Rank turns pooled savings into a wealth-building platform for Nigerians

Nigerian financial services company Rank is adapting the country’s long-standing pooled-savings practices into a digital wealth-management model designed to give users access to larger pools of capital, investments and credit.

The company combines individual contributions through financial communities and related products. It currently offers Tribe, Money Circles and Perks, each targeting a different type of savings or financing need.

From collective saving to investment access

Femi Iromini, Rank’s chief executive and co-founder, said the company wants to move users beyond saving towards wealth creation. He described Rank as a wealth-management company focused on changing how young people approach building wealth.

“The intention of saving is meant to lead to financial freedom one day or wealth creation,” Iromini said. He added that many people had experienced “savings fatigue” after putting money aside for years without finding a clear path to wealth creation.

Rank’s approach is based on combining relatively small contributions into larger pools. Iromini said the company’s work with high-net-worth individuals showed that volume, information and leverage can help create wealth. Rank defines high-net-worth individuals as people with at least ₦100 million to invest.

Under Tribe, people who know one another can contribute towards a shared objective. Rank says the product can be used for investments and assets, including private stock transactions and land.

Money Circles enables members to make regular monthly contributions and receive an agreed lump sum when their position in the circle arrives. Rank says groups can have five, 10 or 15 members. Earlier positions may attract service fees of up to 14% annually, while middle positions have no service fee and later positions receive a bonus, according to the company.

Rank also says it assesses Money Circles participants using income and transaction history. The company reports that the product has recorded no defaults, although that performance claim has not been independently verified.

Workplace savings and credit

Perks is Rank’s workplace-focused product. It combines salary-backed credit with savings circles, with repayments and contributions automatically deducted through payroll.

The company says it can enrol an entire workforce, conduct a financial-wellness assessment and recommend products based on the resulting information. Rank also says it guarantees payouts for members of workplace circles and keeps participants’ identities hidden from one another.

Rank has identified formal salaried workers as its initial market. It says its average user is 23 years old and contributes approximately ₦50,000 per month.

EFInA’s 2023 survey found that 38% of Nigerian adults save formally, rising to 69% among adults with a transactional account. PiggyVest’s 2025 savings report, meanwhile, said only one in 20 Nigerians earns more than ₦1 million each month, highlighting the challenge of building substantial capital through individual income alone.

Custody, treasury management and expansion

Rank says it acts as custodian of funds held on its platform and places money awaiting deployment in low-risk, government-backed instruments. The company says this treasury activity helps manage funds while they remain in a savings circle.

Rank launched in 2021 as Moni, initially providing group financing to small businesses. It rebranded in November 2025 and acquired AjoMoney and Zazzau Microfinance Bank, which now operates as Rank Microfinance Bank.

The company says its pilot savings feature reached 10,000 business owners and individuals, with participants pooling at least ₦150,000 each. Rank reported total payouts of ₦16 billion and said the funds were invested in government-backed securities, including treasury bills and money-market instruments, generating returns of up to 23%.

Rank has also reported that its newer community wealth-building product has facilitated more than $100 million in fundraising and payouts. It expects that figure to more than double by the end of 2026 and says customer retention has averaged between 95% and 98%.

Iromini cited one group that pooled ₦120 million before moving into wealth management. He said the resulting portfolio had reached about ₦2 billion. The figure was provided by Iromini and has not been independently verified.

Nigeria’s collective savings tradition includes structures such as ajo, esusu and adashi. The Securities and Exchange Commission also recognises collective investment schemes as arrangements in which two or more investors pool money or assets into a portfolio and share its risks and benefits.