Getting Started

Answers to questions that do not relate to other categories listed here

Getting Started

1. Downloading the Rizq App

Please follow the following link for both iOS and Android applications: https://go.onelink.me/RnSm/website

2. What is the Registration Process?

Here is a step-by-step guide on how to register with the Rizq app:

  1. Go to https://getrizq.co or visit the following links to the Apple Store or Google Play and download the Rizq app.
  2. Once you have downloaded the Rizq app, please click on the Sign up button.
  3. You will be asked to provide your email address and set up a password (Please DO NOT use common passwords used for other banks or websites). Create a password that is at least 8 characters long and includes Upper Case (ABC), lower case letters (awe), numbers (123) and special characters (!@#$%^&*(), then click Continue.
  4. Then, you will be asked to provide your Personal Details (First Name, Last Name, Date of Birth, and photo (optional)).
  5. The next step will require you to agree with the Terms and Conditions and Privacy Policy.
  6. After you agree with the T&Cs and Privacy Policy, you will receive an email to verify your email address.
  7. Following, we will ask you for your address and your phone number.
  8. You will receive a text message with a password which you will have to input into the app (some smartphones like the iPhone have a pre-filling feature that will insert the code from the text message into your app).
  9. Next, you will complete a Know Your Customer (KYC) check which will ask for your Passport, National ID Card or Driving License and a quick Selfie that will check for the Liveness.
  10. Once KYC is complete, you should get an access to the app.

If you are having trouble with the app, please do get in touch with us using in-app chat or via chat on website.

3. Is there an age limit?

To open a Rizq account you have to be at least 18 years old.

4. How will I verify my identity when registering?

During the registration process, you will be asked to complete a KYC check which will ask for your Passport, National ID Card or Driving License, and a quick Selfie.

5. Why do you need a selfie during signup?

Rizq is a digital banking application, therefore, we don’t have branches where we can make an appointment with you to check your identity. Instead we use a selfie video to check if your face matches your photo ID.

This is essential for us to stay compliant with regulations about checking our customers’ identity.

6. Logging in

If you are using Mobile app: Once you register with Rizq, we’ll ask you to put in the email address you’ve registered with us and your password. We’ll then send a magic text message to your mobile phone with a 7 digit code. Enter the code and you are all set.

If you are a returning user, you will be automatically directed to Face ID / Touch ID / Fingerprint screens and log in quickly.

If you are using Online banking: We’ll ask you to input the email address you’ve registered with us and your password. We’ll then send a magic text message to your mobile phone with a 7 digit code. Enter the code and you are all set.

7. Logging out

Here’s how to log out of your account in the Rizq app:

  • Tap the Menu button
  • Scroll down and tap Log out

General

1. Where is my money held?

Your money is held in a tier 1 bank in the UK, within a ring-fenced structure, meaning customer funds can’t be invested or used by both the tier 1 bank and Rizq.

2. Do you have any physical branches?

No, we are a fully digital banking institution. Our onboarding happens through digital channels and our customer service is fully digital and very fast.

3. Do you have an ISA?

No, currently our focus is around providing a core banking product with a lifestyle element. We have a standard account with account number and sort code which works just like your conventional bank account.

4. Do you offer a mortgage?

No, Rizq does not currently provide any lending products.

5. Do you provide interest-free loans?

You cannot get interest-free loans from Rizq because we are not approved by the PRA to perform such operations.

6. Can I have my salary paid into my Rizq account?

Absolutely! You can have your salary paid into your Rizq account and then spend using your physical or virtual cards.

7. Are you FCA regulated?

Yes, we are!

Rizq Financial Technologies Ltd. is an EMD Agent with the FCA (reference 902910) of Payrnet Limited, with the FCA (reference 900594). Payrnet Limited is authorised by the Financial Conduct Authority as an Electronic Money Institution,

This partnership enables Rizq Financial Technologies Limited to trade, and provides protection to all our customers.

8. Are funds covered by FSCS scheme?

Rizq Financial Technologies Limited is registered with FCA but is not regulated with the PRA, so funds are not covered with the FSCS scheme.

However, your money is held in a tier 1 bank in the UK, within a ring-fenced structure, meaning customer funds can’t be invested or used by both the tier 1 bank and Rizq.

9. What is a Virtual Card?

A Virtual Card is a temporary debit card number which can be utilized for most online purchases. They are secure because there is no physical card.

10. What happens if my card is lost or stolen?

Using the Rizq App you can freeze your card instantly to prevent fraud, you can then order a new card. If you suspect fraud on your account you can contact support, who will help you solve the issue swiftly.