Legal Document
Account Deletion Policy
Important notice before you proceed
Account deletion is permanent and irreversible. Once completed, you will permanently lose access to your transaction history, peer lending records, and virtual card details. PesaNet is required by US federal law to retain certain financial records for up to 7 years regardless of account status — these cannot be deleted upon request.
1. Prerequisites for Account Deletion
To protect both you and other users, the following conditions must be met before your account can be deleted:
- 1All peer loans you have borrowed must be fully repaid. Accounts with outstanding loan balances cannot be deleted.
- 2Your wallet balance must be $0.00. Withdraw or transfer any remaining funds before requesting deletion.
- 3All pending transactions must be settled. This typically takes 1–3 business days for ACH transfers.
- 4Any open disputes must be resolved or withdrawn.
- 5Active virtual cards are automatically cancelled upon account deletion. Ensure no recurring charges are linked.
- 6If you are a lender with active loan offers, offers must be closed before deletion. Outstanding accepted loans must run to completion.
2. Deletion Process
Account deletion is processed in five stages. The entire process is completed within 30 days of your verified request.
Settle Outstanding Obligations
Before deletion can proceed, you must: repay any outstanding peer loans, ensure your wallet balance is at $0.00 (withdraw or transfer remaining funds), and resolve any open disputes or pending transactions.
Submit Your Deletion Request
Navigate to Settings → Account → Delete Account in the PesaNet app, or submit a written request to privacy@pesanet.app with your registered email address and a copy of your government-issued ID for identity verification.
Identity Verification
We verify your identity before processing any deletion request to prevent unauthorised account closure. Verification is completed within 2 business days of receiving your request.
Account Closure
Your account is closed immediately upon verification. You will receive a confirmation email. You will no longer be able to log in, send or receive money, or access your transaction history through the app.
Data Purge
Within 30 days of account closure, we delete or anonymise all personal data not subject to mandatory legal retention obligations (see Section 3 below). You will receive a final confirmation when the purge is complete.
3. What Gets Deleted
Within 30 days of account closure, the following data is permanently deleted or irreversibly anonymised:
- Profile information (name, email address, phone number, profile photo)
- Residential address and personal contact details
- Payment methods (bank accounts unlinked via Plaid; card tokens deleted from Stripe)
- Device registrations and trusted device fingerprints
- App preferences, notification settings, and personalisation data
- Marketing consent records and communication preferences
- Peer network connections (Trusted Peer Network memberships)
- Unsubmitted drafts and app session data
- Push notification tokens and device identifiers used for messaging
4. Data We Are Required to Retain
As a federally registered Money Services Business, PesaNet is subject to mandatory record-keeping obligations under the Bank Secrecy Act, FinCEN regulations, and applicable state law. These requirements exist irrespective of any account deletion or data erasure request and take precedence over privacy rights to erasure under GDPR and CCPA.
| Data Category | Retention Period |
|---|---|
Transaction Records Date, amount, sender, recipient, transaction ID, and status for every transaction processed through your wallet. | 5 years from transaction date |
KYC / Identity Documents Name, date of birth, address, TIN, government ID document copies, biometric match results, and verification timestamps. | 5 years after account closure |
Suspicious Activity Reports (SARs) SAR narrative, supporting transaction data, and investigative notes. We cannot disclose whether a SAR was filed about you. | 5 years from filing date |
Currency Transaction Reports (CTRs) Cash transaction details for single-day transactions exceeding $10,000. | 5 years from filing date |
Peer Lending Records Loan offer terms, application details, disbursement records, repayment schedule, and final settlement records. | 5 years from loan closure date |
Virtual Card Transactions Card transaction records including merchant name, amount, date, and authorisation codes. Raw PAN/CVV are never stored. | 5 years from transaction date |
Dispute & Chargeback Records Dispute submissions, investigation notes, evidence, and resolution outcomes. | 5 years from dispute resolution |
OFAC Screening Records Screening results, match/non-match determinations, and any escalation records. | 5 years |
Tax Records Form 1099 filings, income records, and any tax withholding documentation applicable to your account activity. | 7 years |
Security & Audit Logs Login events, device fingerprints, IP addresses, failed authentication attempts, and administrative access logs associated with your account. | 2 years |
All retained records are stored with the same security controls as active account data — AES-256 encryption at rest, TLS 1.3 in transit, and strict role-based access controls. Access is limited to compliance staff and authorised law enforcement requests only.
5. When Deletion May Be Delayed or Refused
PesaNet may delay or decline an account deletion request in the following circumstances:
Active legal hold
If your account is subject to a court order, regulatory freeze, or active law enforcement investigation, deletion will be suspended until the legal matter is resolved.
Outstanding financial obligations
Unpaid loans, negative wallet balances, or unresolved chargebacks must be settled before deletion proceeds.
Fraud investigation
If your account is under active fraud investigation, deletion will be deferred until the investigation is closed.
Regulatory examination
During a regulatory examination or audit, PesaNet may be required to preserve all records relating to examined accounts.
Identity verification failure
If we cannot verify your identity, we will not process the deletion request to protect your account from unauthorised closure.
6. Re-registration After Deletion
After your account is deleted, you may re-register for PesaNet using the same or a different email address after a 90-day cooling-off period. Your new account will have no connection to your previous account. You will need to complete the full KYC verification process again. Your previous transaction history, peer lending record, and Trusted Peer Network will not be accessible in the new account.
Re-registration is not permitted for accounts that were terminated by PesaNet for violations of our Terms of Service or Acceptable Use Policy, or for accounts associated with fraud, money laundering, or sanctions violations.
Request Account Deletion
To submit a deletion request or ask questions about this policy, contact our Privacy Team. Please include your registered email address and a copy of your government-issued ID.