Y Combinator-backed Nigerian fintech Moni is embarking on a major transformation, rebranding as Rank while acquiring both AjoMoney a group savings platform, and Zazzau Microfinance Bank as it expands its financial services offering beyond community lending.
The strategic acquisitions position Rank to offer a comprehensive suite of regulated financial services including savings, payments, and investment products. Zazzau MFB will now operate as Rank Microfinance Bank, providing the startup with the regulatory foundation needed to scale its operations.
“We can now go beyond savings to payments,” Femi Iromini, CEO of Rank, told TechCabal. “We can go into investing. And we are seeing the interests already.”
By bringing together AjoMoney’s deep expertise in group savings products and Zazzau MFB’s regulatory infrastructure, the YC-backed fintech is evolving from a community lending platform into a fully licensed financial services provider. Crucially, it plans to maintain the social trust model that fueled its early growth.
While Rank hasn’t disclosed the acquisition costs, Zazzau MFB is listed as a Tier 2 microfinance bank by the Central Bank of Nigeria, which requires a licensing fee of ₦250,000 ($174) and minimum paid-up capital of ₦50 million ($34,788).
Since launching in 2021, Moni built its business around group financing for small businesses, tapping into the social trust inherent in traditional ajo groups (rotating savings and credit associations) while offering a high-yield savings platform with returns of up to 23%. In 2023, the company reported disbursing nearly ₦67 billion ($46.62 million) in loans to over 20,000 businesses, achieving an impressive 96% repayment rate.
The fintech says its savings feature pilot recently reached 10,000 business owners and individuals across traders’ associations, market unions, and neighborhood cooperatives. Participants contributed a minimum of ₦150,000 ($100) each, with funds invested in government-backed securities like treasury bills and money market instruments yielding up to 23% returns. The initiative delivered ₦16 billion ($11.25 million) in total payouts.
As part of its relaunch, Rank is now rolling out this enhanced high-yield group savings product across Nigeria, offering annual returns of up to 23%.
“We have done the experiment, and we learned a lot,” Iromini explained. “There is still more we can do with communities. For instance, we can create products around people being able to make payments together.”
The company’s pivot reflects lessons learned from early experiments, which revealed that savings and loans alone weren’t sufficient. The microfinance bank acquisition will enable Rank to integrate with NIBSS Instant Payment (NIP), offering real-time payment services alongside standard account opening capabilities.
Rank aims to empower communities to build wealth collectively through saving, spending, and investing a mission that established fintechs like Cowrywise and PiggyVest have pursued for nearly a decade. However, unlike these individual-focused platforms, Rank differentiates itself by serving people in groups.
“For instance, we have a golf community that we support. We have been able to work with members by offering them our wealth advisory services to help them achieve their aim,” Iromini said.
Leadership from both AjoMoney and Zazzau MFB will join Rank’s team as part of the integration.
“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.”
Mohammed Usman, Director at Zazzau Microfinance Bank, added: “The vision of a money app for communities is something that really excites us. We are happy to be part of this journey.”
For Iromini, successfully integrating these acquisitions will hinge on Rank’s ability to extend new services while maintaining user trust a critical factor when handling people’s money.
“In reality, they are entrusting us with their money,” he said. “Having the right backing when it comes to a license actually helps a lot with that.”
As Nigeria’s fintech sector continues maturing, Rank’s community-first approach represents a distinctive strategy in a market where most digital financial services target individual users.
