FairMoney is a fintech lending platform in Nigeria that offers quick access to short-term loans through its mobile app. When signing up, you input your Bank Verification Number (BVN) for identification and verification.
However, you may later decide you want to delete your BVN from FairMoney for privacy or other reasons. Here, we’ll outline the steps to remove BVN from FairMoney fully.
Overview of FairMoney and BVN
First, let’s recap what FairMoney and BVN are:
- FairMoney – A fintech company founded in 2017 that provides quick, unsecured loans through its mobile app to Nigerian consumers.
- BVN – Bank Verification Number, the unique 11-digit ID issued by Nigerian banks for account holders. Required for opening bank accounts.
When you signup for FairMoney, you input your BVN for identity verification. But later you may want to delete it.
Reasons to Remove BVN from FairMoney
There are a few key reasons you may want to remove your BVN from the FairMoney system:
- Enhanced privacy – Deleting BVN prevents FairMoney from accessing your banking information and biometric data, giving you more control.
- Limited data exposure – Removing the link tightens security by restricting third-party access to your identity, lowering fraud risk.
- Apply for loans elsewhere – Taking BVN off FairMoney gives you a clean slate to apply at other lenders with no footprints.
- Peace of mind – You may simply feel better not having your banking identity tethered to a private lender without ongoing consent.
No matter the motivation, removing BVN from FairMoney is thankfully quick and straightforward.
Step-by-Step Guide to Removing BVN
Follow these key steps to delete your BVN from FairMoney:
Contact Customer Support
Get in touch with FairMoney’s customer experience team via in-app chat, email, or phone. Explain you want to remove your BVN data from their platform.
Submit Deletion Request
FairMoney will provide a data removal request form. Fill in your registered account details and confirmation to delete BVN. Sign and return the completed request.
Wait for Confirmation
The customer support team will process your request within 1-3 business days. Wait for email confirmation that your BVN has been successfully removed.
Try BVN Verification
In the FairMoney app, try a BVN-linked action like updating your profile. If you get an error, the deletion worked.
Additionally, contact your bank(s) and ask them to revoke FairMoney’s access privileges to your BVN data. This provides extra security.
By completing these steps correctly, you can fully delete your BVN from FairMoney’s systems and records.
Additional Steps to Enhance Security After Removing BVN
Removing your BVN from FairMoney is a great first step to increase privacy and security. However, there are a few additional measures you can take to further lock down your identity and account:
Change account password – After detaching your BVN, immediately change your FairMoney account password. Choose a strong, unique password to enhance security. Enable two-factor authentication as well.
Monitor credit reports – Keep an eye on your credit reports at least once quarterly. This allows you to check for any suspicious activity and catch potential fraud early.
Be alert to phishing – Criminals may send phishing emails or texts attempting to steal your personal information. Be extra vigilant about checking the sender before clicking links or attachments.
Update account info – Remove any default payment methods, auto-payments, and saved profile data from your FairMoney account. Only save essential updated information to limit exposure.
Check bank statements – Login and review your bank account statements regularly to check for any unusual transactions that could indicate potential fraud.
Limit account linkage – Avoid linking new accounts like wallets or lenders to the same device or phone number used for your FairMoney account. Compartmentalize services.
Practice good security hygiene – Use strong unique passwords, install anti-virus software, avoid public WiFi for banking, and implement other smart security habits.
Watch for contact attempts – Be wary of anyone contacting you claiming to be from FairMoney asking for personal information after you have deleted your BVN. Hang up and report them.
Consider identity monitoring – Sign up for an identity monitoring service that continually checks your personal data and credit history for any misuse. This adds an extra layer of protection.
Frequently Asked Questions
Here are answers to some common questions about removing BVN from FairMoney:
Does this close my FairMoney account entirely?
No, only the BVN linkage is severed. You can continue using the account and app without it.
How long does BVN removal take to process?
It should complete within 1-3 business days after FairMoney receives your deletion request.
Can I re-link my BVN to FairMoney later?
Yes, you can re-verify your BVN in the future by going through their identity check process again if desired.
Will removing BVN impact my loan eligibility?
Possibly, as BVN provides identity verification. But other options like salary bank statements may be used instead.
Is there any fee for detaching BVN from FairMoney?
No, FairMoney does not currently charge any fees for severing the link between your BVN and account.
Do I need to visit a bank branch for this process?
No, you can handle it entirely by contacting FairMoney’s customer support team directly. No bank visit needed.
In summary, removing your BVN from FairMoney is a quick and easy process. Reach out to their support team, submit a deletion request, confirm it is completed, and optionally inform your bank. This allows you to regain control over your banking identity and biometric data. Though a small amount of effort is required, enhanced privacy and security make it worthwhile.Sharing Is Caring: