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Frequently asked questions
Cancel Moniepoint: The Right Way in Nigeria
How to cancel Moniepoint and recover your money in nigeria
Understanding Moniepoint and why you might want to cancel
Moniepoint is a Lagos-based fintech platform that enables Nigerian merchants, small business owners, and traders to process payments, manage POS terminals, and access working capital loans through a mobile app and web dashboard. The service has grown rapidly across Nigeria by offering straightforward payment processing with competitive rates.
You might decide to cancel for legitimate reasons: you have found a competitor offering lower fees, your business model has changed direction, you experienced persistent service disruptions, or you discovered unauthorized charges on your account. Whatever your reason, Yafee will guide you through the cancellation process with legal clarity and practical steps you can follow immediately.
What Moniepoint offers and why understanding it matters
Moniepoint provides merchant payment processing, POS hardware terminals, instant fund withdrawals, bank transfers, and unsecured business loans for eligible users. The platform charges transaction fees and subscription charges, with all pricing displayed in Nigerian Naira (NGN).
Understanding exactly which services you use helps you identify which will stop after cancellation, whether you need to export your transaction history, and whether any funds remain in your Moniepoint wallet or merchant account that you must withdraw before closure.
When to cancel Moniepoint
Cancel Moniepoint if you no longer require merchant payment services, if you are switching to a competitor with better rates or features, or if you are winding down your business entirely. You should also initiate cancellation immediately if Moniepoint has applied unauthorized charges, failed to process refunds you requested, or breached the terms of service you agreed to on sign-up.
The sooner you submit your cancellation request, the sooner Yafee's guidance helps you avoid additional billing cycles and ensure your account closes within the legal timeframe required under Nigerian consumer law.
Your consumer rights when cancelling in nigeria
Nigeria's Federal Competition and Consumer Protection Act (FCCPA) of 2019 establishes your rights as a consumer when you cancel financial services like Moniepoint.
Key protections under the federal competition and consumer protection act
The FCCPA mandates that Moniepoint operate with full transparency, honour the published terms and conditions you agreed to, and avoid unfair, deceptive, or misleading conduct. You have the right to receive accurate information about all fees, charges, and cancellation procedures before you sign up or subscribe to any service.
If Moniepoint charges you without your explicit, informed consent, continues to bill your account after you have submitted a valid cancellation request, or refuses to process your cancellation, you have grounds to lodge a formal complaint with the Federal Competition and Consumer Protection Commission (FCCPC). The FCCPC enforces consumer protection across Nigeria and can compel Moniepoint to reverse unauthorized charges or process your cancellation without further delay.
Your right to cancel subscriptions and recover unauthorized charges
Under the FCCPA, you have an absolute right to cancel any subscription or service at any time. Moniepoint cannot legally prevent you from closing your account, lock you into a subscription indefinitely, or charge you after you have notified them of cancellation.
If Moniepoint has charged you for services you did not authorize or failed to deliver promised features, you can request a chargeback through your bank or file a complaint with the FCCPC. Document every transaction, email, SMS, and in-app communication before you escalate; this evidence strengthens your case if the company disputes your claim.
Your legal position
You hold a strong legal position under Nigerian consumer law. The FCCPA protects you from unfair contract terms, locked-in subscriptions, and unauthorized billing. If Moniepoint refuses your cancellation request or continues charging after you have cancelled, contact the FCCPC at [email protected] or visit their office in Abuja. Yafee advises you to keep copies of all cancellation requests and responses; these documents prove you acted in good faith and strengthen any complaint you file.
Methods to cancel Moniepoint
Moniepoint offers multiple cancellation routes depending on whether you are closing your entire merchant account or cancelling a specific subscription or service.
Cancel via the Moniepoint web dashboard
The web dashboard is the most direct and traceable method to close your full merchant account and stop all Moniepoint services. This method creates a digital record of your cancellation request, which protects you if any dispute arises later.
Cancel via email to Moniepoint support
You can send a formal cancellation request to Moniepoint's support email address. This method works if the web dashboard does not display a cancellation option or if you prefer written correspondence for legal clarity.
