Africa-Press – Eswatini. Moni, a fintech startup backed by Y Combinator that utilizes community and social trust to offer financial services to Africans, has rebranded to Rank. This shift represents a strategic move toward expanding its financial offerings for communities. As part of this rebranding, Rank has acquired AjoMoney, a prominent provider of group savings solutions, and Zazzau MFB, a licensed microfinance bank offering services like savings, deposits, and small business loans. This acquisition supports Rank’s community-driven finance platform, which will utilize cutting-edge technology to transform traditional African savings, investment, and wealth-building models. Following the acquisition, Zazzau Microfinance Bank will now operate under the name Rank Microfinance Bank.
Historically, long before the establishment of formal banking institutions, human communities relied on shared resources, mutual aid, and kinship obligations to manage risks and provide economic support. These systems included bartering, communal harvest storage, and shared debt responsibilities. Today, communities can take the form of alumni networks, professional associations, neighborhood groups, and even digital communities united by common interests. These networks provide access to investment opportunities, savings, credit, and collective financial support.
In Africa, community-based systems often manifest as traders’ associations, market unions, and neighborhood cooperatives, facilitating models such as Ajo, Tontines, and ROSCAs (Rotating Savings and Credit Associations). These systems operate as mechanisms for compulsory saving and interest-free credit access. However, despite their widespread use, these systems remain largely manual and have seen little innovation in recent years. For instance, traditional Ajo is limited by the coordinator’s personal trust network, which restricts scalability and the size of the capital pool. Furthermore, funds contributed do not generate returns—rather, they ensure liquidity and discipline but fail to support wealth creation.
Starting in Nigeria, Rank is launching its community-driven financial ecosystem, aiming to unlock shared prosperity across the African continent. The company’s first product offering is an enhanced, high-yield group savings solution designed to shift the financial journey from a solitary struggle to a collective community experience.
To pilot this product, Rank introduced group savings options to 10,000 business owners and individuals already connected through trusted networks, such as traders’ associations, market unions, and neighborhood cooperatives. Participants could begin saving with as little as $100 (₦150,000), with their pooled savings backed by treasury bills and money markets, delivering returns of up to 23%, far surpassing the typical rates offered by traditional banks. The pilot generated ₦16 billion ($11.25 million) in total payouts, demonstrating both strong demand and the potential for scaling community-driven wealth-building efforts.
Rank is also offering a team of wealth advisors who will engage with users as needed, ensuring expert guidance is always accessible. This personalized support is designed to provide a genuine human touch, offering tailored advice and reassurance throughout every stage of a user’s wealth-building journey. By combining advanced digital tools with dedicated human expertise, Rank ensures that users have the freedom to manage their finances while also benefiting from the comfort of having a qualified advisor available when required.
Rank’s solutions are specifically tailored to meet the needs of Africans, leveraging technology to digitize trust networks and empower individuals and businesses to seamlessly manage their spending, savings, investments, and financial decisions—all within one platform. The company is building on the success of its initial community-based lending model to offer a broader array of financial services to individuals and businesses traditionally underserved by mainstream financial institutions.
With the integration of AjoMoney and Rank Microfinance Bank, Rank gains immediate scale and regulatory depth. AjoMoney brings significant expertise in providing group savings solutions, which will be incorporated into Rank’s core product offerings. Rank Microfinance Bank also provides a solid regulatory framework and licensed access to offer banking services in key Nigerian markets.
Key leaders and team members from the acquired entities will be integrated into Rank, bringing their expertise in grassroots finance, compliance, and product innovation to support the development of a community-centered financial app. In the short term, customers can expect smoother onboarding processes, expanded savings options, and improved security and compliance. Over the long term, they will benefit from a fully integrated financial ecosystem, allowing them to save, borrow, invest, and grow their money within trusted community networks.
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