Moni rebrands as Rank to deepen financial inclusion across Africa

Moni, a Y Combinator-backed fintech that leverages community and social trust to provide financial services for Africans, has rebranded as Rank, marking a major step in its mission to deepen financial inclusion and unlock shared prosperity for communities across Africa.

The rebrand coincides with the acquisition of AjoMoney, a provider of group savings solutions, and Zazzau Microfinance Bank (MFB), now renamed Rank Microfinance Bank, giving the company both digital and regulatory strength to scale its operations.

Long before modern banks, African communities relied on collective systems like Ajo, Tontines, and ROSCAs (Rotating Savings and Credit Associations) to save, lend, and share resources.

These traditional systems, built on trust, have served millions for generations but remained largely manual and limited in scope.

Rank aims to modernise these communal practices through technology, digitising trust networks and creating scalable, transparent financial systems that generate real returns.

“Rebranding from Moni to Rank marks a new chapter in our mission to make prosperity common,” said Femi Iromini, CEO of Rank. “Rank is about rising together, building a financial system powered by community, trust, and shared progress.”

Expanding access through community-based savings

To demonstrate the potential of community-powered finance, Rank piloted a group savings product involving 10,000 business owners and individuals in Nigeria, drawn from traders’ associations, cooperatives, and market unions.

Participants invested from as little as N150,000 ($100), pooling their savings into investments backed by treasury bills and money market instruments that delivered returns of up to 23 percent, well above standard bank rates.

The pilot generated N16 billion ($11.25 million) in total payouts, underscoring the strong demand for high-yield, trust-based financial solutions.

Rank’s model blends digital efficiency with human expertise, offering users access to wealth advisors who provide personalized support while allowing them to manage their finances independently through its app.

Strengthening inclusion through acquisitions

The acquisitions of AjoMoney and Zazzau Microfinance Bank mark a major strategic expansion for Rank. AjoMoney brings deep experience in digital group savings, while Rank Microfinance Bank offers a regulatory foundation to provide licensed financial services, including deposits, loans, and investment products.

Ibrahim Adepoju, CEO of AjoMoney, described the move as a natural progression.

“AjoMoney was built to make access to finance simple, fair, and powered by community,” he said. “With Rank’s expertise in digital banking and community finance, this mission can now reach millions across Africa.”

For Mohammed Usman, director at Rank Microfinance Bank, added, “We are happy to be part of this vision of a money app for communities. The integration will deliver enhanced value for individuals and businesses while expanding financial access.”