The launch targets a persistent financing gap in Nigeria, where only 4% of micro, small and medium-sized enterprises (MSMEs) have access to formal bank loans. Rank is betting that digitising community-based finance can widen access to capital for entrepreneurs and workers who remain underserved by traditional lenders.

The launch comes eight months after Rank acquired group savings platform AjoMoney and Zazzau Microfinance Bank, now known as Rank Microfinance Bank. The acquisitions gave the company a regulated banking licence and strengthened its push beyond credit into savings, payments, and wealth management products centred on collective finance. The company said it has paid out more than $100 million to users across various communities in the past year.

“For generations, Africans have relied on communal financial structures to build wealth and acquire assets,” said Femi Iromini, CEO and co-founder of Rank. “We are bringing these trusted traditions into the modern age by layering cutting-edge technology, solving structural trust issues and turning collective financial habits into a modern, institutional-grade engine for generational wealth.”

Money Circles, one of its flagship products, digitises rotating savings schemes such as ajo, esusu, and other rotating savings and credit associations (ROSCAs). According to the company, users can join a savings circle, contribute monthly, and receive a lump-sum payout when it is their turn. Rank noted that it charges a fixed service fee based on when a user receives their payout and guarantees payouts even if another member defaults.

The second product, Tribe, is aimed at existing communities such as families, friends, colleagues, and cooperatives. Rank said the product enables groups to manage rotating contributions and shared financial goals in one place while tracking every contribution and payout in real time.

Rank Perks, the last of the product launches, extends financial access into payroll. It allows employers to offer their staff salary-backed credit and company-wide savings circles, with repayments and contributions deducted automatically from monthly salaries. 

Rank added that it introduced new features alongside the product launches, including everyday bank accounts, digital payment handles, and flexible and fixed savings options.

The company enters a competitive consumer finance market with players such as PiggyVest, Cowrywise, and other digital savings and wealth management platforms. However, its new products are community-focused, while other players focus on helping individuals save or invest. With these new products, Rank is attempting to digitise the informal savings systems that predated the rise of fintechs in the ecosystem.

“By combining our cultural heritage with digital-first security, we are giving young Africans the collective leverage they need to outpace inflation and securely build long-term equity,” Iromini said.

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