Welcome, in this blog we’ll discuss on How to Delete, Close or Deactivate My Moniepoint Account.
Moniepoint is a leading digital lending platform in Nigeria that provides access to short term personal and business loans. As a financial services platform, closing or deactivating your Moniepoint account requires following certain steps.
This guide covers the process to delete, close or temporarily deactivate your Moniepoint account.
It discusses recovering leftover funds, alternative options, and answers common account closure related questions regarding Moniepoint.
About Moniepoint
Moniepoint is a digital lending platform owned by R.J. Michaels Africa Plc. It commenced operations in Nigeria in 2018 and obtained a microfinance banking license in 2021.
Moniepoint offers personal loans from 5,000 to 500,000 Naira to individuals along with business loans via its quick online application process.
As of 2022, Moniepoint had served over 300,000 customers with over 30 billion Naira in loan disbursals. The company is backed by pan-African private equity firm, Investment One Financial Services.
Reasons for Closing Moniepoint Account
Here are some common reasons you may want to delete or deactivate your Moniepoint account:
- No longer need loan services offered
- Dissatisfied with services or loan terms
- Concerns over data privacy and account security
- Account lying inactive and dormant
- Shared account no longer being accessed
- Want a break from using platform temporarily
Account Deletion Process
Follow below steps to delete your Moniepoint account permanently:
- Login to your Moniepoint app and go to Account Settings
- Under Security, select the Option to Delete Account
- A confirmation prompt will appear to review account deletion implications
- Check all active/closed loans are fully settled
- Enter login password when prompted to confirm action
- Your Moniepoint account will be deactivated and closed permanently
- Take backup of transaction statements for records
Settling Outstanding Loans
Before deleting Moniepoint account, ensure clearance of dues:
- Repay any active loan Outstanding principal + interest
- Clear any late repayment fees or penalties
- Take NOC certificate from Moniepoint confirming account closure
Email Moniepoint Support for assistance if unable to repay dues before account deletion.
Deactivating Moniepoint Account
As an alternative to account deletion, you can temporarily deactivate your Moniepoint account by:
- Go to Account Settings within Moniepoint app
- Choose option to Deactivate Account
- Enter your login password to authenticate action
- Your account will be deactivated within 24 hours
- Reactivate anytime by simply logging in using your credentials
Alternatives to Closing Account
Consider these alternatives before permanent Moniepoint account deletion:
- Disable promotional alerts and notifications
- Stop fresh loans but retain account for records
- Maintain dormant account just in case needed in future
- Reactivate anytime as per convenience
Impact of Closing Moniepoint Account
Closing your Moniepoint account can have some consequences you should be aware of:
- You lose access to loan services, any offered benefits, rewards programs etc.
- Account closure may negatively impact your credit rating and loan eligibility elsewhere
- You cannot re-access any past statements or data after account deletion
- Loan repayment history remains on your credit bureau profile for 3 years
Consider these factors before deciding to permanently close your Moniepoint account.
FAQs on How to Delete, Close or Deactivate My Moniepoint Account
Here are some of the answers to how to Delete, Close or Deactivate My Moniepoint Account.
Can I delete my Moniepoint account permanently?
Yes, there is an option to permanently delete and close your Moniepoint account.
What happens to my loan if I delete my account?
Any active loan must be fully repaid before being allowed to delete your Moniepoint account.
Will my credit score be impacted if I close account?
Yes, closing lending accounts adversely impacts your overall credit profile and score.
Can I recover documents uploaded after account closure?
No, all submitted documents are destroyed immediately after voluntary account closure.
Is there a waiting period before Moniepoint account closure?
No, your account gets instantly deactivated upon confirmation. However, closure process takes few days.
Can I re-register with Moniepoint after deleting my account?
Yes, you can signup again with Moniepoint in future using your same details by going through the full process.
Will my closed account still show in credit bureau?
Yes, your repayment history on closed Moniepoint loan will continue to reflect in your credit profile.
What data of mine does Moniepoint store after closure?
Only key identifiers, credit data and evaluations may be retained post account closure as per regulatory requirements.
How can I download past statements after closing account?
Ensure you save e-copies of all past statements before initiating the account closure process.
What is the minimum loan repayment period?
Moniepoint offers loans for a minimum tenure of 2 months which can extend up to 12 months.
I have a pending loan application, now what?
Inform Moniepoint to cancel the loan application and then go ahead to close your account.
My loan is tagged as ‘write-off’, can I still close account?
Yes, but after repaying applicable recovery charges. Get an NOC from Moniepoint before account closure.
Can I get back shares and stakes invested in Moniepoint?
You will have to forfeit or transfer any monetary stakes or equity investments made in Moniepoint before closure.
What support channels are available for assistance?
Raise a complaint via in-app support chat or call the Moniepoint helpline. You can also email them.
Are inactive Moniepoint accounts automatically deactivated?
No, accounts are not automatically deactivated despite inactivity. You have to explicitly initiate deactivation.
Can I transfer funds from closed Moniepoint account?
No balances remain after loan closure so no funds transfer is possible. Surplus amounts, if any, are paid out.
What verification is needed to deactivate account?
Your registered mobile number and account password is required to authenticate Moniepoint account deactivation.
Is there any fee levied for account deactivation?
No, Moniepoint does not charge any fee when you choose to deactivate or delete your account.
Can I get back my account deletion request?
Once you confirm account deletion request, it cannot be reversed. The process will take effect immediately.
What happens to my credit score after closure?
Your credit record will continue to reflect closed loan for 3 years. Ensure you repay fully before closure.
Going forward, having fewer active lending accounts could impact your overall credit score.
Who can I contact for account closure assistance?
Get in touch with the Moniepoint support team via in-app chat, email or call their helpline for any account deactivation assistance.
If you face any issues in accessing support channels, send an email request to close the account providing your registered credentials and transaction statements as proof.
Conclusion
Deleting your Moniepoint account permanently requires closing any open loans and fulfilling obligations. Alternatively, use the deactivate option for temporary deactivation.
Ensure you settle all financial liabilities, withdraw funds and take back up of statements before initiating account closure.
After reading this post you know How to Delete, Close or Deactivate My Moniepoint Account. Read on how to loan on Moniepoint
