In a major strategic move, Y Combinator–backed fintech Moni has rebranded as Rank, following the acquisitions of AjoMoney and Zazzau Microfinance Bank (MFB).
This isn’t just a name change, it signals a transformation from a peer-to-peer lending company into a regulated financial institution with a broader mission. AjoMoney brings to the table deep expertise in group savings, while the newly renamed Rank Microfinance Bank (formerly Zazzau MFB) gives the company a regulatory foundation to accept deposits, make loans, and plug into Nigeria’s banking infrastructure like the NIBSS system.
Rank aims to digitise traditional African savings models ajo, esusu, and ROSCAs by using its app to convert social trust into financial capital. Its first major product under the new identity is a high-yield group savings plan, tested in a pilot with 10,000 participants drawn from market unions, cooperatives, and neighbourhood groups. Pooling contributions as low as ₦150,000 (~$100), these groups saw returns up to 23%, thanks to investments in treasury bills and money market instruments.
Rank is also building a team of wealth advisors to provide personalised guidance and support for community groups. According to Femi Iromini, CEO of Rank, the rebrand marks “a new chapter in our mission to make prosperity common… a financial system powered by community, trust, and shared progress.”
