Moni, a Y Combinator-backed fintech that leverages community and social trust to provide financial services for Africans, has rebranded as Rank, marking a strategic shift towards delivering a wider range of financial services for communities. The company has also acquired AjoMoney, a leading provider of group savings solutions, and Zazzau MFB, a licensed microfinance bank that provides services such as savings, deposits and small business loans, to support its community-powered finance platform that will leverage cutting-edge technology to transform traditional African models of saving, investing and growing money. As part of the acquisition, Zazzau Microfinance Bank will now be called Rank Microfinance Bank.
Long before formal institutions like banks were established, human communities relied on shared resources, mutual aid and kinship obligations to manage risk and provide economic support. This included bartering systems, communal storage of harvests and shared responsibility for debts. In recent times, communities exist as alumni networks, professional associations, neighbourhood groups and even digital communities united by shared interest. These networks provide access to investment opportunities, savings, credit and collective financial support.
In Africa, communities often exist in the form of traders’ associations, market unions and neighborhood cooperatives, facilitating systems like Ajo, Tontines and ROSCAs (Rotating Savings and Credit Associations) which operate as a mechanism for compulsory saving and interest-free credit access. However, these systems remain largely manual and haven’t seen much innovation in years. For example, traditional Ajo is constrained by the coordinator’s personal trust network, making it difficult to scale beyond small groups and limiting the size of the capital pool. Additionally, funds contributed do not generate returns – they support liquidity and discipline, but not wealth creation.
Starting in Nigeria, Rank is rolling out its community-powered financial ecosystem to unlock shared prosperity across the continent. This begins with its inaugural product: an enhanced, high-yield group savings solution designed to transform saving, investing and financial progress from a solo struggle into a shared community journey.
To pilot this product, Rank offered group savings products to 10,000 business owners and individuals already connected through trusted networks such as traders’ associations, market unions and neighbourhood cooperatives. Participants could start with as little as $100 (₦150,000) and their pooled savings were backed by treasury bills and money markets, delivering returns of up to 23% – significantly higher than traditional bank rates. The pilot resulted in ₦16 billion ($11.25 million) in total payouts, demonstrating both demand and the viability of community-powered wealth-building at scale.
Rank is also providing a team of wealth advisors that will engage with users as needed, ensuring that expert guidance is never far away. This relationship is designed to provide a genuine human touch, offering personalized reassurance and bespoke advice throughout every stage of the user’s wealth-building journey. This blended approach, combining cutting-edge digital tools with dedicated human expertise, ensures that users have both the autonomy to manage their finances and the comfort of knowing a qualified advisor is available, if needed.
Rank’s solutions are designed to meet Africans where they are, leveraging technology to digitize trust networks and empower individuals and businesses to spend, save, invest and manage money seamlessly, all in one place. The company is building on the success of its initial community-powered lending model to provide a wider range of financial services to individuals and businesses that have been underserved by mainstream financial institutions.
The integration of AjoMoney and Rank Microfinance Bank provides immediate scale and regulatory depth. AjoMoney brings deep expertise in delivering group savings solutions, which will be integrated into Rank’s core product suite. Rank Microfinance Bank also provides a robust regulatory foundation and licensed access to offer regulated banking services across key Nigerian markets.
The leadership and key members of both acquired entities will be integrated into Rank, bringing their expertise in grassroot finance, compliance and product innovation to support the delivery of a money app for communities. In the short term, customers can expect smoother onboarding, broader savings options, and improved security and compliance. In the long term, they’ll benefit from a fully integrated ecosystem, where they can save, borrow, invest and grow their money within their trusted communities.
Femi Iromini, CEO of Rank, said, “Rebranding from Moni to Rank marks a new chapter in our mission to make prosperity common. Rank is about rising together – building a financial system powered by community, trust, and shared progress. The acquisitions of AjoMoney and Zazzau Microfinance Bank are pivotal steps in this journey. AjoMoney strengthens our roots in Africa’s powerful tradition of community savings, while Zazzau Microfinance Bank gives us the regulatory foundation to accept deposits, connect to NIBSS, and offer a full suite of financial services. Together, these milestones accelerate our vision of a money app that empowers individuals and communities to save, spend, and grow – not alone, but together.”
Mr Ibrahim Adepoju, CEO of AjoMoney said, “AjoMoney was built to make access to finance simple, fair and powered by community. We modernized one of Africa’s oldest financial traditions – rotating savings and credit associations – and brought it into the digital era. Passing this vision to the Rank team is a natural next step. With their deep experience in digital banking and community finance, Rank is well-positioned to scale this mission to millions across Africa, making financial services affordable without burden or barriers.”
Dr. Mohammed Usman, Director at Zazzau Microfinance Bank, said “the vision of a money app for communities is something that really excites us and we are happy to be part of this vision. The partnership is a natural fit and we are looking forward to this journey and contributing significantly to enabling more financial access for Africans and ultimately delivering enhanced value for individuals and businesses.”
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