Rank: Fintech Startup Moni Rebrands After Acquiring AjoMoney and Zazzau Microfinance Bank

Rank: Fintech Startup Moni Rebrands After Acquiring AjoMoney and Zazzau Microfinance Bank

YC-backed fintech startup Moni has officially rebranded to Rank, marking a new growth phase powered by two strategic acquisitions — AjoMoney and Zazzau Microfinance Bank (MFB). This rebrand signals the company’s commitment to go beyond lending and into digitizing Africa’s deeply rooted community savings culture.

Founded in 2021, Moni introduced a pioneering model that leverages social trust rather than individual credit scores. Its cluster-based lending system allows members to vouch for one another, creating collective risk and accountability. This approach has proved effective, as over 57,000 small businesses have accessed loans through the platform.

Digitizing Ajo: Africa’s Age-Old Savings Culture

Rank’s acquisition of AjoMoney grants it access to a digital platform structured around “ajo” — local rotating savings systems — used across Nigeria and several African countries. This aligns with Rank’s vision to provide community-driven wealth-building opportunities.

“AjoMoney strengthens our roots in Africa’s powerful tradition of community savings, while Zazzau Microfinance Bank gives us the regulatory foundation to accept deposits and offer full financial services,” said CEO Femi Iromini.

The acquisition also gives Rank regulated access via Zazzau MFB to the Nigeria Inter-Bank Settlement System (NIBSS), enabling core financial services like deposit-taking and investment.

Saving and Investing, Made Personal

In 2024, Rank trialed a community savings pool backed by treasury bills and money market funds, ensuring secure returns. The pilot attracted individuals and small businesses who contributed as low as ₦150,000 ($100). They collectively earned ₦16 billion, demonstrating strong demand for digital savings schemes.

Surprisingly, over 90% of AjoMoney’s users are under 35, proving that Africa’s younger generations still engage deeply with communal financial practices.

Looking ahead, Rank aims to onboard wealth advisors into communities, helping users make informed financial decisions on savings, investments, and wealth-building.

The Way Forward

Rank aims to initially consolidate in Nigeria before expanding to other emerging markets that share similar cultural practices in savings and community finance.

“It’s ingrained in people from cooperatives at work to savings groups in schools,” Iromini says. “This model has universal potential.”

As a trusted platform that integrates community dynamics with financial innovation, Rank is positioning itself as a key driver of economic empowerment for Africans helping users move up the ranks.

TechCity