Additionally, ensure you have repaid all outstanding loans and cleared any dues. You cannot close your account if you have an active loan, account balance, or outstanding obligations.

Closing your account results in losing all your data. This action is permanent and cannot be reversed. Once closed, you will not be able to open another FairMoney account in the future.

What is FairMoney all about?

FairMoney is a digital financial service that offers fast and convenient loans through its mobile app. It mainly serves individuals and small businesses in Nigeria. The loan application process is entirely digital, user-friendly, and quick. It caters to those without access to traditional banking services.

How can you get a FairMoney loan?

You need an Android phone and your BVN to obtain FairMoney loan. If you do not have an account, follow the steps below to learn how to get it done:

1. Download the FairMoney app from the Google Play Store.
2. Sign up using the phone number linked to your BVN.
3. Answer a few questions and verify your identity to receive a loan offer. Accept the offer to receive your funds instantly in your chosen bank account.

Note that no documents or collateral are required. You only need to provide your BVN and connect your card or bank account to authorise repayment.

How to check FairMoney account balance

You can check your FairMoney account balance using the mobile application. Your personalised dashboard will display your credit status and current balance information.

How to withdraw from FairMoney account

FairMoney offices are located in Ikeja, Lagos. Photo: @fairmoney.ng on Facebook (modified by author)
Source: UGC

You can perform a withdrawal from your FairMoney bank account by using the mobile application. Here is how to get it done:

1. Clicking on the Send Money button in the app.
2. Next, input the amount you wish to transfer.
3. Provide the bank account details you wish to send money to; you will now be prompted to authorise the transfer with your PIN.

How to check FairMoney account details

To check FairMoney account details, log in to the FairMoney app. Your dashboard will show your credit status and current balance. You can also request a statement or activity report to review recent transactions.

FairMoney transaction limits

FairMoney applies the following default limits to customer accounts:

• ₦200,000 maximum deposit per day
• ₦200,000 maximum bank transfers per day
• ₦500,000 maximum account balance

How do I know or confirm that my bank transfer is successful?

To confirm a transfer, check your FairMoney app for the transaction status—pending, successful, or failed. You will also receive updates via SMS, email, and push notifications once the transfer succeeds.

What will happen if you don't pay FairMoney loan?

FairMoney does not reschedule repayment dates. Only take a loan if you can repay it. Failure to repay may result in:

• Late payment fees
• Suspension of your FairMoney account
• Reporting to national credit bureaus (CRC, First Central), as required by law

To extend your loan duration, go to “Manage loan” in the app. If no extension offer appears, FairMoney is likely working to make one available.

How do you pre-liquidate your loan?

To repay your loan before the due date, contact help@fairmoney.io and request the liquidation amount. Once FairMoney sends the figure, make payment within 1 to 3 business days. Failure to pay on time will require a recalculation, and you will need to contact FairMoney again for a new amount.

Why was my FairMoney transaction blocked?

Your transaction may be blocked if it exceeds your account limits. To lift the restriction and upgrade your account, send:

• A valid government-issued ID: Voter’s card, driver’s licence, or National Identification Number slip
• A proof of address in your name showing your house address, such as:
• One-month bank statement
• Rent agreement
• Employer letter
• Insurance agreement
• Tax bill
• Admission letter from a registered school
• Utility bill

How can I recover my FairMoney account?

FairMoney account deletion is irreversible. Photo: @fairmoney.ng on Facebook (modified by author)
Source: UGC

Account closure results in complete data loss and is irreversible. Once deleted, you cannot open another FairMoney account.

Can FairMoney blacklist your BVN?

Loan apps, including FairMoney, cannot block or blacklist your BVN. Only the Central Bank of Nigeria has that authority. Banks can freeze your account and restrict access, especially debit transactions. In fraud-related cases, these financial institutions can get approval to blacklist a BVN.

Is FairMoney a bank?

FairMoney is not a traditional bank but a licensed microfinance bank in Nigeria. It offers digital banking services like loans, transfers, and savings via its app.

Here are FairMoney contacts;

• Physical address: 28 Pade Odanye Close, off Adeniyi Jones, Ikeja, Lagos, Nigeria
• FairMoney contacts: 07000 362 362/0201 700 1276
• FM Business contacts: 07000 033 333/0201 8889008
• Email: help@fairmoney.io
• Facebook: @fairmoney.ng
• X (Twitter): @fairmoney_ng

Understanding how to delete FairMoney account helps protect your personal data and manage your digital finance records securely. Ensure you clear all debts and empty your balance before initiating the request. If you are ready to part ways with the platform, following the outlined steps is the best way to delete your account.

DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

Legit.ng recently shared a helpful guide on how to activate DND on MTN, Glo, Airtel, and 9Mobile. The Do Not Disturb (DND) service allows users to block unwanted promotional messages and calls from third-party providers.

DND helps you manage these communications by either blocking all unsolicited messages or allowing only essential categories like banking, health, and education. Read on to discover how to activate DND on MTN, Glo, Airtel, and 9Mobile quickly and easily.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng