YCombinator-backed fintech startup Moni has unveiled a new identity as Rank after acquiring AjoMoney and Zazzau Microfinance Bank. The rebrand marks a shift from a narrow focus on lending for mobile money agents to a broader financial services ambition. With the new name, the company presents itself as a vehicle for helping Africans move up the economic ladder through community driven finance.
Origins in trust based lending
Founded in 2021, Moni was built on the idea that social reputation and peer accountability can be more reliable than conventional credit scoring in many African markets. Instead of evaluating borrowers individually, the company designed a cluster lending model in which small groups collectively guarantee one another’s obligations. That structure has supported disciplined repayment and enabled Rank to extend loans to more than fifty seven thousand small businesses since inception.
Digitizing Africa’s community savings culture
Now operating as Rank, the startup is looking beyond credit to digitize Africa’s long standing rotating savings practices, such as ajo and similar schemes. The acquisition of AjoMoney is central to this strategy, bringing in a product and user base already steeped in community savings behavior. Co founder and CEO Femi Iromini says AjoMoney strengthens Rank’s roots in cooperative finance, while Zazzau Microfinance Bank provides the regulatory license to accept deposits, connect to NIBSS, and launch a fuller range of services.
Strategic acquisitions and pilot results
Rank has not disclosed the financial terms of the AjoMoney and Zazzau Microfinance Bank deals, nor has it commented on its current profitability. The company has, however, been quietly testing its expanded model through a pilot community savings program with selected individuals and business owners. Participants could join with contributions starting at about one hundred dollars, pooled into vehicles backed by treasury bills and money market instruments to protect their funds.
Evidence of strong demand from younger users
According to Iromini, the pilot program paid out sixteen billion naira to participants, giving Rank confidence to roll the savings feature out to all users. He challenges the perception that rotating savings clubs mainly attract older Africans, noting that more than ninety percent of AjoMoney’s customers are young. Variants of ajo still thrive in workplaces, universities, and social circles, which he believes makes them ripe for formalization through digital platforms.
Focus on Nigeria with global potential
Although Rank previously explored expansion into the Republic of Benin, it now plans to concentrate on deepening its footprint in Nigeria. Management views Nigeria as a natural launchpad for a model that could later be replicated across other emerging markets where informal savings groups are common. Iromini argues that the broader theme of community based finance also resonates in developed economies, suggesting that Rank’s long term vision extends far beyond the continent.
Integration, leadership and future roadmap
Both AjoMoney and Zazzau Microfinance Bank have been fully integrated into Rank’s operations as the company refines its product stack. AjoMoney co founders Ibrahim Adepoju and Chineye Ochem will remain in advisory roles, while the technical team has joined Rank to accelerate product development. In parallel, Rank has begun deploying wealth advisors within onboarded communities, offering tailored investment guidance and a human touch alongside its digital tools.
Through its rebrand and twin acquisitions, Rank is positioning itself as a digitally native home for Africa’s community savings and credit systems. By combining cluster based lending, regulated deposit taking, and curated savings and investment options, the startup aims to formalize behaviors that already underpin everyday financial life for millions. If it can scale while preserving the trust that anchors its model, Rank could become a significant player in reshaping how Africans save, borrow, and build wealth.
Source: TechpointAfrica