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Cancel Moniepoint: The Right Way
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 helps Nigerian merchants and small business owners process payments, manage POS terminals, and access working capital loans. The service operates through a mobile app and web dashboard, making it convenient for traders and entrepreneurs across Nigeria.
You might be considering cancellation for several legitimate reasons: you've found a competitor with better rates, your business model has changed, or you've experienced service issues. Whatever your reason, Stopee is here to guide you through the process with clarity and confidence.
What moniepoint offers
Moniepoint provides merchant payment processing, POS hardware terminals, instant withdrawals, bank transfers, and unsecured business loans for eligible users. The platform charges fees for transactions and subscription services, with all pricing published in Nigerian Naira (NGN).
Understanding what you're cancelling helps you know exactly which services will stop and whether you need to move your funds or data elsewhere before closing your account.
When cancellation makes sense
Cancel Moniepoint if you no longer need merchant services, if you're switching to a competitor with lower fees, or if you're winding down your business operations. You should also cancel if you've discovered unauthorized charges or if Moniepoint has failed to honour its service terms.
Stopee recommends cancelling as soon as you've made this decision, because every day you delay risks another billing cycle or subscription charge hitting your account.
Your consumer rights when cancelling in nigeria
Nigeria's Federal Competition and Consumer Protection Act (FCCPA) of 2019 protects you as a consumer and gives you specific rights when dealing with fintech services like Moniepoint.
Key protections under the FCCPA
The FCCPA requires that Moniepoint operate transparently, honour their published terms and conditions, and not engage in unfair or deceptive practices. You have the right to accurate information about fees, charges, and cancellation procedures before you sign up.
If Moniepoint charges you without your clear consent, continues billing after you've cancelled, or refuses to process a legitimate cancellation request, you have grounds to escalate your complaint to the Federal Competition and Consumer Protection Commission (FCCPC). This is your backstop if the company does not respond fairly.
Your right to fair treatment and refunds
The FCCPA gives you the right to cancel subscriptions and have unauthorized or fraudulent charges reversed. Moniepoint cannot legally prevent you from closing your account or keeping you locked into a subscription indefinitely.
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 escalate to the FCCPC for investigation. Document all charges and communications before you make a complaint.
How to cancel moniepoint step by step
Moniepoint offers several cancellation routes depending on whether you're closing your merchant account entirely or just cancelling a subscription service.
Cancel your moniepoint account via the web dashboard
The web dashboard is the most direct route if you want to close your full merchant account and stop all Moniepoint services. Follow these steps carefully to avoid delays.
- Log in to your Moniepoint account at the official dashboard using your email and password.
- If you've forgotten your password, use the "Forgot Password" link and reset it via your registered email address.
- Navigate to Settings (usually found in the top right or main menu).
- Look for an option labelled "Account Settings", "Profile Settings", or simply "Settings".
- Locate and click the "Close Account" or "Deactivate Account" button.
- Some versions may label this as "Account Closure" or "Delete Account" - all refer to the same function.
- Select the specific account you wish to close (if you operate multiple accounts).
- Moniepoint allows merchants to manage several merchant accounts from one dashboard; choose only the account you want cancelled.
- Provide a reason for your cancellation in the text field.
- Stopee advises you to be honest and specific - for example, "Switching to competitor" or "No longer trading" - because Moniepoint may use this feedback to improve their service.
- Complete face verification when prompted.
- You will be asked to take a selfie or video to confirm your identity; ensure you are in good lighting and your face is clearly visible.
- Enter your transaction PIN (the 4-digit code you use for everyday transactions).
- Warning: Do not share your PIN with anyone, even Moniepoint staff. Moniepoint will only ask you to enter it yourself on their official platform.
- Review the closure summary and submit your cancellation request.
- Read all text carefully to confirm you understand what will happen to your account and funds.
- Wait for Moniepoint to process your request.
- Account closure typically takes 2-5 business days; Stopee recommends checking your email for a confirmation message from the official Moniepoint support address.
Cancel moniepoint subscriptions on your mobile app
If you only want to cancel a subscription (such as a premium features subscription or loan repayment plan) rather than close your entire account, use the mobile app.
- Open the Moniepoint app on your phone and tap the Account or Profile icon (usually at the bottom right).
- Scroll down and select "Manage Subscriptions" or "Active Subscriptions".
- This shows all active recurring charges linked to your account.
- Tap on the subscription you wish to cancel.
- The app will display the subscription name, amount, and billing frequency (e.g., monthly).
- Tap "Cancel Subscription" and confirm your choice.
- Some subscriptions may ask you to provide a reason; this is optional but Stopee recommends providing feedback so the company can improve.
- Check your email for a cancellation confirmation within a few minutes.
- If you do not receive a confirmation email within 24 hours, return to the app and verify the subscription is no longer listed.
Cancel a subscription billed through google play or apple app store
If your Moniepoint subscription was originally purchased through the Google Play Store or Apple App Store, you must cancel it through the store itself, not through Moniepoint.
