Nigeria’s Rank pools savings to widen access to investments and credit

Nigerian financial services platform Rank is seeking to turn individual savings into larger pools of capital that can be used for investments, credit and other financial services.

The company, which describes itself as an integrated financial services and wealth management platform, says its model is built around financial communities. By combining members’ contributions, Rank aims to provide access to opportunities that may require more capital than individuals can raise alone.

“Rank is a wealth management company, and what we are trying to do is change what wealth management is for young people,” CEO and co-founder Femi Iromini said.

Three products support the model

Rank has developed three products around its pooling approach: Tribe, Money Circles and Perks.

Tribe is intended for people who already know one another and want to contribute towards shared objectives. Rank says groups have used the product to pool funds for land purchases, cars for fleet operations and other common goals.

Iromini said one group pooled ₦120 million before moving into wealth management. Rank said the group’s portfolio was later worth about ₦2 billion, although it did not specify when that valuation was recorded.

Money Circles operates as a structured savings circle. Members make monthly contributions and receive an agreed lump sum when their position in the circle arrives. The product supports groups of five, 10 or 15 members.

Rank said earlier positions can attract service fees of up to 14% per annum, while middle positions carry no service fee and later positions receive a bonus. The company also said it guarantees a payout for each participant and keeps members’ identities protected from one another.

According to Rank, Money Circles participants are assessed using their income and transaction history. The company said the product has recorded zero defaults, a claim that has not been independently verified.

Perks brings the model into the workplace. It gives employees access to salary-backed credit and savings circles, with repayments and contributions deducted through payroll.

From savings to wealth management

Iromini said Rank’s approach was influenced by the advantages it observed among high-net-worth individuals, including greater volume, access to information and leverage. He said pooling resources could give ordinary savers access to opportunities that would otherwise be difficult to reach individually.

“The intention of saving is meant to lead to financial freedom one day or wealth creation,” Iromini said. “And after 10 years, what we are seeing is more like a savings fatigue where people have saved for years, but then the path to wealth creation is still blocked.”

Rank also acts as custodian of funds held on its platform, according to the company. It says money awaiting deployment is allocated to low-risk, government-backed instruments, generating treasury income while the funds are held.

The company says its revenue comes from service fees and treasury income. It has also said an earlier pilot savings feature invested funds in government-backed securities, including treasury bills and money markets, and delivered returns of up to 23%. That figure is based on the reported pilot and is not a guaranteed future return.

Expansion and reported growth

Rank launched in 2021 as Moni and adopted the Rank name in November 2025. It later acquired AjoMoney and Zazzau Microfinance Bank, which now operates as Rank Microfinance Bank.

The company said its earlier savings pilot reached 10,000 business owners and individuals, with each participant pooling at least ₦150,000. Rank reported total payouts of ₦16 billion through that programme.

Its newer community wealth-building product has facilitated more than $100 million in fundraising and payouts, according to the company. Rank expects that figure to more than double by the end of 2026 and reports average customer retention of between 95% and 98%.

Rank’s initial market is formal salaried workers, while its broader target includes small businesses, business owners and other savers. Its strategy builds on longstanding pooled-savings practices in Nigeria, including ajo, esusu and adashi, while adding digital records, investment access, credit and treasury management.