Y Combinator-backed fintech startup Moni has rebranded to Rank following its acquisition of AjoMoney and Zazzau Microfinance Bank (MFB). The move marks the company’s next growth phase as it looks to expand beyond lending into a broader range of financial services.
According to the company, the new name, Rank, reflects its mission to help Africans move up the economic ladder.
Launched in 2021, Moni started out with the idea that social trust could be a more reliable foundation for lending to mobile money agents than traditional credit systems. Instead of assessing individuals in isolation, the company built a cluster-based lending model, where members of small groups vouch for one another.
If one member defaults, everyone in the group feels the impact, as their collective access to future loans is affected. The model has proven effective so far, with over 57,000 small businesses receiving loans through the platform since inception.
Building on Africa’s community savings culture
Now operating as Rank, the startup is looking beyond lending. Its next chapter focuses on digitising Africa’s age-old ajo (rotating savings) culture, and the acquisition of AjoMoney is expected to accelerate that effort.
“The acquisitions of AjoMoney and Zazzau Microfinance Bank are pivotal steps in this journey,” said Femi Iromini, co-founder and CEO. “AjoMoney strengthens our roots in Africa’s powerful tradition of community savings, while Zazzau Microfinance Bank gives us the regulatory foundation to accept deposits, connect to NIBSS, and offer a full suite of financial services.”
Rank did not disclose the value of the acquisitions or comment on its current profitability.
Last year, the startup extended its community savings feature to a select group of business owners and individuals in a pilot programme. With as little as $100 (₦150,000), participants could join the pool, which was backed by treasury bills and money market investments to keep their funds safe.
According to Iromini, the startup paid out ₦16 billion to participants in this pilot. Having completed the test phase, Rank is now preparing to roll the feature out to all its users.
Despite the perception that rotating savings systems appeal mainly to older Africans, Iromini notes that the practice remains deeply ingrained among younger generations. He points out that over 90% of AjoMoney’s users are young, adding that Africans continue to engage in similar savings groups at work, school, and other social settings.
Although Rank has previously expanded into the Republic of Benin, the company plans to focus on Nigeria for the foreseeable future.
“Ajo is quite universal in most emerging markets. It’s not just Nigeria alone. So, our thought is, since this model is something that is ingrained in most emerging markets, how can we start the foundation from Nigeria and extend it globally? And when we look at the concept of community, it’s not just limited to Africa. It’s still a theme in other developed markets as well, so in a way, there’s so much that can be done.”
Both AjoMoney and Zazzau MFB have been fully integrated into Rank. AjoMoney’s founders — Ibrahim Adepoju and Chineye Ochem — will remain in advisory roles, while its technical team has joined Rank’s operations.
Ultimately, Rank aims to go beyond savings and lending to offer a wider suite of financial products. It has already begun deploying wealth advisors within onboarded communities to offer tailored investment guidance.
“These professionals are available to engage with users as needed, ensuring that expert guidance is never far away. Crucially, this relationship is designed to provide a genuine human touch, offering personalised reassurance and bespoke advice throughout every stage of the user’s wealth-building journey,” Iromini said.
