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YC-backed fintech Moni has rebranded to Rank, marking a strategic transformation following its acquisition of AjoMoney and Zazzau Microfinance Bank (MFB). The new identity reflects the company’s ambition to evolve from a reputation built primarily on lending to becoming a full-fledged, community-driven financial services provider.
Founded in 2021, Moni pioneered a lending model anchored on social trust. Instead of evaluating borrowers individually, the startup formed small lending clusters where members guaranteed each other’s repayment. The approach resonated with Nigeria’s informal economy, enabling more than 57,000 small businesses to access credit over the last four years.
Expanding Beyond Lending
The rebrand to Rank signals the company’s broader mission.
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AjoMoney’s acquisition strengthens Rank’s play in digitising Africa’s traditional rotating savings systems—still heavily relied on across communities.
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Zazzau MFB’s acquisition provides Rank with regulatory capacity to accept deposits and roll out more diversified, structured financial products.
While Rank did not disclose the value of the transactions or its profitability status, the acquisitions position it to compete more directly with mainstream financial institutions.
Testing New Community Savings Models
Last year, Rank ran a quiet pilot of a “community savings pool” with selected users. With a minimum contribution of $100 (₦150,000), participants pooled funds invested in treasury bills and money market instruments. The company reports that the pilot paid out ₦16 billion, and preparations are underway to roll out the feature to all users.
Rank also notes a shift in perceptions about rotating savings groups. Contrary to belief that such models attract mostly older generations, over 90% of AjoMoney’s users are young, reaffirming the relevance of communal finance in the digital age.
Leadership and Integration
AjoMoney founders, Ibrahim Adepoju and Chineye Ochem, will remain as advisers post-acquisition, while the broader technical team fully transitions into Rank. The company has also begun deploying wealth advisors within user communities to guide saving, budgeting, and investment decisions.
A Broader Vision for Financial Inclusion
Rank says its long-term vision extends beyond credit and savings: it aims to build a community-first financial ecosystemthat supports upward mobility for Africans. While it previously expanded into the Republic of Benin, the company plans to concentrate on the Nigerian market before scaling into other regions where communal savings systems remain deeply rooted.
With its new identity and expanded regulatory footing, Rank is positioning itself as a significant player in Africa’s evolving digital finance landscape—bridging traditional savings culture with modern financial services.
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