- Open Google Play Store or Apple App Store on your phone.
- Navigate to your Account or Subscriptions section.
- On Google Play: tap your profile icon, then "Payments and subscriptions", then "Subscriptions".
- On Apple App Store: tap your profile icon, then "Subscriptions".
- Find the Moniepoint subscription in your active subscriptions list.
- Tap "Cancel Subscription" and follow the store's confirmation prompts.
- Pro tip: The store will often show you the date your subscription will end and offer a brief survey asking why you're cancelling - answer honestly to help Moniepoint improve.
- You will receive a cancellation receipt from the store.
- Keep this receipt as proof for your records.
What happens to your account after cancellation
Understanding the post-cancellation timeline and consequences helps you prepare and avoid surprises.
Immediate effects on your access and services
Once you submit a cancellation request, Moniepoint begins processing your closure. Your access to the dashboard and app will be restricted within 24-48 hours, and you will no longer be able to initiate new transactions, request loans, or manage POS terminals.
For subscriptions cancelled through the app, access typically ends immediately or at the end of your current billing cycle - check your cancellation confirmation email to confirm the exact date.
What happens to your funds and account data
Any balance remaining in your Moniepoint account must be transferred to your linked bank account before closure is complete. Warning: If your account is flagged as Post-No-Debit (PND) and your balance exceeds ₦500, you cannot close the account until you transfer those funds out.
Moniepoint may retain your account data and transaction history for regulatory compliance and fraud prevention, typically for 6-7 years after closure. You cannot request permanent deletion of this data under current Nigerian law.
Timeline for full closure
Complete account closure usually takes 2-5 business days from submission. You will receive an email confirmation when the process is done. If you do not hear back within 7 business days, contact Moniepoint support immediately using the official contact address below.
Will you receive a refund after cancellation?
Refund eligibility depends on why you're cancelling and what you're claiming a refund for.
Charges made before cancellation
Moniepoint does not automatically refund subscription charges or transaction fees that you incurred before cancelling your account. You are responsible for cancelling before the next billing date if you want to avoid additional charges.
However, if you paid for a monthly subscription and cancelled partway through the month, some fintech providers offer pro-rata refunds for unused days. Stopee recommends checking Moniepoint's subscription terms or contacting support to ask whether a partial refund is available.
Refunds for fraud or service failures
Moniepoint may issue a refund or chargeback if you can prove the following.
- An unauthorized charge was made to your account without your consent.
- Provide screenshots or email confirmations showing you did not authorize the transaction.
- Moniepoint continued charging you after you cancelled your subscription.
- Show evidence of your cancellation request and the unwanted charges that followed.
- A promised service feature was not delivered or is not working as described.
- Document the specific feature, when you paid for it, and how it is failing.
- A merchant violated their terms and conditions in handling your transaction.
- Provide proof of the violation and any communication you have from Moniepoint about it.
How to request a refund or dispute a charge
Contact Moniepoint support directly with your evidence. If they refuse or do not respond within 10 business days, escalate to your bank (which processed the payment) and request a chargeback. Your bank may reverse the charge while they investigate Moniepoint's response.
If the bank also refuses or if the amount is too small to pursue through your bank, file a complaint with the Federal Competition and Consumer Protection Commission (FCCPC) at www.fccpc.gov.ng. Stopee advises documenting everything in writing and keeping copies of all correspondence.
Common mistakes when cancelling moniepoint
Cancelling a fintech service can feel stressful, and it's easy to miss important steps that cost you money or leave you half-cancelled.
Delaying the transfer of your remaining balance
Many users assume Moniepoint will automatically refund their balance after closure, only to discover weeks later that their money is still stuck. Transfer any remaining funds to your personal bank account immediately - do not wait until you've submitted your cancellation request.
Stopee recommends withdrawing your entire balance to a linked bank account at least 24 hours before you initiate account closure. This prevents the PND block and ensures your money is safe.
Cancelling the subscription but not the account
Cancelling a single subscription does not close your Moniepoint account or stop all charges. If you want to end your relationship with Moniepoint entirely, you must explicitly close the account via the "Close Account" button in Settings, not just cancel one subscription.
Many users accidentally leave their accounts open and continue being charged for other services. Check your cancellation confirmation email - it should state whether your subscription or your entire account was cancelled.
Forgetting to cancel subscriptions billed through app stores
If you originally subscribed to Moniepoint through Google Play or Apple App Store, cancelling within the Moniepoint app may not stop the store's recurring charges. You must cancel through the store directly.
Stopee recommends checking both Google Play and Apple App Store subscription lists even if you've already cancelled in the Moniepoint app, just to be certain.
Not documenting your cancellation request
If Moniepoint continues charging you after you've cancelled, you will need proof that you requested closure. Screenshot your cancellation confirmation email and save any reference numbers or ticket IDs provided by support.
Without documentation, disputing unwanted charges becomes much harder and takes longer.
