How to Close, Delete or Deactivate your Renmoney Account Easily

Closing or deactivating your Renmoney account is a simple procedure that requires reaching out to Renmoney’s customer service. This guide provides a comprehensive overview based on the given information. Renmoney, a financial lending app in Nigeria, facilitates easy closure, deletion, or deactivation of accounts. This article delves into the streamlined steps for users to seamlessly navigate the process.

How to Close, Delete or Deactivate your Renmoney Account Easily

Closing, deleting, or deactivating your Renmoney account is a straightforward process that involves a few essential steps. To initiate the closure process, the first step is to open your email and compose a message to Renmoney’s customer service at [email protected]. In the email subject, clearly articulate your intention, such as “Request To Delete Renmoney Account.”

  • Moving on to the body of the email, include crucial details like your full name, registered email address, and reasons for account closure. It’s vital to be clear and concise in expressing your desire to delete the account.
  • After composing the email, click on the send button and patiently await a response from Renmoney. They will provide detailed instructions on how to proceed with the account closure.
  • Upon receiving Renmoney’s response, carefully follow the outlined instructions. If applicable, they may guide you on using the Renmoney app for a more streamlined account closure process.
  • In case there is a delay in the closure or you encounter any issues, it is advisable to follow up with Renmoney’s customer care. Utilize available options such as phone calls or other customer support channels to address any concerns or facilitate a smooth account closure.

By diligently following these steps, users can navigate the account closure process with Renmoney easily and efficiently.

Implications of Closing Your Renmoney Account

Closing your Renmoney account comes with certain implications:

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  • Loss of Loan Access: Closing your Renmoney account means you lose eligibility for accessing the loans they offer, often characterized by favorable interest rates.
  • Exclusion from Special Offers: The closure results in being excluded from Renmoney’s special offers, including extended repayment periods and attractive interest rates, which are periodically extended to customers.
  • Challenges in Reactivation: If you choose to reactivate your account in the future, you may encounter challenges and have to follow specific procedures outlined by Renmoney. Reactivation is not always a seamless or immediate process.

Common Reasons Users Close Renmoney Accounts

Numerous factors contribute to users deciding to close their Renmoney accounts, reflecting a diverse range of financial circumstances and experiences. Achieving financial stability stands out as a pivotal reason, prompting users to close their accounts when they no longer require additional loans. Additionally, successful loan repayment serves as a common catalyst for account closure, marking a positive financial milestone.

Unsatisfactory experiences with Renmoney’s services, whether stemming from application challenges or unsatisfactory customer support, can significantly influence users’ decisions to close their accounts. This dissatisfaction may lead individuals to explore alternative financial avenues.

Another prevalent motive is personal financial management, with some users opting to streamline their financial accounts, consolidating activities and choosing a singular financial institution. This strategic move aligns with a desire for a more centralized and efficient financial management approach.

Changing financial needs and priorities over time also play a crucial role in account closures. Users may find that their requirements align better with other financial institutions, prompting a shift away from Renmoney. Additionally, financial constraints can force users to close their accounts, especially if they encounter difficulties in meeting loan repayment obligations.


What happens if I don’t pay my Renmoney loan?

Continuous defaulting on your Renmoney loan will negatively impact your credit rating with credit bureau agencies, making it difficult to access loans from other financial institutions.

How can I unblock my Renmoney account?

To unblock your Renmoney account, send an email to [email protected] or call 0700 5000 500. Provide the necessary information, and your account will be unblocked upon verification.

Is Renmoney a legit loan app?

Renmoney is a reputable loan financing app in Nigeria, known for offering loans up to ₦6,000,000 for up to 730 days. Their legitimate status is affirmed by their loan requirements, including a bank statement, government ID, and utility bill.

How do I remove my information from the loan app?

To remove your information from a loan app, go to your phone settings, click on app permissions, locate the specific loan app, and revoke all granted permissions. This action ensures the app no longer has access to your phone data.

How can I contact Renmoney customer care?

Contact Renmoney customer care by sending an email to [email protected] or calling 0700 5000 500. Applying for a loan or seeking assistance is also possible by clicking on their website or calling the provided phone number.

How long is the Renmoney loan for?

Renmoney provides flexibility in loan duration, allowing borrowers to choose terms that suit their financial needs. Borrowers can opt for a duration ranging from 3 to 12 months, with the possibility of negotiating for extended periods of 18 or 24 months on subsequent loans.

Who is the owner of Renmoney?

Renmoney was founded in 2012 by Stephen Jennings, who serves as the Founder and Chairman. Additionally, Mr. Gbenga Oyebode MFR, an investor, philanthropist, and the Founder of Aluko & Oyebode, is associated with Renmoney.

How old is Renmoney?

Renmoney, established in 2012, operates with a microfinance banking license in Nigeria. The company combines traditional and alternative data sources, utilizing technology to provide convenient credit, savings, deposit, and banking solutions to its users.

How do I get my money from Renmoney?

To access funds from Renmoney, you need to apply for a loan by providing personal and financial details such as your name, address, and bank statement. Renmoney typically does not require collateral for loans, making the application process straightforward. Some lenders may offer loan calculators to estimate borrowing capacity.

Can I save money on Renmoney?

Yes, Renmoney provides the option to save towards various goals, such as holidays, a dream car, or rent, starting with as little as ₦1,000. This allows users to earn more on their savings while working towards specific financial objectives.

How much interest does Renmoney charge?

Renmoney’s loan tenure ranges from 3 to 24 months, with the interest rate dependent on the chosen repayment period and borrowed amount. The Annual Percentage Rate (APR) varies from 32% to 132.02%, and there are no additional fees applicable to the loans.

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