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Moni, the Y Combinator-backed Nigerian fintech known for its community-based banking model, has rebranded as Rank—a move that underscores its ambition to become a fully regulated financial services provider. As part of the transformation, Rank has acquired AjoMoney, a group savings platform, and Zazzau Microfinance Bank (MFB), signaling its expansion beyond savings into payments, investments, and broader wealth management solutions.
Following the acquisition, Zazzau MFB will now operate as Rank Microfinance Bank, providing the startup with a regulatory foundation to scale its services nationwide.
“We can now go beyond savings to payments and investments, and we are already seeing the interest,” said Femi Iromini, CEO of Rank.
By combining AjoMoney’s group savings expertise with Zazzau MFB’s regulatory depth, Rank is evolving from a community lending platform into a licensed financial institution that enables users to save, spend, and invest collectively—all built on the same social trust that drove Moni’s early success.
While the acquisition cost remains undisclosed, Zazzau MFB, a Tier 2 microfinance bank, holds a ₦50 million ($34,788) paid-up capital requirement as stipulated by the Central Bank of Nigeria (CBN).
From Moni to Rank: A Journey of Community Finance
Launched in 2021, Moni pioneered group-based financing for small businesses, leveraging social accountability within traditional community savings circles (ajo groups). By 2023, it had disbursed ₦67 billion ($46.6 million) in loans to more than 20,000 businesses, achieving a 96% repayment rate—one of the highest in its category.
The company’s pilot group savings product, which reached 10,000 business owners and traders, allowed participants to pool funds starting from ₦150,000 ($100) and invest collectively in government-backed securities, yielding returns of up to 23% annually. The initiative delivered over ₦16 billion ($11.25 million) in payouts, reinforcing demand for community-driven investment tools.
As part of its rebrand, Rank is now scaling this high-yield group savings model nationwide, targeting communities, cooperatives, and trade associations.
“We’ve done the experiment and learned a lot,” Iromini said. “There’s still more we can do with communities—like enabling collective payments and investing.”
New Capabilities Through Bank Integration
With the acquisition of Rank Microfinance Bank, the company plans to integrate with the Nigeria Inter-Bank Settlement System (NIBSS) to enable instant payments, offer account-opening services, and expand its reach within Nigeria’s formal financial system.
This move positions Rank to compete with established fintechs like PiggyVest and Cowrywise, while differentiating itself by focusing on group-based financial empowerment rather than individual savings.
“We are building a money app for communities—helping them save, spend, and invest together,” Iromini explained.
Rank’s CEO added that having a licensed banking entity provides a trust framework critical to scaling financial inclusion sustainably.
“In reality, customers are entrusting us with their money. Having the right regulatory backing helps strengthen that trust,” he noted.
Leadership Integration and Shared Vision
The leadership of both AjoMoney and Zazzau MFB have joined Rank’s team, reinforcing its collective vision.
“We modernised one of Africa’s oldest financial traditions—rotating savings and credit associations—and brought it into the digital era,” said Ibrahim Adepoju, CEO of AjoMoney. “Passing this vision to the Rank team is a natural next step.”
“The idea of a money app built for communities excites us,” added Mohammed Usman, Director at Zazzau Microfinance Bank. “We’re proud to be part of this journey.”
With this bold rebrand and acquisition strategy, Rank is positioning itself at the frontier of community-led digital finance—a model that blends traditional trust systems with modern financial technology to drive inclusive growth across Africa.
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