Africa-focused fintech Moni has completed a strategic rebrand to Rank, and has acquired both AjoMoney and Zazzau Microfinance Bank. The financial terms of the two purchases have not been disclosed.
Founded in 2020 in Lagos, Rank is focused on digitising traditional African savings mechanisms, including Ajo, Tontines, and Rotating Savings and Credit Associations (ROSCAs) through its money app offering.
The start-up counts 186 Ventures, Magic Fund, Predictive VC, and Uncovered Fund among its backers, and previously participated in Y Combinator’s Winter 2022 cohort.
Adding to this remit, AjoMoney provides collective savings, credit, and investment services in Nigeria, while Zazzau – which will now be called Rank Microfinance Bank – specialises in community savings, deposits and small business loans.
Both companies will now be integrated into the updated Rank money app, which is in the process of shifting from its original peer-to-peer lending model towards what a statement describes as a “community-powered financial ecosystem”.
“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,” comments Femi Iromini, CEO of Rank.
This transition will commence with Rank’s inaugural high-yield group savings product. The solution’s proposed market debut, starting in Nigeria, follows a pilot programme which Rank says processed NGN 16 billion (around $11.25 million) in payouts across 10,000 test users, offering returns of up to 23% through treasury bills and money market backing.
To support the wider rollout, a timeline for which has not been shared, Rank is forming a team of wealth advisors to provide “a genuine human touch” to customers, offering “personalised reassurance and bespoke advice throughout every stage of the user’s wealth-building journey”.
Rank also confirms that “key members” from the teams of both AjoMoney and Zazzau will be integrated into the refreshed company. AjoMoney is currently led by CEO Ibrahim Adepoju, while director Mohammed Usman heads Zazzau.
Source: https://www.fintechfutures.com/
