How to Close, Delete or Deactivate your Fairmoney Account Easily

FairMoney, a mobile banking app catering to emerging markets like Nigeria, offers diverse financial services, encompassing quick loans and bill payment options. If you’ve chosen to close, delete, or deactivate your FairMoney account, adhere to the following steps. Learn how to seamlessly navigate the account closure process for this Nigerian financial lending app.

How to Close, Delete or Deactivate your Fairmoney Account Easily

Closing, deleting, or deactivating your FairMoney account is a straightforward process that ensures a smooth transition. Here is a comprehensive guide on how to achieve this seamlessly:

  • To commence the account closure process, it is essential to clear your FairMoney wallet. Transfer any remaining funds to your bank account to prevent any loss during the deactivation procedure. This ensures that your financial assets are securely relocated.
  • Next, make sure to repay any outstanding loans with FairMoney before initiating the closure request. Unsettled debts could impede the account closure process, so it is crucial to clear them beforehand.
  • Contacting FairMoney support is the next step in closing your account. Send an email to [email protected] to formally request the closure. In the subject line, clearly articulate your intention, using a phrase such as “Request to Close FairMoney Account.” Provide key details such as your full name, registered phone number, and email address associated with the FairMoney account. Optionally, include reasons for closing the account if desired. This step establishes clear communication with FairMoney’s customer support team.
  • Once the email is sent, patiently await a response from FairMoney’s customer support team. They will likely furnish you with specific instructions on how to proceed with the closure, deletion, or deactivation process. Adhering to these instructions is crucial for a successful account closure.
  • After following the provided instructions, wait for confirmation from FairMoney that your account has been effectively closed, deleted, or deactivated. This confirmation may be communicated through an email or notification from FairMoney.

If you do not receive a response within a reasonable timeframe or encounter any issues during the process, it is advisable to follow up with FairMoney’s customer support for assistance. This step ensures that any potential concerns or obstacles are promptly addressed, providing a satisfactory resolution to the account closure process. Following these steps meticulously will enable you to close, delete, or deactivate your FairMoney account with ease.

Reasons for Closing FairMoney Account:

Individuals may opt to deactivate their FairMoney accounts for various reasons. One primary factor is achieving financial stability. As users attain a stable financial position, the need for the services offered by FairMoney diminishes, prompting them to close their accounts.

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Another prevalent reason is the availability of better alternatives. Users may discover alternative financial platforms that provide more favorable terms, such as lower interest rates or extended repayment periods. The allure of these alternatives prompts individuals to transition away from FairMoney, leading to the decision to close their accounts.

By understanding these motivations, users can efficiently navigate the account closure process outlined in the provided steps. Whether driven by newfound financial stability or the pursuit of better terms offered elsewhere, individuals can seamlessly close, delete, or deactivate their FairMoney accounts as needed. This process ensures a smooth transition while aligning with the diverse financial needs and preferences of users.


How do I permanently delete my FairMoney account?

To permanently delete a FairMoney account, users who haven’t availed any loans through the app can send an email to [email protected] expressing their desire to delete their information. This initiates the account closure process.

What happens when you don’t pay back FairMoney loan?

FairMoney reports non-repayment to credit bureaus, including CIBIL. Failing to repay on time negatively impacts your CIBIL score and may hinder future loan approvals.

Can FairMoney remove money from my account?

FairMoney MFB has the authority to deduct funds from a customer’s account in cases established as erroneous or fraudulent.

Can loan apps block your BVN?

Loan apps in Nigeria cannot block your BVN. Only the Central Bank of Nigeria (CBN) has the authority to impose restrictions on your BVN, typically in cases of loan repayment default reported to the National Credit Bureau.

Does FairMoney send messages to your contacts?

FairMoney assures users that they will never communicate with anyone from their contact list, prioritizing user privacy and confidentiality.

How do I talk to FairMoney customer care?

For assistance, you can contact FairMoney customer care through various channels:

  • Address: 28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria (No money in the office, everything is digital).
  • Email: Customer service at [email protected].
  • Phone: Call 01 7001276 / 01 8885577.

Can I trust FairMoney?

Yes, FairMoney is trustworthy. FairSave and the FairMoney bank account are secure with 256-bit HTTPS SSL encryption. Licensed by the Central Bank of Nigeria (CBN), FairMoney ensures all deposits are insured by the NDIC, providing a secure financial platform.

What is the highest amount FairMoney can give?

FairMoney offers loans up to N3,000,000 for a maximum period of 24 months. Your lending history and positive behavior influence the loan amount and repayment period.

How do I delete FairMoney?

Users who haven’t availed any loan through FairMoney can request account deletion by sending an email to [email protected], initiating the account closure process.

Which bank is FairMoney under?

FairMoney operates as FairMoney Microfinance Bank, licensed by the Central Bank of Nigeria (CBN). It provides financial services through its flagship mobile app, FairMoney™, offering a range of banking solutions to its customers.

What type of bank is FairMoney?

FairMoney is a digital microfinance bank, renowned as the most downloaded fintech app in Nigeria. With daily loan disbursements exceeding 10,000 and over 5 million users benefiting from banking, savings, and investment services, FairMoney empowers Nigerians to manage their lives and finances efficiently.

Can I extend my loan twice on FairMoney?

Absolutely! FairMoney allows customers to extend their loans twice, providing flexibility and accommodating users’ financial needs through the “Manage loan” section in the app.

How long does FairMoney loan last?

FairMoney provides loans with a duration of up to 24 months, offering flexibility to borrowers. Users can access amounts of up to N3,000,000, tailoring their loan terms based on their financial needs and preferences.

How genuine is FairMoney?

FairMoney is a legitimate and trustworthy financial service provider. Licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC, FairMoney ensures the security of deposits. Users can trust the platform with their information, and FairMoney explicitly states a commitment to never subject customers to threats, defamation, or extortion.

How old is FairMoney bank?

FairMoney, headquartered in Paris, was launched in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat. The platform introduced an Android app, revolutionizing access to microloans for individuals and professionals in Nigeria.

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