• Nigerian fintech Rank acquires AjoMoney and Zazzau Microfinance Bank to expand services

• Zazzau rebranded as Rank Microfinance Bank; AjoMoney tech integrated into app

• New group savings product to offer high returns, backed by pilot loan program

Nigerian fintech firm Rank, formerly known as Moni, has acquired local entities AjoMoney and Zazzau Microfinance Bank. The company’s Chief Executive Officer, Femi Iromini, confirmed the acquisitions on Wednesday, November 12, 2025, without disclosing the transaction amount.

Rank, which develops digital solutions for traditional African group savings systems, completed the two acquisitions to expand its range of financial services. AjoMoney offers group savings, credit, and investment products in Nigeria, while Zazzau is a microfinance institution focused on deposits and small business loans.

Following the acquisition, Zazzau will be renamed Rank Microfinance Bank and integrated alongside AjoMoney into Rank’s mobile application.

Iromini said AjoMoney reinforces Rank’s roots in Africa’s long-standing tradition of community savings, while Zazzau Microfinance Bank adds a full range of financial services and the regulatory framework needed to accept deposits and connect to the Nigeria Inter-Bank Settlement System (NIBSS). Integrating AjoMoney adds technical expertise in group savings, with its solutions to be merged into Rank’s core products. Zazzau Microfinance Bank’s existing license will allow Rank to offer regulated services, such as deposits and lending, in compliance with Nigerian law. The management teams from both acquired firms will join Rank.

New High-Yield Savings Product

Rank plans to introduce a group savings product in the Nigerian market offering high returns. Before the product launch, the company ran a pilot program, extending loans worth 16 billion naira (about $11.25 million) to 10,000 test users.

The pilot delivered returns of up to 23%, driven by investments in Treasury bills and money market instruments. To support the new product, Rank is assembling a team of wealth management advisors who will offer personalized guidance to users.

Founded in Lagos in 2020, Rank focuses on digitizing traditional African savings groups such as tontines and savings and credit associations. Its investors include 186 Ventures, Magic Fund, Predictive VC, and Uncovered Fund.

Chamberline Moko