Cancel via phone or in-person at Moniepoint offices
You can contact Moniepoint's customer service team by phone or visit their Lagos headquarters in person to request cancellation. This route allows you to ask questions in real time but leaves fewer written records, so Yafee recommends following up with an email confirmation of what you discussed.
How to cancel Moniepoint step by step
Follow this procedure carefully to ensure your cancellation is processed without delays or additional charges.
Step 1: verify your account balance and withdraw remaining funds
Before you submit your cancellation request, log in to your Moniepoint account and check your merchant account balance, wallet balance, and any pending transactions.
- Log in to your Moniepoint account at the official web dashboard using your email address and password.
- If you have forgotten your password, click "Forgot Password" and reset it via the email address linked to your account.
- Navigate to your Account Balance or Wallet section.
- Note the exact amount of NGN you hold in your account.
- If you see pending transactions or transfers, wait for them to complete before cancelling, or contact support to clarify when they will settle.
- Initiate a withdrawal of all funds to your linked bank account or mobile money wallet.
- Select your preferred withdrawal method (bank transfer or mobile money).
- Enter the amount you wish to withdraw (up to your full balance).
- Confirm the transaction and allow 24 to 48 hours for the funds to appear in your bank account.
Step 2: export or save your transaction history
Moniepoint holds records of every transaction, payment, and charge applied to your account. Before cancellation takes effect, download or export this history for your records and for any tax or accounting purposes.
- In your Moniepoint dashboard, locate the Reports, Statements, or Transaction History section.
- This is typically found under Settings or Account menu options.
- Select the date range you want to export (usually from account creation to today).
- Choose a file format such as PDF or CSV.
- Click "Export" or "Download".
- Save the file to your computer or cloud storage.
- Store it securely in case you need to reference it during a dispute or for regulatory purposes later.
Step 3: cancel your account via the web dashboard
Once you have withdrawn your funds and saved your history, navigate to your account settings to locate the cancellation or deactivation option.
- Log in to your Moniepoint account if you are not already logged in.
- Ensure you are using the official Moniepoint website (moniepoint.com or your registered app).
- Go to Settings, Account Management, or Account Preferences (location varies by app version).
- Look for options labeled "Close Account", "Deactivate Account", "Cancel Subscription", or "Delete Account".
- If you cannot find this option in the web dashboard, proceed to Step 4 and cancel via email.
- Click the cancellation option and follow the on-screen prompts.
- Moniepoint may ask you to confirm your reason for cancellation (feedback is optional but helps improve their service).
- You may be asked to confirm your email address or phone number for verification.
- Review the cancellation summary carefully.
- Confirm that it states "all services will be cancelled" or lists every service you use (POS processing, loans, wallet transfers, etc.).
- Look for any mention of a cancellation fee; under Nigerian consumer law, Moniepoint cannot charge you for cancelling a service.
- Submit your cancellation request.
- Moniepoint will display a confirmation message or send a confirmation email.
- Take a screenshot of the confirmation page and save the confirmation email.
Step 4: cancel via email if the dashboard option is unavailable
If the web dashboard does not offer a cancellation button or the process fails, send a formal cancellation email to Moniepoint's support team. Email leaves a clear written record and forces the company to respond in writing.
- Compose a cancellation email to [email protected] (or the support email listed on your account dashboard).
- Use a professional, clear subject line: "Account Cancellation Request - [Your Full Name] - [Your Account Email]".
- In the email body, include the following information:
- Your full name as it appears on your account.
- Your registered email address for the Moniepoint account.
- Your phone number linked to the account.
- Your Moniepoint Merchant ID or Account Number (if you have it).
- A clear statement: "I request immediate cancellation of my Moniepoint merchant account effective today. Please cancel all services including [list services: POS processing, instant withdrawals, loan access, subscriptions] and confirm cancellation in writing within 7 business days."
- Optionally, state your reason for cancellation (e.g., "switching to a competitor", "low transaction volume", "service disruptions") - this is voluntary but shows good faith.
- Send the email from the same email address registered with Moniepoint.
- Request a read receipt or delivery confirmation.
- Save a copy of the sent email and the subject line for reference.
- Wait for a confirmation email from Moniepoint support.