Pricing and fees you should know about
Understanding what Moniepoint charges helps you decide whether cancellation is worth it and what fees you might owe during the closure process.
| Service | Fee | Notes |
|---|---|---|
| Card transactions (Visa/Mastercard) | 1.5% - 2% | Percentage of transaction value |
| Bank transfers (withdrawals) | ₦50 - ₦100 | Per transaction |
| POS terminal rental (monthly) | ₦2,000 - ₦5,000 | Charged if you rent hardware |
| Premium subscription (if active) | ₦500 - ₦2,000/month | Cancel immediately to stop recurring charges |
| Account closure fee | None | No charge to close your account |
| Chargeback or reversal (if disputed) | ₦500 - ₦1,000 | Moniepoint may charge if dispute is ruled against you |
All fees are charged in Nigerian Naira (NGN). Some older or third-party summaries show approximate euro equivalents, but only the NGN amount is official.
Checking your cancellation status and getting help
After you've submitted your cancellation request, you'll need to verify that Moniepoint actually processed it and that charges have stopped.
How to confirm your account is closed
Check your email for a closure confirmation from Moniepoint within 5 business days. Log into your account after 48 hours - if closure is in progress, you should see a message stating "Account Closure Pending" or similar.
Once the account is fully closed, you will be unable to log in at all (attempting to log in will show an error or message that the account is inactive).
If moniepoint won't close your account
Contact Moniepoint support through the official channels below. Be polite but firm, reference your cancellation request date, and ask for a closure timeline in writing.
Moniepoint official support contacts:
- Email: support@moniepoint.com
- Support portal: support.moniepoint.com
- In-app support: Chat tab in the Moniepoint app
- Head office: Lagos, Nigeria (contact Moniepoint's official website for current address)
If Moniepoint does not respond within 10 business days or refuses to close your account without valid reason, file a complaint with the Federal Competition and Consumer Protection Commission (FCCPC) at www.fccpc.gov.ng. Include copies of your cancellation request, all support communications, and any unauthorized charges that occurred after you requested closure.
Escalation pathways if support fails
Stopee recommends following this escalation sequence.
- Email Moniepoint support with your request and all evidence.
- Allow 10 business days for a response.
- If no response, contact your bank and request a chargeback for unauthorized charges that occurred after your cancellation date.
- Provide your bank with proof of your cancellation request.
- File a formal complaint with the Federal Competition and Consumer Protection Commission (FCCPC).
- Visit www.fccpc.gov.ng and submit your complaint through their online portal or contact their office in Abuja.
- If the dispute involves a large sum (₦100,000 or more), consider consulting a consumer lawyer in Lagos or Abuja.
- Many offer free initial consultations.
Before you go: your cancellation checklist
Use this checklist to ensure you have completed every step and avoided common pitfalls.
| Step | Completed? | Notes |
|---|---|---|
| Reviewed Moniepoint terms and cancellation policy | ☐ | Ensures you understand closure procedures and fees |
| Transferred all remaining balance to bank account | ☐ | Must be done before closure if balance > ₦500 |
| Cancelled all active subscriptions (app and stores) | ☐ | Check Google Play, Apple App Store, and Moniepoint app |
| Submitted account closure request via dashboard or support | ☐ | Keep your cancellation confirmation email |
| Verified account closure after 5 business days | ☐ | Log in to confirm you cannot access the account |
| Confirmed no further charges appear on your bank statement | ☐ | Monitor for 30 days to be absolutely certain |
Moving forward: finding an alternative or accepting cancellation
Once Moniepoint is closed, you may want to transfer your merchant services to a competitor or simply retire from e-payment operations.
Alternative payment processors in nigeria
If you're switching providers rather than exiting payments entirely, consider these alternatives: Paystack (owned by Stripe), Flutterwave, Interswitch, and Opay. Each has different fee structures and feature sets, so compare before signing up with a new platform.
Stopee recommends reading cancellation policies for any new provider you choose, so you understand how to exit if needed.
What to do if you change your mind
If you submitted a cancellation request but want to reactivate before the account is fully closed, contact Moniepoint support immediately - some accounts can be recovered within 24-48 hours if you act quickly. After full closure, you will need to reapply as a new user.
Summary: taking control of your payments
Cancelling Moniepoint is straightforward if you follow the correct steps, avoid common mistakes, and document everything. Whether you're moving to a competitor or stepping back from merchant services, Stopee has shown you the clearest path forward.
The key is acting decisively: transfer your funds, cancel your subscriptions, close your account, and verify the closure. If Moniepoint drags their feet or charges you after cancellation, you have legal backing through the Federal Competition and Consumer Protection Act (FCCPA) and the Federal Competition and Consumer Protection Commission (FCCPC).
Stopee has helped thousands of consumers cancel unwanted services and recover their money. You now have the knowledge and authority to do the same with Moniepoint. Take action today, stay organized, and follow up relentlessly until your account is completely closed and charge-free.
For more support with cancellations, billing disputes, and consumer rights across Nigerian fintech services, visit Stopee at stopee.com - your guide to cancelling anything.