02 September 2022
Meta has confirmed that it will shut down the Novi pilot on September 1st, 2022. The announcement has been made on the official Help Center webpage of Novi. It is suggesting users withdraw their funds before the deadline as Novi and its integration with WhatsApp will stop working after a couple of months.
It adds that the deadline for adding funds to Novi is set for July 21st. It will not be possible to deposit money to the account after the date arrives. As for how to withdraw money from Novi, it can be done by transferring money to a bank account if you are from the United States or Guatemala. It can also be withdrawn as cash from a nearby withdrawal location but this is available only for customers from Guatemala.
The announcement if the money is not withdrawn before the deadline, Novi will attempt to transfer the balance to the account or credit card linked with the account. It does not clarify what would happen if the attempt fails. Nevertheless, it is advised that you withdraw your fund as soon as possible to avoid any such unwanted situation.
For the uninitiated, Novi is a digital wallet service with cryptocurrency support. It was based on a Meta-backed cryptocurrency called Diem but the overall project was scrapped later. The reason behind the move was scrutiny from regulators.