- Moniepoint should respond within 5 to 7 business days confirming your account has been cancelled.
- If you do not receive a response after 7 days, proceed to the "Escalate to the FCCPC" section below.
Step 5: cancel via phone or in-person at Moniepoint offices
If you prefer to speak with a representative directly, call Moniepoint customer service or visit their headquarters in Lagos. Always follow up with an email confirmation of your cancellation request.
- Call Moniepoint's customer support line using the phone number on your account or their website.
- Have your account details ready (email, phone, Merchant ID).
- Clearly state: "I want to cancel my Moniepoint account and stop all services effective immediately."
- Ask the representative to confirm your cancellation and provide a reference number or ticket ID.
- Ask for the name and title of the person you spoke with and the date and time of the call.
- Alternatively, visit Moniepoint's Lagos headquarters in person.
- Bring a valid photo ID (driver's license, passport, or national ID card).
- Ask to speak with a manager or customer service supervisor and request a cancellation form.
- Complete the form in the presence of a Moniepoint representative.
- Request a dated, signed copy of the cancellation form for your records.
- Send a follow-up email to [email protected] within 24 hours.
- Reference your phone call or in-person visit by date, time, and the name of the representative.
- Reiterate your cancellation request in writing to create a permanent record.
Understanding Moniepoint cancellation timelines and fees
Yafee advises you to know the expected timeline and whether Moniepoint charges a cancellation fee.
| Cancellation method | Processing time | Cancellation fee | Best for |
|---|---|---|---|
| Web dashboard | 1 to 3 business days | None (prohibited under FCCPA) | Fastest and most traceable; recommended |
| Email to support | 5 to 7 business days | None (prohibited under FCCPA) | Clear written record if dashboard unavailable |
| Phone call | 5 to 10 business days | None (prohibited under FCCPA) | Real-time clarification; requires follow-up email |
| In-person at headquarters | 1 to 3 business days | None (prohibited under FCCPA) | Immediate verification; requires visit to Lagos |
Why you should not expect a cancellation fee
Under the Federal Competition and Consumer Protection Act, Moniepoint is legally prohibited from charging you a fee to cancel your account or close a subscription. If Moniepoint presents a cancellation fee during the process, refuse to pay it and contact the FCCPC to file a complaint. Yafee recommends documenting this attempted charge in writing to strengthen your complaint.
What happens after your Moniepoint account cancels
Your cancellation triggers a sequence of events designed to protect your data and funds.
Account closure and service stoppage
Once Moniepoint processes your cancellation, your POS terminals will stop accepting transactions, your instant withdrawal feature will be disabled, and you will lose access to any business loans or credit facilities. Your account will transition to a closed or inactive status, meaning you cannot log in or access any services.
Fund recovery timeline
Any remaining balance in your Moniepoint wallet or merchant account must be withdrawn before cancellation takes effect. If you cancelled without withdrawing, contact Moniepoint support immediately and request that they process a final withdrawal to your linked bank account. Under Nigerian banking regulations, Moniepoint must return your funds within 10 business days of your cancellation request.
What to expect from Moniepoint after cancellation
Moniepoint should send you a final confirmation email stating your account is closed and no further charges will apply. You may also receive a final statement showing all transactions up to the cancellation date. If you do not receive any confirmation email within 10 business days, contact support again to confirm closure has been processed.
Ongoing security and data protection
After cancellation, Moniepoint retains your data for compliance and tax purposes as required by Nigerian law (usually 5 to 7 years). They cannot use this data to market to you or charge you further. If you wish to request deletion of your personal data beyond what they are legally required to keep, submit a formal data deletion request to their Data Protection Officer (typically listed in their privacy policy).
Recovering refunds and unauthorized charges
If Moniepoint charged you after you cancelled or if you discovered unauthorized charges before cancellation, you have two routes to recover your money under Nigerian consumer law.
Request a refund directly from Moniepoint
Contact Moniepoint support and request a full refund of any unauthorized or post-cancellation charges. State the dates, amounts, and transaction IDs. Moniepoint should respond within 5 to 7 business days. If they refuse or ignore your request, proceed to your bank or the FCCPC.
