Mr Viral
Moni, a Y Combinator-backed fintech that leverages community and social trust to provide financial services for Africans, has acquired AjoMoney, a group savings solutions firm, and Zazzau MFB, a licensed microfinance bank and rebranded as rebranded as Rank, to deliver a wider range of financial services for communities.
As part of the acquisition, Zazzau Microfinance Bank will now be called Rank Microfinance Bank.
According to Femi Iromini, CEO of Rank, said, “Rebranding from Moni to Rank marks a new chapter in our mission to make prosperity common. Rank is about rising together – building a financial system powered by community, trust, and shared progress. The acquisitions of AjoMoney and Zazzau Microfinance Bank are pivotal steps in this journey.”
Iromini added that AjoMoney strengthens the firm’s roots in community savings, while Zazzau Microfinance Bank gives the firm a regulatory foundation to accept deposits, connect to NIBSS, and offer a full suite of financial services.
Moni, now Rank, is rolling out its community-powered financial ecosystem in Nigeria then expand across the continent. Moni will start a group savings solution designed to transform saving, investing and financial progress from a solo struggle into a shared community journey.
The integration of AjoMoney and Rank Microfinance Bank provides immediate scale and regulatory depth. AjoMoney brings deep expertise in delivering group savings solutions, which will be integrated into Rank’s core product suite. Rank Microfinance Bank also provides a robust regulatory foundation and licensed access to offer regulated banking services across key Nigerian markets.
“AjoMoney was built to make access to finance simple, fair and powered by community. We modernized one of Africa’s oldest financial traditions – rotating savings and credit associations – and brought it into the digital era,” said Mr Ibrahim Adepoju, CEO of AjoMoney. “Passing this vision to the Rank team is a natural next step. With their deep experience in digital banking and community finance, Rank is well-positioned to scale this mission to millions across Africa, making financial services affordable without burden or barriers.”
The leadership and key members of both acquired entities will be integrated into Rank, bringing their expertise in grassroot finance, compliance and product innovation to support the delivery of a money app for communities. In the short term, customers can expect smoother onboarding, broader savings options, and improved security and compliance. In the long term, they’ll benefit from a fully integrated ecosystem, where they can save, borrow, invest and grow their money within their trusted communities.
Dr. Mohammed Usman, Director at Zazzau Microfinance Bank, said “the vision of a money app for communities is something that really excites us and we are happy to be part of this vision. The partnership is a natural fit and we are looking forward to this journey and contributing significantly to enabling more financial access for Africans and ultimately delivering enhanced value for individuals and businesses.”
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