Y Combinator-backed fintech startup Moni has officially rebranded as Rank, marking a bold new chapter in its evolution from a community lending platform into a regulated digital financial institution. The transformation follows its acquisition of AjoMoney, a group savings platform, and Zazzau Microfinance Bank (MFB), giving Rank the infrastructure and regulatory footing to expand beyond lending into payments, savings, and investment services.
Founded in 2021, Moni began with a simple but powerful premise — that social trust could be a stronger foundation for credit than traditional collateral. Its cluster-based lending model relied on small groups of mobile money agents and traders who collectively guaranteed one another’s loans. If one member defaulted, the entire group’s access to future loans was affected. The approach worked: the startup disbursed over ₦67 billion ($46.6 million) in loans to more than 20,000 small businesses with a 96% repayment rate.
Now, as Rank, the company is extending that same community-based logic to a wider range of financial products. “We can now go beyond savings to payments and investing,” said Femi Iromini, CEO and co-founder. “Our goal is to empower communities to build wealth together by helping them save, spend, and invest.”
The acquisition of AjoMoney deepens Rank’s expertise in Africa’s long-standing ajo (rotating savings) tradition — a social savings system that continues to thrive among both older and younger Africans. “AjoMoney strengthens our roots in Africa’s powerful tradition of community savings,” Iromini explained. “Zazzau Microfinance Bank gives us the regulatory foundation to accept deposits, connect to NIBSS, and offer a full suite of financial services.”
Zazzau MFB, now renamed Rank Microfinance Bank, provides the license framework that allows Rank to operate like a bank — accepting deposits, offering accounts, and integrating with Nigeria’s NIBSS Instant Payment (NIP) network for real-time payments. The acquisition also allows Rank to maintain customer trust under formal regulation, a critical factor as it scales its deposit and investment products.
Rank has already piloted a high-yield group savings product, inviting traders, cooperatives, and small businesses to pool funds starting from ₦150,000 ($100). These funds are invested in government-backed instruments such as treasury bills and money market assets, earning participants returns of up to 23% per annum. During the pilot phase, over ₦16 billion ($11.2 million) was paid out to users — a validation of Rank’s community-driven savings approach.
Unlike other Nigerian fintechs such as PiggyVest or Cowrywise, which focus on individuals, Rank is betting on the power of groups. Its model serves business clusters, social clubs, and professional associations — from traders’ cooperatives to golf communities — combining digital tools with wealth advisory support. “We’re deploying wealth advisors within our communities to help users plan, invest, and grow sustainably,” Iromini said.
The leadership teams of both AjoMoney and Zazzau MFB have joined Rank to drive the integration forward. AjoMoney’s co-founder Ibrahim Adepoju noted that Rank’s mission is a continuation of AjoMoney’s vision: “We modernised one of Africa’s oldest financial traditions — rotating savings and credit associations — and brought it into the digital era.”
For Iromini and his team, Rank’s rebrand isn’t just a new name — it’s a statement of purpose. “Rank is about helping Africans move up the economic ladder,” he said. “We’re combining community, trust, and technology to build the foundation for generational wealth creation.”