File a chargeback through your bank
Contact your bank and report the unauthorized charges as a dispute. Provide your bank with evidence: screenshots of your Moniepoint account, transaction records, and your cancellation confirmation email. Your bank will investigate and either reverse the charge or ask Moniepoint to prove the charge was authorized. This process typically takes 10 to 30 days.
Escalate to the FCCPC if Moniepoint refuses to refund
If Moniepoint declines your refund request or does not respond within 10 business days, lodge a formal complaint with the Federal Competition and Consumer Protection Commission. You can file online at www.fccpc.gov.ng or email [email protected]. Include your transaction records, cancellation confirmation, and all correspondence with Moniepoint. The FCCPC will investigate and can compel Moniepoint to refund unauthorized charges and pay you compensation for unfair trading practices.
Common mistakes to avoid when cancelling Moniepoint
Cancelling your merchant account is straightforward if you follow these steps, but a few pitfalls can delay your closure or leave you at risk of continued charges. Yafee has identified the most common errors, so you can sidestep them immediately.
Mistake 1: cancelling without withdrawing your balance first
If you cancel your account while funds remain in your Moniepoint wallet, you may struggle to access those funds after closure. Always withdraw your full balance to your bank account before you submit your cancellation request.
Mistake 2: using an unofficial cancellation method or contact email
Never reply to promotional emails from Moniepoint or use contact details from third-party websites claiming to represent Moniepoint. Always use the official support email ([email protected]) or phone number listed on your account dashboard or the Moniepoint website directly. Fake contact details expose you to phishing scams and leave no legitimate paper trail.
Mistake 3: cancelling via social media or customer reviews
Do not post cancellation requests on Moniepoint's social media pages or leave reviews asking them to cancel your account. These methods are not legally binding and do not create a formal record. Yafee emphasizes that official channels (dashboard, email, or phone) are always required for consumer protection.
Mistake 4: failing to document your cancellation request
Take screenshots of every step: your cancellation confirmation page, confirmation emails, phone call dates and times, and any in-person cancellation forms. If a dispute arises later, you need proof that you acted in good faith and submitted a valid cancellation request.
Mistake 5: ignoring continued charges after you cancel
If Moniepoint continues to charge you after your cancellation takes effect, report it immediately to your bank and the FCCPC. Do not wait or hope the charges stop on their own. The longer you delay, the harder it becomes to recover the full amount.
Moniepoint charges and cancellation cost breakdown
Understanding what you currently pay helps you confirm whether cancellation will actually save you money and clarifies what charges should stop after closure.
| Service or charge type | Typical cost (NGN) | Frequency | Stops after cancellation? |
|---|---|---|---|
| POS transaction fee | 0.5% to 1.5% of transaction | Per transaction | Yes, immediately |
| Merchant subscription or monthly fee | ₦500 to ₦5,000 | Monthly | Yes, within one billing cycle |
| Instant withdrawal fee | ₦25 to ₦100 per withdrawal | Per withdrawal | Yes, immediately |
| Bank transfer fee | ₦50 to ₦500 | Per transfer | Yes, immediately |
| Loan origination or service fee | 2% to 5% of loan amount | One-time or quarterly | Yes, unless a loan is active (discussed below) |
| Cancellation or closure fee | Zero (legally prohibited) | N/A | Moniepoint cannot charge this |
What happens to active Moniepoint loans during cancellation
If you have an outstanding business loan from Moniepoint, cancelling your merchant account does not cancel your loan obligation. You must continue to repay your loan according to the agreed schedule. Moniepoint will maintain a separate account for your loan repayment even after your merchant account closes. Contact Moniepoint's loans team before cancelling to confirm your repayment schedule and ensure your payments continue without disruption.
Escalate your complaint if Moniepoint refuses to cancel
If Moniepoint ignores your cancellation request, demands a fee, or continues charging you after closure, escalate your complaint to the Federal Competition and Consumer Protection Commission.
File a complaint with the FCCPC
The FCCPC is Nigeria's independent consumer protection authority and has the power to investigate Moniepoint, compel refunds, and impose fines for unfair trading practices.
- Gather all evidence: cancellation confirmation emails, screenshots, transaction records, and any communication showing you cancelled or Moniepoint refused.
