The Lagos-based firm announced the news this week. This is a major strategic shift. Rank acquired AjoMoney. It also acquired Zazzau Microfinance Bank (MFB). This move expands its services beyond lending.
The company will now focus on community-based digital banking. It aims to digitize traditional African savings models. These models include Ajo, Tontines, and ROSCAs.
Rank’s CEO is Femi Iromini. He explained the vision. “Rebranding from Moni to Rank marks a new chapter,” Iromini said. “Our mission is to make prosperity common.”
He continued, “Rank is about rising together. We are building a financial system. It is powered by community, trust, and shared progress.”
Strategic Acquisitions
The two acquisitions are key to this new mission. AjoMoney is a leading provider of group savings solutions. Zazzau MFB is a licensed microfinance bank.
Consequently, these additions give Rank new capabilities. AjoMoney brings deep expertise in community savings. Zazzau MFB provides a strong regulatory foundation.
The microfinance bank license is crucial. It allows Rank to accept deposits. It can also connect to the Nigeria Inter-Bank Settlement System (NIBSS). Zazzau MFB will be renamed Rank Microfinance Bank.
“The acquisitions of AjoMoney and Zazzau MFB are pivotal steps,” Iromini added. “AjoMoney strengthens our roots. Zazzau MFB gives us the regulatory foundation.”
What This Means for Customers
Rank plans to build a “money app for communities.” This app will offer a full suite of financial services. Users will be able to save, spend, invest, and borrow.
The company is moving from a single product. It previously focused on lending to small businesses. Moni had disbursed over ₦67 billion in loans. It had a 96% repayment rate. This success was built on a social trust model.
Now, Rank will use that trust model for more services. The company recently ran a pilot for a new savings product. The pilot involved 10,000 users.
The product allowed groups to pool savings. Treasury bills backed these savings. It offered returns of up to 23 percent. The pilot was a major success. It generated ₦16 billion in total payouts.
Integrating Traditional and Modern Finance
Leaders from the acquired companies praised the move. They will join the Rank team.
Ibrahim Adepoju is the CEO of AjoMoney. He said, “We modernized one of Africa’s oldest financial traditions. Passing this vision to the Rank team is a natural next step.”
Dr. Mohammed Usman is a director at Zazzau MFB. “The vision of a money app for communities is something that really excites us,” Usman stated. “We are happy to be part of this journey.”
Rank is backed by the famous accelerator Y Combinator. The company’s shift highlights a major trend in African fintech. Companies are blending modern technology with traditional community finance. This strategy aims to build trust. It also promotes financial inclusion for millions.
The new entity, Rank, is now positioned as a major player. It will compete in Nigeria’s crowded fintech space. However, its unique focus on community may give it a significant advantage. The company will focus on the Nigerian market for now. It has plans to expand in the future.
Key Statistics
Pilot Payouts: ₦16 billion generated in a recent pilot savings product.
Pilot Users: 10,000 individuals and business owners participated.
Offered Returns: The new group savings product offered returns of up to 23%.
Previous Lending: Over ₦67 billion disbursed as Moni.
Repayment Rate: 96% repayment rate on previous loans.
Rank is about rising together. We are building a financial system. It is powered by community, trust, and shared progress.
