Home Finance How To Deactivate, Close Or Delete Fairmoney Account

How To Deactivate, Close Or Delete Fairmoney Account

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Do you want to deactivate, close or delete your Fairmoney account? If so, then this blog post is for you! Here we’ll explain the steps you’ll need to take to successfully deactivate, close or delete your Fairmoney account. 

We’ll also provide helpful tips and advice to help you make sure everything goes smoothly. So keep reading if you want to learn how to deactivate, close or delete your Fairmoney account.

Why deactivate, Close Or Delete A Fairmoney account?

Well, there could be several reasons why you may want to take this step. 

Here are some common reasons why people choose to do so:

  1. Privacy concerns: You might be concerned about the privacy and security of your personal information on the platform. Deleting your account ensures that your data is no longer accessible.
  1. Inactivity: If you haven’t used your Fairmoney account for a long time, you might decide to close or delete it to avoid any potential security risks or unnecessary fees.
  1. Switching to another service: Perhaps you have found another financial service provider that better suits your needs or offers better rates. In this case, deactivating, closing, or deleting your Fairmoney account makes sense.
  1. Unwanted notifications: If you’re tired of receiving notifications or emails from Fairmoney and prefer to unsubscribe from their services, deactivating or deleting your account is the way to go.
  1. Change in financial situation: If your financial situation has changed and you no longer need or want to use Fairmoney’s services, closing or deleting your account can help simplify your financial management.

These are just a few examples, but whatever your reasons may be, knowing how to deactivate, close, or delete your Fairmoney account can help you take control of your financial decisions.

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How to Deactivate, Close Or Delete Fairmoney Account

If you’ve decided that it’s time to say goodbye to your Fairmoney account, we’re here to guide you through the process. Deactivating, closing, or deleting your account is actually quite simple, and we’ve got all the steps you need to follow right here. 

Here’s what you need to do:

  1. Log in to your Fairmoney account: The first step is to log in to your account using your username and password.
  1. Go to your account settings: Once you’re logged in, navigate to your account settings. Look for an option that allows you to deactivate, close, or delete your account.
  1. Follow the instructions: Fairmoney will provide you with instructions on how to proceed. It might involve confirming your decision, entering a verification code, or answering some security questions.
  1. Wait for confirmation: After you’ve completed the necessary steps, Fairmoney will confirm that your account has been deactivated, closed, or deleted. You may receive a confirmation email or notification.
  1. Double-check: To ensure that everything is taken care of, make sure to double-check that your account has been successfully deactivated, closed, or deleted.

That’s it! With these simple steps, you’ll be able to deactivate, close, or delete your Fairmoney account hassle-free.

What Happens After Closing Your Account

Once you’ve closed your Fairmoney account, it’s important to know what happens next. 

Here’s a rundown of what you can expect after closing your account:

  1. Loss of access: After closing your account, you will no longer have access to your Fairmoney profile or any of its features. Make sure to download or save any important information before taking this step.
  1. Data retention: Fairmoney may retain your account data for a certain period of time, even after closure. This is typically done to comply with legal requirements or to resolve any disputes that may arise.
  1. Account recovery: If you change your mind and decide to reopen your Fairmoney account, you may be able to do so within a specific time frame. However, it’s important to note that not all platforms offer this option, so be sure to check Fairmoney’s policies.
  1. Cancellation of recurring payments: Closing your Fairmoney account will typically cancel any recurring payments or subscriptions associated with it. However, it’s always a good idea to double-check with any third-party services you may have linked to your account.
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Remember, once your account is closed, it may not be possible to retrieve any data or information associated with it. So, be sure to consider your decision carefully and take any necessary precautions before proceeding.

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How do I delete my loan account?

FairMoney typically doesn’t allow users to delete their loan accounts manually. Once you have taken a loan through the FairMoney app, the account remains active until the loan is fully repaid. 

After repaying the loan, you can choose not to use the app further, but the account information may still be retained for record-keeping purposes.

What happens if I don’t pay FairMoney?

If you fail to repay a loan obtained through FairMoney, there can be several consequences:

  • Your credit score may be negatively affected, making it more challenging to secure credit in the future.
  • FairMoney may impose late fees, additional interest, or penalties.
  • FairMoney may use debt collection methods to recover the outstanding loan amount, which can include contacting you or taking legal action if necessary.
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It’s essential to communicate with FairMoney if you are experiencing difficulties in repaying your loan. They may be willing to work with you to establish a repayment plan or provide alternatives.

Can FairMoney deduct money from my account?

FairMoney typically has access to your bank account information, which you provide when applying for a loan. 

If you have authorized automatic loan repayments, FairMoney may deduct the loan installment amount from your bank account on the specified repayment dates. This is a common practice among loan apps to ensure timely repayment.

Can I liquidate my FairMoney loan?

Yes, you can typically repay your FairMoney loan before the scheduled maturity date. This process is often referred to as “loan prepayment” or “loan liquidation.” 

By repaying your loan early, you can potentially save on interest and reduce the overall cost of borrowing. You can check the FairMoney app for options and instructions on how to make an early loan repayment.

Can loan apps blacklist your BVN?

loan apps and financial institutions in Nigeria do not have the authority to blacklist your Bank Verification Number (BVN).  


In the end, deactivating, closing, or deleting your Fairmoney account is a personal decision that should be based on your individual needs and preferences. Whether you’re concerned about privacy, looking to simplify your financial management, or simply want to unsubscribe from notifications, knowing how to take these actions is essential.

Ultimately, make sure to carefully consider your decision before proceeding, and take any necessary precautions to safeguard your data and information. We hope this guide has been helpful in assisting you with deactivating, closing, or deleting your Fairmoney account.

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