- Organize these in date order to make your complaint clear and persuasive.
- Visit the FCCPC website at www.fccpc.gov.ng and use their online complaint form.
- Alternatively, email your complaint to [email protected] with the subject "Consumer Complaint Against Moniepoint: [Your Name]".
- In your complaint, describe:
- What happened (e.g., "I cancelled my account on [date] but Moniepoint continued charging me").
- How much money you lost or were charged unfairly.
- What action you want (e.g., "Full refund of ₦X and closure of my account").
- Attach copies of all evidence (not originals).
- The FCCPC will acknowledge your complaint within 5 business days and assign it an investigation case number.
- Keep this case number for your records.
- The FCCPC investigation typically takes 30 to 60 days.
- They will contact Moniepoint and ask them to respond to your complaint.
- You may be asked for additional information during the investigation.
- Once the investigation concludes, the FCCPC will notify you of the outcome and whether Moniepoint must refund you or take corrective action.
- The FCCPC can also fine Moniepoint if they find evidence of deliberate unfair conduct.
FCCPC contact information
Federal Competition and Consumer Protection Commission
Email: [email protected]
Website: www.fccpc.gov.ng
Address: FCCPC Headquarters, Abuja, Nigeria
Pre-cancellation checklist for Moniepoint
Use this checklist to ensure you complete every step before you submit your final cancellation request.
| Task | Status | Notes |
|---|---|---|
| Log in to your Moniepoint account and verify login credentials work | [ ] Done | If you cannot log in, reset your password first |
| Check your current account balance (merchant wallet and any sub-accounts) | [ ] Done | Write down the exact NGN amount |
| Withdraw all remaining funds to your linked bank account or mobile wallet | [ ] Done | Allow 24 to 48 hours for the transfer |
| Export and save your full transaction history in PDF or CSV format | [ ] Done | Store this securely for tax and legal purposes |
| Check if you have any active Moniepoint loans and confirm repayment terms remain unchanged | [ ] Done | Loan cancellation does not cancel loan repayment obligation |
| Submit your cancellation request via the web dashboard, email, or phone (choose one method) | [ ] Done | Take a screenshot or save confirmation email |
| Receive and save Moniepoint's cancellation confirmation email | [ ] Done | This is your proof of cancellation; keep it permanently |
| Verify that no further charges appear on your linked bank account or in your Moniepoint app within 10 business days | [ ] Done | If charges continue, escalate to the FCCPC immediately |
Yafee's final guidance on cancelling Moniepoint
Cancelling Moniepoint is your legal right under Nigeria's Federal Competition and Consumer Protection Act. You do not need Moniepoint's permission or payment of any fee. Moniepoint must process your cancellation promptly and stop all charges immediately upon your request.
Follow the step-by-step procedure in this guide: withdraw your funds, export your history, cancel via the web dashboard or email, and keep copies of your cancellation confirmation. If Moniepoint refuses, charges you, or ignores your request, file a complaint with the FCCPC. Yafee has helped thousands of consumers across Nigeria cancel fintech services, recover unauthorized charges, and protect their accounts from unfair practices.
Start your cancellation today using the method that suits you best, document every step, and rest assured that you have strong legal protection under Nigerian consumer law. If you encounter any obstacles, Yafee's guides and the FCCPC's enforcement team are your backstop.
Moniepoint headquarters address for cancellation correspondence
If you choose to send formal cancellation correspondence by post, address it to:
Moniepoint Limited
Lekki Phase 1
Lagos, Nigeria
Email: [email protected]
Send your letter by registered post or courier (e.g., DHL, FedEx) so you have proof of delivery. Include your full name, account email, phone number, and a clear statement requesting cancellation of your merchant account effective immediately. Keep the delivery receipt and a copy of your letter for your records. Yafee recommends also sending your cancellation request via email on the same day to ensure Moniepoint receives it through multiple channels and cannot claim ignorance.
Important warning
- Yafee cannot guarantee that the recipient will process your request.
- Yafee cannot guarantee the accuracy of content modified by the user.
- Yafee cannot prevent the recipient from disputing the legal scope.
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