A Nigerian fintech formerly known as Moni, Rank, is doubling down on community finance with the launch of three new products designed to make it easier for individuals and small businesses to access capital.
The company on Tuesday introduced Money Circles, a digital version of traditional rotating savings groups; Tribe, a platform that helps existing communities manage shared finances; and Rank Perks, a payroll solution that combines salary-backed credit with workplace savings circles.
The launch reflects Rank’s broader strategy of modernising Africa’s long-standing communal savings culture with technology, offering an alternative to conventional lending for millions who remain excluded from formal financial services.
The timing is significant. In Nigeria, access to credit remains a major challenge for small businesses, with only about 4% of micro, small, and medium-sized enterprises (MSMEs) able to secure formal bank loans. Rank believes digitising community-based financial systems can help close that gap by unlocking more accessible, low-cost funding for entrepreneurs and workers.
The new products build on the company’s expansion earlier this year, when it acquired group savings platform AjoMoney and Zazzau Microfinance Bank, which has since been rebranded as Rank Microfinance Bank. Those acquisitions provided Rank with a regulated banking licence and expanded its ambitions beyond lending into savings, payments, and wealth management built around collective finance.
According to the company, more than $100 million has been paid out to users across its various communities over the past year.
“For generations, Africans have relied on communal financial structures to build wealth and acquire assets,” said Femi Iromini, CEO and co-founder of Rank. “We are bringing these trusted traditions into the modern age by layering cutting-edge technology, solving structural trust issues and turning collective financial habits into a modern, institutional-grade engine for generational wealth.”
Among the newly launched products, Money Circles seeks to digitise informal savings schemes such as ajo, esusu, and other rotating savings and credit associations (ROSCAs). Members contribute regularly into a shared pool and receive a lump-sum payout when it is their turn. Rank says it charges a fixed service fee based on the payout schedule and guarantees members receive their payouts even if another participant defaults.
Its second offering, Tribe, is built for existing groups including families, friends, colleagues, cooperatives, and social associations that already save or contribute together. The platform enables members to organise contributions, track payments, and manage shared financial goals with real-time visibility into every transaction.
The third product, Rank Perks, extends the model into the workplace. Through employers, staff can access salary-backed credit and participate in company-wide savings circles, with repayments and contributions deducted automatically from monthly salaries.
Alongside the new products, Rank has also introduced additional banking features, including everyday bank accounts, personalised digital payment handles, and both flexible and fixed savings options.
The launch places Rank in Nigeria’s increasingly crowded consumer finance market, where companies such as PiggyVest and Cowrywise have built businesses around helping individuals save and invest. Rather than competing solely on personal finance, Rank is betting that digitising community-led savings systems—structures that have existed across Africa for generations will give it a distinctive edge.
“We’re combining our cultural heritage with digital-first security to give young Africans the collective leverage they need to outpace inflation and build long-term wealth,” Iromini said.