Please read these terms and conditions carefully.

Last Revised on : January 25th, 2024.

Introduction

At LOOMO, we understand that sometimes you may need to close your account. To ensure a smooth and transparent process, we’ve outlined our Account Termination Policy. This policy is designed to protect your investments and ensure all necessary steps are completed before your account is fully terminated.

Termination Process

1. Initiation:To begin the account termination process, please navigate to the settings page in the LOOMO app and click on the ‘Terminate Account’ button. This will redirect you to our account termination page.
2. Verification:For security purposes, you are required to enter your name and email address. This is a crucial step to validate your identity through email OTP and to confirm that you are the one requesting the account termination.
3. AutoInvests Cancellation: All ongoing AutoInvest plans will be immediately stopped. Please be aware that penalties may apply for halting these investments as per our terms and conditions.
4. Rewards Program Withdrawal:You will be automatically removed from our Rewards Program. Any accumulated reward earnings above $5 will be transferred to your wallet.
5. Liquidation of Stocks:You can request for your stocks to be transferred to another broker. If you do not, all your stocks will be sold, and the resulting funds will be added to your wallet. This is an essential step to ensure that all your investments are accounted for before account closure.
6. Withdrawal of Funds:You are required to withdraw all money from your wallet. Our team will assist you through this process to ensure a smooth transaction.
7. Account Deactivation: Once all the above steps are completed, your account will be deactivated. During this phase, you will still be able to log in using your email and password, but access will be limited to the homepage with an option to cancel the termination process.
8. Final Termination: If the account is not reactivated within 30 days, it will be permanently terminated. All records associated with your account will be removed from our systems, in compliance with our privacy policy and regulatory requirements.

Exclusions

Please note, we cannot remove your records from certain external systems, including:

• Balance sheets
• Past trade records
• KYC (Know Your Customer) partner records
• Stock API partner records

LOOMO Disclosures  

• Ownership: LOOMO.africa and LOOMO.finance are properties of LOOMO Inc, registered in Delaware, USA, and operated by LOOMO Systems Nigeria Limited in Nigeria.
• Partnerships: LOOMO is a technology platform, not a broker-dealer or investment adviser. We’ve partnered with Trove Technologies Limited for regulatory coverage.
• Securities Trading: US-traded securities are offered via Trove Technologies by DriveWealth LLC, a FINRA member and SIPC member.
• Subsidiaries: LOOMO Systems Nigeria is a subsidiary of LOOMO, Inc. Both Trove Technologies and DriveWealth LLC are unaffiliated with LOOMO entities.
• Risk Disclosure: Investing involves risk. LOOMO provides informational content and does not recommend specific securities. Individual decisions should be made independently or with independent advice.
• Cryptocurrency Policy: LOOMO does not provide direct cryptocurrency investments. Exposure is via stocks and ETFs. Cryptocurrency investments are speculative and volatile.

Conclusion

By requesting account termination, you acknowledge and agree to the terms outlined in this policy. LOOMO is committed to ensuring a secure and efficient process for all parties involved. If you have any questions or need assistance, please contact our support team.

Thank you for being a part of the LOOMO community. We wish you success in your future financial endeavors.

CONTACT

If you have any questions about these terms, please contact us: [email protected].