Y Combinator-backed fintech Moni has rebranded as Rank, signaling a broader push to become Africa’s leading community-powered money app. The company also announced the acquisitions of AjoMoney and Zazzau Microfinance Bank (MFB) to deepen its product offering and regulatory reach.
Why it matters
The move positions Rank to digitize Africa’s long-standing community finance systems — like Ajo and ROSCAs — with modern technology, aiming to make saving, investing, and borrowing a shared experience rather than a solo struggle.
Details
- AjoMoney, known for its digital group savings tools, will integrate into Rank’s ecosystem.
- Zazzau MFB has been rebranded Rank Microfinance Bank, providing regulatory approval to offer savings, deposits, and small business loans.
- Rank’s platform blends digital tools with human wealth advisors to guide users through financial decisions.
By the numbers
- Rank’s pilot program reached 10,000 users in Nigeria’s trader associations and market unions.
- Participants saved from as little as ₦150,000 ($100), earning returns of up to 23% — well above traditional bank rates.
- The pilot generated ₦16 billion ($11.25 million) in total payouts.
The big picture:
Community finance has long been the backbone of African economies — from neighborhood savings groups to market cooperatives. Rank wants to digitize this trust-based model, offering a seamless app where users can save, borrow, invest, and grow their money together.
What they’re saying
- Femi Iromini, CEO of Rank: “Rebranding from Moni to Rank marks a new chapter in our mission to make prosperity common. Rank is about rising together — building a financial system powered by community, trust, and shared progress.”
- Ibrahim Adepoju, CEO of AjoMoney: “We modernized one of Africa’s oldest financial traditions. Passing this vision to Rank is a natural next step.”
- Dr. Mohammed Usman, Director at Zazzau MFB: “The vision of a money app for communities excites us. We’re proud to help expand financial access for Africans.”
What’s next
Rank plans to roll out its full community-powered financial ecosystem across Africa, combining AjoMoney’s grassroots expertise and Rank MFB’s regulatory base to deliver a new model of shared prosperity.
